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Directors’ Duties and Responsibilities when Financial Difficulties Arise

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.

European Union, Ireland, Company & Commercial, Insolvency & Restructuring, Mason Hayes & Curran LLP, Supply chain, Insolvency, Companies (Rescue Process for Small and Micro Companies) Act 2021 (Ireland)
2022 in Review - Restructuring and 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.

Ireland, Company & Commercial, Insolvency & Restructuring, Litigation, Mason Hayes & Curran LLP, Power of attorney, Insolvency, Companies (Rescue Process for Small and Micro Companies) Act 2021 (Ireland)
Facing financial difficulties? New Rescue Process for Small Companies

The Small Company Administrative Rescue Process (SCARP) was commenced on Tuesday 7 December. Now that the process is available we set out some practical considerations for companies and creditors.

SCARP

Ireland, Company & Commercial, Insolvency & Restructuring, Mason Hayes & Curran LLP, Coronavirus, Companies (Rescue Process for Small and Micro Companies) Act 2021 (Ireland)