The Courts and Civil Law (Miscellaneous Provisions) Act 2013 was signed into law by the President on 24 July 2013. While certain sections of the Act commenced immediately on its signing into law, other provisions have yet to be commenced by ministerial order.
A summary of the key changes brought about by the Act are set out below.
Increase in the Monetary Jurisdiction of District and Circuit Courts
The Act increases the monetary jurisdiction of:
The High Court has approved a Scheme of Arrangement in respect of Monsoon Accessorize Ireland Limited which entered into the examinership process in March 2013 and was under the Court’s protection for the maximum period of 100 days. This period afforded the company time to attract investment and allow for its restructuring so that it could continue to survive as a going concern after the protection of the Court was lifted.
As a result of the restructuring, a number of stores will close, however, the Scheme of Arrangement should result in approximately 200 jobs being saved.
Le Luxembourg souhaite se doter de nouvelles procédures d’insolvabilité en raison d’une augmentation constante du nombre de faillites qui a désormais atteint un niveau record en dépassant le millier de faillites depuis 2012. Le gouvernement considère qu’en période de crise la mise en place d’un système approprié en matière d’entreprises en difficulté devient primordiale pour prévenir au mieux la faillite.
The EU Court of Justice has held that the Irish State is obliged to protect the pension benefits of former employees of Waterford Crystal who were left with only 18-28% of their pension benefits when the company became insolvent.
Recent attempts by Bank of Scotland plc. to enforce its security over the company operating Foley’s Bar and O’Reilly’s Bar in Dublin city centre have been frustrated following various challenges in the High Court culminating in the appointment of an examiner.
Bank of Scotland plc. appointed a receiver to The Belohn Limited, the company operating the two bars, in October 2012. The Belohn Limited and its parent company, Merrow Limited, are reported to owe the bank in the region of €4 million and €1 million respectively.
The Central Bank has announced a pilot scheme for the restructuring of secured and unsecured distressed consumer debt across multiple lenders. The scheme aims to prevent borrowers entering the insolvency process by agreeing debt solutions with various lenders.
The scheme will not apply to business debt, debt involving buy-to-let properties or debts where the borrower is deemed to be “non-co-operating” under the Code of Conduct on Mortgage Arrears.
Afin de pallier à certains manquements de la LCE et de remédier à certains abus, le législateur a décidé de modifier certaines dispositions de la LCE en adoptant une loi modificative qui ne remet pas fondamentalement cause les principes généraux de la LCE et son intérêt. Certains éléments méritent toutefois que l’on s’y arrête.
Bénéficiaires d’un régime de faveur dans le cadre du concordat judiciaire, l’ONSS et l’administration fiscale sont considérés aux yeux de la LCE comme des créanciers sursitaires ordinaires, à l’instar de tous les créanciers qui ne possèdent ni privilège spécial, ni hypothèque, ni clause de réserve de propriété à l’encontre de leur débiteur.
Recent attempts by Bank of Scotland plc to enforce its security over the company operating Foley’s Bar and O’Reilly’s Bar in Dublin city centre have been frustrated following various challenges in the High Court, culminating in the appointment of an examiner.
The Belohn Limited is the company which operates Foley’s Bar and the adjoining O’Reilly’s Bar. Its parent company is Merrow Limited. The two companies are reported to owe the bank in the region of €4 million and €1 million respectively.
The High Court has recently held that a former employee of a construction company, which was in liquidation, had no reasonable cause of action against the company’s insurer. This was despite the fact that he had obtained judgment for negligence against the employer and the insurance policy covered the employer for such a claim in negligence.