The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2023 (Collective Redundancies AmendmentAct) came into operation on 1 July 2024.
The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2023 (Act) came into effect on 1 July 2024.
The High Court has recently brought welcome clarity to how pensions are dealt with in the event of a bankruptcy, in the case of Lehane –v- Wealth Options and Brian O'Neill.
It is almost 30 years since the commencement of the Companies (Amendment) Act 1990 (the “1990 Act”) which introduced the concept of Court protection for certain companies from their creditors to allow a formal restructure of a company’s debt. The examinership process is now governed by Part 10 of the Companies Act 2014 which mirrors the procedure provided for in the 1990 Act.
Examinership process
The High Court recently considered an application by creditors for directions calling upon a liquidator to reconsider advice he had provided in a report to the ODCE and to carry out further and more forensic investigation into the circumstances which led to the liquidation of the company.
Background
When a company is unable to pay its debts as they fall due, a director’s duties shift from the management of the company for the benefit of the shareholders, to ensuring the company’s creditors are not disadvantaged by the company continuing to trade.
The directors should seek and comply with professional advice from their auditors and solicitors regarding any decision to continue trading for an interim period.
The Supreme Court has just delivered a judgment confirming the entitlement of a judgment debtor to appoint a receiver by way of equitable execution.
The comprehensive judgment is a useful history lesson in the development and expansion of the right to appoint a receiver by way of equitable execution which derives from the old Judicator (Ireland) Act, 1877.
Background
Judgment was obtained by a bank in February 2011 against two borrowers in the amount of €1,064,747.
Coast Stores, the occasional wear retailer and high street stallworth has gone into administration in the UK.
Coast’s sister brand Karen Millen had partially rescued the company, buying its department store concessions arm, website, safe guarding up to 600 jobs. However, as part of a pre pack administration deal, it will not be maintaining Coasts overseas stores or its UK high-street stores.
With two decisions (No. 1895/2018 and No. 1896/2018), both filed on 25 January 2018, the Court of Cassation reached opposite conclusions in the two different situations
The case
The Constitutional Court (6 December 2017) confirmed that Art. 147, para. 5, of the Italian Bankruptcy Law does not violate the Constitution as long as it is interpreted in a broad sense
The case