On 27 July 2022, the European Union (Preventive Restructuring) Regulations 2022 (S.I. 380/2022) (the Regulations) amended the Irish Companies Act 2014 (the Act) by transposing certain requirements of Directive (EU) 2019/1023 of the European Parliament and of the Council of 20 June 2019 (the Directive) not already provided for in Irish law.
This has resulted in a number of modifications to the examinership regime and, for the first time, a codification of directors' duties when companies are in the `zone of insolvency'.
The changes to the Examinership regime include:
Voyager Aviation Holdings, LLC (Voyager) is a privately held aircraft owner and lessor with approximately $2 billion in assets. Voyager is headquartered in Dublin and has offices in Stamford, Connecticut.
Earlier this year, A&L Goodbody LLP advised Voyager on the successful restructuring of its senior note obligations.1 The restructuring was implemented by way of a US exchange offer that simultaneously solicited support for both a "plan B" Irish scheme of arrangement and a "plan C" prepack US Chapter 11.
Earlier today, 26 May 2021, the final condition to the restructuring plan for the Norwegian Air Shuttle group was met, allowing the Examiner’s scheme to become effective: confirmation that the business has successfully raised 6bn NOK.
On 21 July 2020 the Irish High Court approved a scheme of arrangement for the world's largest regional aircraft lessor Nordic Aviation Capital DAC (Nordic).
The scheme, which included a 12-month standstill and deferral of c. US$5 billion of secured and unsecured debt, was a market-first for the aircraft leasing industry and has been watched closely by others in the sector.
The Irish scheme had a number of innovative features:
On 21 July 2020, the Irish High Court approved a scheme of arrangement for the world’s largest regional aircraft lessor Nordic Aviation Capital DAC (NAC).
The scheme, which included a 12-month standstill and deferral of c. US$5bn of secured and unsecured debt, is a market-first for the aircraft leasing industry in Ireland whose customer base has been seriously impacted by COVID-19. We look at the NAC scheme of arrangement and consider whether it is a viable restructuring option for the aviation sector more generally.
In the Matter of J.D Brian Limited (In Liquidation) T/A East Coast Print and Publicity, In the Matter of J.D. Brian Motors Limited (In Liquidation) T/A Belgard Motors and In the Matter of East Coast Car Parts Limited (In Liquidation) and In the Matter of the Companies Acts 1963 to 2009 (the Companies)
The Minister for Justice and Equality has brought more provisions of the Insolvency Act 2012 (the Act) into force and has designated 1 March 2013 as the establishment day of the Insolvency Service of Ireland.
Under the Personal Insolvency Act 2012 (Commencement) (No. 2) Order 2013, the following provisions of the Act came into operation on 1 March 2013:
On 26 December last, the Personal Insolvency Act 2012 was signed into law by the President.
The various provisions of the Act will come into force through commencement orders which will be made by the Minister for Justice. It is expected that certain sections of the Act relating to its Establishment Day and related provisions, will be commenced shortly.
The remaining provisions will then come into operation on a phased basis under Section 1(2) of the Act, as designated by orders to be made by the Minister.
In this recession like no other, enforcement over complete and incomplete residential and other property developments is a common scenario faced by both bank and Insolvency Practitioner alike. The dilemma initially appears quite stark; Should the bank advance further monies to complete out developments in order to maximise realisations or sell the site "as is" to another developer but at a significantly discounted price? The purpose of this article is to consider the issues which warrant consideration before devising an enforcement strategy in relation to incomplete developments.