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    Requirements for a binding contract for sale of land considered in Maloney v O'Connor 2015 IEHC 678
    2015-11-24

    In this unusual case the High Court considered the enforceability of a contract for the sale of land to a construction company now in receivership, with much of the argument surrounding whether there was in fact a sufficient note or memorandum in writing for the purposes of the Statute of Frauds (Ireland) 1695.

    Facts

    Filed under:
    Ireland, Insolvency & Restructuring, Litigation, Real Estate, A&L Goodbody
    Authors:
    Aoife Smyth
    Location:
    Ireland
    Firm:
    A&L Goodbody
    Issue of unreasonable withholding of consent to assignment considered by the Commercial Court
    2015-12-01

    In its recent decision in the case of Perfect Pies Limited (in receivership) and Pearse Farrell v Chupn Limited [2015] 11 JIC 0607, the Commercial Court has considered the difficult question of the unreasonable withholding of consent to the assignment of a commercial lease. This case involved interesting issues, in particular around a landlord potentially seeking to use the opportunity of an application for consent to assignment to pursue "ulterior motives" – in this case, to obtain possession of the premises.

    Background 

    Filed under:
    Ireland, Insolvency & Restructuring, Litigation, Real Estate, A&L Goodbody
    Authors:
    Aoife Smyth
    Location:
    Ireland
    Firm:
    A&L Goodbody
    Solvency II Directive transposed into Irish Law
    2015-12-16

    Regulations

    The European Union (Insurance and Reinsurance) Regulations 2015 (S.I. No.485/2015) (the “Regulations”) were signed by the Minister for Finance on 4 November 2015, transposing the Solvency II Directive into Irish law. The Regulations establish new capital requirements, valuation techniques and governance and reporting standards. The Regulations also provide the Central Bank of Ireland with increased supervisory responsibilities.

    Background

    Filed under:
    Ireland, Insolvency & Restructuring, Insurance, Matheson LLP, Reinsurance, Solvency II Directive (2009/138/EU)
    Authors:
    Darren Maher , April McClements , Sharon Daly
    Location:
    Ireland
    Firm:
    Matheson LLP
    In Short: Reduction of Bankruptcy Term from 3 Years to 1 Year
    2016-01-13

    The Bankruptcy (Amendment) Bill 2015 has been passed without amendment and was signed by the President on Christmas Day 2015. The headline amendment in the Bill is the reduction of the term of Bankruptcy from 3 years to 1 year which mirrors the term of bankruptcy in the UK. In addition to certain procedural amendments, the key amendments are summarised as follows:

    Filed under:
    Ireland, Insolvency & Restructuring, William Fry, Bankruptcy
    Authors:
    Craig Sowman
    Location:
    Ireland
    Firm:
    William Fry
    Court, in Restriction Application, accepts undertaking from Director not to act as Director
    2016-01-19

    In Cahill -v- O'Brien & anor [2015] IEHC 817, the Court considered an application for the restriction of two directors pursuant to Section 150 of the Companies Act, 1990 together with an application extending the time for the making of the application.

    Facts

    Filed under:
    Ireland, Company & Commercial, Insolvency & Restructuring, Litigation, A&L Goodbody
    Authors:
    Paula Mullooly
    Location:
    Ireland
    Firm:
    A&L Goodbody
    Court of Appeal re-establishes case law on disqualification of directors
    2016-01-26

    Director of Corporate Enforcement -v- Walsh & ors [2016] IECA 2 concerned an appeal by the Director of Corporate Enforcement (the Director) against a decision of Barrett J declining to make a disqualification or restriction order against three directors.

    Filed under:
    Ireland, Company & Commercial, Insolvency & Restructuring, Litigation, A&L Goodbody
    Authors:
    Paula Mullooly
    Location:
    Ireland
    Firm:
    A&L Goodbody
    Insolvency Update: The New Bankruptcy Act Commenced - 1 Year Term
    2016-02-02

    Bankruptcy law in Ireland is now, broadly speaking, in line with that of the United Kingdom.

    In particular, for bankrupts who cooperate with the bankruptcy process:

    • bankruptcy will end in one year; and
    • their interest in their family home will re-vest in them after 3 years.

    Notably however, the courts will have discretion to extend the period of bankruptcy for up to 15 years for non-cooperative individuals and those who have concealed or transferred assets to the detriment of creditors.

    Filed under:
    Ireland, Insolvency & Restructuring, Litigation, Real Estate, Mason Hayes & Curran LLP, Bankruptcy
    Authors:
    Maurice Phelan , Judith Riordan , Frank Flanagan
    Location:
    Ireland
    Firm:
    Mason Hayes & Curran LLP
    Bankruptcy (Amendment) Act 2015
    2016-02-05

    On 25 December 2015 the Bankruptcy (Amendment) Act 2015 (the “2015 Act”) was signed into Irish law. Its purpose is to create a more rehabilitative regime for bankrupt individuals while simultaneously deterring and penalising those who refuse to cooperate with the bankruptcy or who try to conceal income or assets from creditors.

    Filed under:
    Ireland, Insolvency & Restructuring, McCann FitzGerald LLP, Bankruptcy
    Location:
    Ireland
    Firm:
    McCann FitzGerald LLP
    Bankruptcy Term Reduced to 1 Year
    2016-02-24

    On 29 January 2016, the Irish bankruptcy term was reduced from 3 years to 1 year. This Briefing sets out further detail, and summarises recent developments in the area of bankruptcy and personal insolvency.

    BACKGROUND:

    Filed under:
    Ireland, Insolvency & Restructuring, Arthur Cox LLP, Bankruptcy
    Authors:
    Cormac Kissane , Orla O'Connor , Robert Cain , William Day , John Donald
    Location:
    Ireland
    Firm:
    Arthur Cox LLP
    High Court rules receivers not validly appointed
    2015-09-10

    The High Court recently determined the extent to which a secured creditor must comply strictly with the formalities set out in a security instrument when executing a Deed of Appointment of a receiver. The Court ruled that strict compliance is required and that, in this case, this had not occurred.

    Background

    Filed under:
    Ireland, Banking, Insolvency & Restructuring, Litigation, Real Estate, William Fry, Secured creditor
    Authors:
    Craig Sowman
    Location:
    Ireland
    Firm:
    William Fry

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