The Minister for Justice and Equality has made an order providing for the commencement of certain provisions of the Personal Insolvency Act 2012 with effect from Friday 1 March 2013.
The provisions to be commenced with effect from this date are as follows:
Irish Bank Resolution Corporation Act and Appointment of Special Liquidators
In the early hours of 7 February 2013, the Irish Bank Resolution Corporation Act 2013 (the “IBRC Act”) was passed. The IBRC Act provides for the Minister for Finance to make a “Special Liquidation Order” (“SLO”) winding up IBRC. As a result of the SLO:
Legislation enabling the immediate liquidation of IBRC (formerly Anglo Irish Bank) was signed into law in the early hours of 7 February. Draft legislation was published on 6 February following media speculation that the Irish Government was preparing plans to liquidate IBRC and was promptly brought before both Houses of the Oireachtas (the Irish Parliament). The Minister for Finance stated that immediate action was necessary in order to prevent any action being taken which could have put IBRC’s assets at risk.
European Commission Work Programme
The Personal Insolvency Bill was signed into law by the President on 26 December 2012.
The Act provides for:
This Briefing contains a general summary of developments and is not a complete or definitive statement of the law. It also updates the Briefing published in July 2012 on the Personal Insolvency Bill. Specific legal advice should be obtained where appropriate.
The Personal Insolvency Bill has completed its passage through the Dáil and the Seanad (the Irish Houses of Parliament) and will now be passed to the President for signing into law.
The new legislation has been described by the Minister for Justice as “the most radical and comprehensive reform of our insolvency and bankruptcy law and practice since the foundation of the State.”
It provides for:
An application by Quinn family members to have court-appointed receivers removed and their solicitors discharged on the basis of an alleged conflict of interest and partiality has been dismissed by the Commercial Court.
The Personal Insolvency Bill has completed its passage through the Dáil (lower house of the Oireachtas (the Irish Parliament)). The Bill is now moving through the Seanad (upper house of the Oireachtas), where its provisions are subject to debate and amendment. The Minister for Justice recently confirmed his intention that the Bill will become law by Christmas.
The Bill provides for: