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    High Court Rejects Proposal to Warehouse Mortgage
    2017-05-24

    In a High Court decision of 22 May 2017 Baker J rejected a proposal by a secured lender to write down a portion of a debtor couple's mortgage debt and warehouse half of the debt as future repayment of the warehoused part of the loan was not predicated on an ability to repay. Thus, the proposal was capable of creating circumstances amounting to insolvency at the end of the mortgage term in approximately 23 years.

    Facts

    Filed under:
    Ireland, Banking, Insolvency & Restructuring, Litigation, A&L Goodbody, Mortgage loan, Secured loan
    Location:
    Ireland
    Firm:
    A&L Goodbody
    Significant Judgment on Court PIA Approval
    2017-03-09

    In a recent judgment, the High Court has provided further guidance on the correct approach to an assessment of an application under s115A of the Personal Insolvency Acts.

    Filed under:
    Ireland, Banking, Insolvency & Restructuring, Litigation, McCann FitzGerald LLP
    Authors:
    Josh Hogan , Lisa Smyth
    Location:
    Ireland
    Firm:
    McCann FitzGerald LLP
    Debt Recovery Update: Two Notable and Recent Developments in Debt Collection
    2017-04-05

    Two recent developments may have rendered the Irish legal system less attractive to creditors. We examine the scope of these developments and the likely impact on debt collection activity in Ireland.

    Rate of interest of judgment debts falls by 6%

    The rate of interest on judgment debts has been reduced from 8% to 2%, with effect from 1 January 2017, in accordance with the Courts Act 1981 (Interest on Judgment Debts) Order 2016 (S.I. No 624 of 2016) (the “Order”).

    Filed under:
    Ireland, Banking, Insolvency & Restructuring, Mason Hayes & Curran LLP
    Authors:
    Jason Harte
    Location:
    Ireland
    Firm:
    Mason Hayes & Curran LLP
    Personal Insolvency Arrangements - Clarification on the position of separated spouses
    2017-04-13

    A recent High Court case has brought about a change in the status quo involving personal insolvency arrangements and separated spouses. Banks were previously unable to complete deals with one spouse without the mutual cooperation of both parties. However the decision of JD & Personal Insolvency Acts1 has altered this position.

    Filed under:
    Ireland, Banking, Insolvency & Restructuring, Litigation, Hayes Solicitors, Bankruptcy, Debtor, Unsecured debt, Mortgage loan, Secured loan, Write-off
    Authors:
    Victoria O'Brien
    Location:
    Ireland
    Firm:
    Hayes Solicitors
    Who is Taking Advantage of Distressed Borrowers?
    2017-04-25

    The High Court has recently expressed concern that distressed borrowers are being duped into paying money to the anonymous promoters of schemes, which purport to protect them from enforcement by lenders but are actually ‘utterly misguided and spurious’.

    There are a number of schemes being promoted at the moment that supposedly protect borrowers in arrears from enforcement by their lender.

    Filed under:
    Ireland, Banking, Insolvency & Restructuring, Litigation, Real Estate, Mason Hayes & Curran LLP
    Authors:
    Frank Flanagan
    Location:
    Ireland
    Firm:
    Mason Hayes & Curran LLP
    High Court Refuses to Review Rejections of Personal Insolvency Arrangements
    2017-02-21

    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.

    Filed under:
    Ireland, Banking, Insolvency & Restructuring, Litigation, A&L Goodbody
    Authors:
    Paula Mullooly
    Location:
    Ireland
    Firm:
    A&L Goodbody
    The High Court clarifies notice of liquidations
    2017-02-21

    The recent judgment in MB Refrigeration and Air-conditioning Limited (in liquidation) –v- Allied Irish Bank Plc [2016] has clarified what constitutes “notice” of the liquidation of a company for creditors and banks alike.

    Filed under:
    Ireland, Banking, Insolvency & Restructuring, Litigation, Fieldfisher (Ireland), Allied Irish Banks
    Authors:
    Mark Woodcock , Joanne Cooney
    Location:
    Ireland
    Firm:
    Fieldfisher (Ireland)
    High Court Clarifies Bank to Have Actual Notice of Winding-up to Avoid Repayment of Transfers Made Subsequent to Winding-up
    2017-03-09

    Background

    Any disposition of a company's property made after the commencement of its winding up, without the approval of the liquidator, is void. In a 2001 case (Re Industrial Services Company (Dublin) Ltd [2001] 2 I.R.118), the High Court held that the transfer by an account bank of monies from an in-credit account of a company in liquidation to third parties constituted a disposition and the bank could be liable to repay the value of such transfers despite not being aware of the winding up order for the Company.

    Filed under:
    Ireland, Banking, Insolvency & Restructuring, Litigation, William Fry, Allied Irish Banks, High Court (Ireland)
    Authors:
    Craig Sowman
    Location:
    Ireland
    Firm:
    William Fry
    Error in Redemption Statement does not Prevent Reliance on Cross Security
    2016-07-07

    In AIB Mortgage Bank -v- O'Toole & anor [2016] IEHC 368 the High Court determined that a bank was not prevented from relying on a mortgage as security for all sums due by the defendants, despite issuing a redemption statement which omitted this fact.

    In order to understand this case, it is necessary to set out the chronology of events:

    Filed under:
    Ireland, Banking, Insolvency & Restructuring, Litigation, Mason Hayes & Curran LLP, Mortgage loan
    Authors:
    Judith Riordan , Frank Flanagan
    Location:
    Ireland
    Firm:
    Mason Hayes & Curran LLP
    Enforcing Acquired Loans - Two Victories for Acquirers
    2016-07-15

    Two recent judgments have brought further clarity in relation to the rights acquirers of loan portfolios to enforce against borrowers:

    Filed under:
    Ireland, Banking, Insolvency & Restructuring, Litigation, Mason Hayes & Curran LLP
    Authors:
    Judith Riordan , Frank Flanagan
    Location:
    Ireland
    Firm:
    Mason Hayes & Curran LLP

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