Summary
The Insolvency (Amendment) Rules 2015 (the “2015 Rules”) came into force on 1 October 2015. They amended the 1986 Insolvency Rules to introduce a new approach to the approval and payment of insolvency office holders (“IOH”s)’ fees and disbursements.
This briefing sets out a high level review of issues relevant to secured lending in Ireland.
LENDING IN IRELAND
Commercial lending is generally not a regulated activity in Ireland, although lending to natural person ‘consumers’ may trigger a licencing requirement. Banks licensed in other EU Member States may be compelled to use their passport to carry on a lending activity in Ireland that would otherwise be unregulated.
The ADGM was established in Abu Dhabi in 2013. However, the ADGM has only recently (on 15 June 2015) published its first set of commercial rules and regulations for non-financial services (the Regulations) relating to companies, insolvency, employment and real property and strata title. It is also expected to publish regulations for financial services later this year. ADGM’s intentions are clear.
The Insolvency Service has published a call for evidence on collective redundancy consultation for employers facing insolvency. It is seeking evidence on issues including the role of directors and insolvency practitioners and the factors which inhibit effective consultation. The closing date for submissions is 12 June 2015.
Below are the 6 key points that you need to consider when health and safety issues arise following an appointment to an insolvent company.
1. What is the main legislation covering this area?
There are two distinct areas dealt with by detailed but separate legislation.
The hotels sector has suffered in the recession and as an asset class, hotels are capital intensive operations. They are also susceptible to volatile economic conditions, as consumer and corporate expenditure on hotels is generally viewed as a discretionary expense.
HMA structure
There are various ways in which the corporate ownership of a hotel can be structured. This note will concentrate on one of the most common structures in the hotel industry – the hotel management agreement (“HMA”).
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:
European Commission Work Programme