“To achieve great things, two things are needed: a plan, and not quite enough time.” – Leonard Bernstein

To paraphrase, great things happen when there is a plan and a deadline.

Examinership is one of Ireland’s key rescue processes for insolvent companies. It has been used successfully in very many cases since its introduction almost 20 years ago.

Crucially, it encompasses a deadline with no flexibility.

100 days

Less than an hour after an oxygen tank exploded on Apollo 13, mission control told the crew to isolate a small tank, containing 3.9 pounds of oxygen.^[1] Days later, that tank provided the oxygen to keep the crew alive while landing back on Earth.

If they had left that tank for even another hour the oxygen in it would have been almost gone.

The appointment of a receiver by way of equitable execution has generally been considered a “remedy of last resort”[1] and, for over a hundred years, courts have expressed differing views as to when they could appoint such a receiver.

The Land and Conveyancing Law Reform (Amendment) Bill 2019 (the “Bill”) proposes to broaden the factors that the courts can consider in refusing orders for possession sought by lenders.

The Bill has its roots in the Keeping People in their Homes Bill, 2018, introduced by Kevin “Boxer” Moran T.D., as a private member’s bill. However, the Bill does not go as far as Mr Moran’s bill and, for instance, does not require disclosure of the price paid by a purchaser of the loan.

Background

Overall 2018 has produced a number of positive judgments from the perspective of lenders and insolvency practitioners.

In particular, the courts delivered many useful judgments disposing of numerous challenges to the enforceability of loans and security and, also, restricting abuse of the courts’ processes.

Contemptuous McKenzie Friends

Must the legal owner of securitised debt and related security disclose in proceedings it brings that it is a bare trustee for the beneficial owner? In addition, is that trustee obliged to join the beneficial owner as a party to those proceedings?

O BANCO ESPÍRITO SANTO, S.A. – EM LIQUIDAÇÃO anunciou que o prazo para a apresentação das reclamações de créditos no âmbito do seu processo de liquidação terminará no dia 11 de dezembro de 2017.

O termo do prazo para apresentação de reclamações de crédito é estabelecido em função da última citação de credor no estrangeiro, contando-se 60 dias a partir dessa data. De acordo com o referido comunicado, a mais recente citação conhecida foi efetuada no dia 11 de outubro.

BANCO ESPÍRITO SANTO, S.A. – EM LIQUIDAÇÃO has announced that the time limit for the lodgement of claims under its liquidation proceedings ends on 11 December 2017.

The time limit for lodging claims is set with reference to the last service of notice to a creditor abroad and the 60-day period counted from said date. According to the aforementioned announcement, the last known notice was served on 11 October.

The announcement reserves the possibility of extending the time limit in the event of subsequent services.

No passado dia 1 de julho de 2017 entrou em vigor o Decreto-lei 79/2017 de 30 de junho de 2017 (“DL 79/2017”), que altera, entre outros, o Código da Insolvência e da Recuperação de Empresas, alterando, nomeadamente, o regime jurídico do Procedimento Especial de Revitalização (“PER”) que fica agora reservado a empresas.

Destacamos ainda outras alterações relevantes introduzidas pelo DL 79/2017: 

On 1 July 2017, Decree-law 79/2017, of 30 June 2017 (“DL 79/2017”), entered into force. This piece of legislation amends, most notably, the Insolvency and Recovery of Companies Code and the legal framework of the Special Revitalization Procedure (“SRP”), which is now reserved only to companies.

Other noteworthy amendments introduced by DL 79/2017 are as follows: