The Irish High Court has determined that the liquidation of an Irish aircraft leasing company, which was a 100% subsidiary of a Russian company expressly subject to EU sanctions, rebuts the presumption that the company was controlled by the Russian parent for the purpose of EU sanctions.
This enables the liquidators to deal with the assets without costly and time-consuming derogation applications.
Background
The preliminary draft of the law on structural changes of commercial companies approved by the Spanish Government on 14 February (the "Preliminary Draft") aims to transpose Directive (EU) 2019/2121 of the European Parliament and of the Council of 27 November 2019 amending Directive (EU) 2017/1132 regarding cross-border transformations, mergers and demergers of companies
Irish company law provides that if a charge granted by a company is not registered in the Companies Registration Office (CRO) within 21 days of its creation, it is void against a liquidator and any creditor of the company. There is a duty imposed on a company which grants a charge to register the charge in the CRO but the creditor taking the charge can also do so.
Diamond Rock Developments Ltd (the Company) granted a mortgage over a property. That mortgage was registered in the Land Registry but was not registered in the CRO.
If you supply goods, the simplest step that you can take to reduce your exposure to a customer’s insolvency is to use effective retention of title (RoT).
However not all RoT clauses are effective and we see many RoT claims rejected in insolvency.
By default, once you sell goods on credit:
- the goods belong to the customer; and
- the customer owes you the purchase price.
This means that if an insolvency practitioner (IP) is appointed to the customer:
There are many practical steps, pitfalls and strategies available for recovering commercial rent arrears, both before and after tenant insolvency
Spotting the warning signs of distress in your construction supply chain and taking early action can significantly reduce the impact on your projects
While insolvency events may appear to arise suddenly, there are often warning signs or "red flags" of distress well in advance. While these do not necessarily demonstrate actual insolvency, they can indicate liquidity and solvency risks to the supply chain.
Corporate Enforcement Authority Issues Helpful Guidance Note
The Preventative Restructuring Directive
In July 2022, the European Union (Preventive Restructuring) Regulations 2022 (the Regulations) transposed the requirements of EU Directive 2019/1023 (the Preventative Restructuring Directive) into Irish law.
Certain of the consequential amendments to the Companies Act 2014 (the Act) relate to the duties and responsibilities that directors of companies have in circumstances of financial difficulty and/or insolvency.
Corporate insolvency numbers continued to appear artificially low in 2022. The expectation is that they will rise once businesses need to deal with the aftermath of Government pandemic supports and, in particular, start to pay warehoused taxes.
Early contingency planning can significantly reduce the shock of service provider/supplier insolvency in service/supply chains
In early November 2022, Made.com entered administration. Little over a year ago Made.com had floated with a valuation of £775 million. In mid-November 2022, Joules entered administration. Joules has 132 stores and around 1,700 employees.