In SPV Optimal Osus Limited -v- HSBC Institutional Trust Services (Ireland) Limited & Ors the Court of Appeal rejected an appeal of a High Court decision dismissing proceedings as being frivolous and vexatious and bound to fail on the basis that the proceedings against the defendants were contrary to public policy, void and unenforceable as a matter of law since the assignment of the right to litigate third party claims amou

In the case of In Re Dunne (A Debtor) [2017] IEHC 59, High Court, Baker J, 6 February 2017 the High Court refused an application by debtors under Section 115A of the Personal Insolvency Acts 2012 to 2015 to overturn a secured creditor's (PTSB) objection to a Personal Insolvency Arrangement (PIA). The debtors had appealed from a Circuit Court decision upholding PTSB's objection.

Facts

In a very recent decision, the U.S. District Court for the Southern District of New York determined that a negative inference to an exception to a negative covenant prevented a company from undertaking a proposed restructuring transaction. We find the case unique not because of the result necessarily, but rather because the court used the negative inference to override another express provision in the Credit Agreement.

In two recent decisions the High Court considered the provisions of Section 115A(9) of the Personal Insolvency Acts 2012 to 2015 (The Acts). The Section provides that a Court can give effect to a Personal Insolvency Arrangement (PIA) despite it having been rejected by creditors. It was designed to enable a qualifying debtor to retain their principal private residence in certain circumstances.

Although there has been much discussion of the Second Circuit’s recent decision in Marblegate, this article addresses a question other commentators have yet to tackle: namely, how the Second Circuit’s decision impacts the Trust Indenture Act’s protection of guarantee obligations included in an indenture. Below we provide our view on how Marblegate affects indenture guarantees. More specifically, we discuss how the decision is consistent with provisions of the TIA that expressly protect a noteholder’s payment rights under a guarantee.

Synopsis

Facts

In Leahy v Bailey & ors [2016] IEHC 592, High Court, Keane J, 28 October 2016, the liquidator sought a declaration of restriction against the three respondent directors pursuant to Section 819(1) of the Companies Act 2014.

Facts

In MB Refrigeration and Air Conditioning Ltd (In Liquidation) v Allied Irish Banks Plc [2016] IEHC 753, High Court, Barrett J, 21 December 2016, the Liquidator of the plaintiff company sought a declaration that certain transactions between 13 August 2013 and 4 October 2013 on a particular AIB account, constituted dispositions of the property of the plaintiff made after the commencement of its winding-up and thus wer

In Toomey Leasing Group Ltd v Sedgwick & Ors [2016] IECA 280, Court of Appeal, Hogan J, 13 October 2016,the first named respondent (Mr Sedgwick) appealed from a decision of the High Court that he, and the second respondent were personally liable to the applicant in the sum of €48,250 pursuant to Section 297A of the Companies Act 1963.

The perils of making a declaration of solvency by company directors, without reasonable grounds.

Summary