The High Court in Re: Callaghan (Unreported, High Court, Baker J., 22 May 2017) [2017] IEHC 325 has rejected a lender’s proposal to deal with outstanding mortgage debt on the principal private residence of a debtor.

The Debt

Introduction

The Irish government has signed an order pursuant to the State Airports (Shannon Group) Act 2014 (the "Order") giving immediate legal effect to the "Alternative A" insolvency provisions ("Alternative A") of the Cape Town Convention on International Interests in Mobile Equipment (the "Cape Town Convention") and the associated Aircraft Protocol (the "Protocol").

Introduction

The Companies (Accounting) Act, 2017 (the Act) was signed into law by President Michael D. Higgins on 17 May 2017 and came into operation on 9 June 2017. Sections 92 and 98(d) of the Act provide clarity and certainty on the issue of whether the claim of the holder of a floating charge, once crystallised, ranks in priority to the claim of a preferential creditor following the High Court and the Supreme Court decisions of In the Matter of Re In the Matter of JD Brian Limited (In Liquidation) (the JD Brian case).[1]