Costello J in the High Court recently gave judgment in the case of In re James Coady (a Former Bankrupt) [2017] IEHC 653. In this case the Official Assignee ("OA") had sought directions in respect of what rights could vest in the OA from the bankrupt's pre-retirement personal pension policy (the "PP"). The bankrupt had reached normal retirement age under the PP after he was adjudicated bankrupt but before he was discharged from bankruptcy.

Following on from her decision of late last year in Re Darren Reilly & the Personal Insolvency Acts 2012 to 2015 [2017] IEHC 558 (further details of which can be found here), Ms.

Litigation & Dispute Resolution

The Court of Appeal has decided an important question affecting choices around methods of debt enforcement. In ACC Loan Management v Rickard,1 it looked at whether a receiver by way of equitable execution can be appointed to receive future sums to which the debtor may become entitled.

If a transaction by a company amounts to an "unlawful distribution", and the company subsequently goes into liquidation, will an action for recovery of the benefits of that distribution, brought against the directors who authorised the transaction, be statute-barred if it is commenced by the liquidator of the company more than 6 years after the distribution was made?

The Bankruptcy (Amendment) Act 2015 reduced the normal duration of bankruptcy from three years to one year. Up until December 2013 the standard period had been twelve years - so the reduction was a fundamental change and it was seen as a very "pro-debtor" reform of law, which was also aimed at reducing "bankruptcy tourism".

Extending the Period of Bankruptcy

www.dilloneustace.com April 2018 Recent Cases on Enforcement of Security of interest to Owners and Prospective Purchasers of Irish NPL Portfolios Introduction It is anticipated that a number of significant non-performing loan (NPL) portfolios will be divested by banks operating in the Irish market over the coming year. The likely cost and timing of realising security over secured real estate assets is a significant consideration for potential buyers of NPL portfolios when assessing entry into this market and the pricing of proposed bids.

Can we learn sufficient lessons from Carillion to avoid construction related insolvency closer to home?

1. PUTTING INSOLVENCY ON THE AGENDA

Two significant decisions in relation to personal insolvency applications were made recently in the Dublin Circuit Court and the High Court. The decisions relate to “locus standi”, which means who has the right to bring an application before a court.

Circuit Court case

In Wingview Limited t/a Elphin Public House v Ennis Property Finance DAC the High Court granted an interlocutory injunction prohibiting the defendant from appointing a receiver over Elphin Public House, the Dublin pub which featured in the film "The Van" (1996).