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    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
    Court sets aside fraudulent transfer of property between spouses
    2016-03-03

    The Court of Appeal found that voluntary transfers of property from a husband to his wife were fraudulent even though his creditor only became a creditor eleven years after the transfers.

    Details of the case:

    Filed under:
    Ireland, Insolvency & Restructuring, Litigation, Beauchamps, Fraud
    Location:
    Ireland
    Firm:
    Beauchamps
    Court of Appeal Re-affirms Strict Basis for Restricting Directors
    2016-03-08

    A recent decision of the Court of Appeal has seemingly halted a trend towards leniency in the High Court in applications for the restriction and disqualification of directors of insolvent companies, particularly where the company has been struck off the register of companies for failing to file annual returns.

    Filed under:
    Ireland, Company & Commercial, Insolvency & Restructuring, Litigation, William Fry, Court of Appeal of England & Wales
    Authors:
    Ruairi Rynn
    Location:
    Ireland
    Firm:
    William Fry
    High Court Approves Ratification of Appointment of Receiver by ACC Board
    2016-03-16

    Facts 

    In Farrell & Kelly v Petrosyan & Ors (linked to McLoughlin & anor v ACC Loan Management Ltd), High Court, O'Connor J, 2 March 2016 the High Court considered an application for possession on behalf of receivers appointed by ACC Loan Management Limited (ACC).  One of the issues before the court was whether the receivers had authority to act in the proceedings in view of their deeds of appointment by ACC. 

    Filed under:
    Ireland, Insolvency & Restructuring, Litigation, A&L Goodbody
    Authors:
    Paula Mullooly
    Location:
    Ireland
    Firm:
    A&L Goodbody
    Significant Irish judgment on discovery in aid of examination
    2015-10-16

    At this stage of Ireland's economic cycle, in many cases obtaining a court judgment against a debtor does not necessarily ensure payment. If the judgment debtor fails to pay, there are several procedures available to a judgment creditor to attach the judgment debtor's assets and income so as to obtain payment (a process broadly termed 'execution'). In order to make such an application, the judgment creditor must of course have some knowledge of and information about the particular asset or income.

    Filed under:
    Ireland, Insolvency & Restructuring, Litigation, Maples Group, Debtor, Discovery
    Authors:
    Aisling Clarke , John Breslin , Eugene McCormick
    Location:
    Ireland
    Firm:
    Maples Group
    Insolvency Update: High Court Confirms Validity of Receivers’ Appointment
    2016-03-22

    In a recent High Court decision, the validity of the appointment of joint receivers by ACC Loan Management Limited by deed under seal was upheld, and an order for possession in favour of those receivers was made.

    Filed under:
    Ireland, Banking, Insolvency & Restructuring, Litigation, Mason Hayes & Curran LLP
    Authors:
    Judith Riordan
    Location:
    Ireland
    Firm:
    Mason Hayes & Curran LLP
    Supreme Court rules on Belgard Motors case
    2015-07-09

    Introduction

    The Supreme Court, in a judgment delivered today, in J.D. Brian Motors Limited, trading as Belgard Motors, (In Liquidation) (and related companies) allowed the appeal of the Official Liquidator, Tom Kavanagh of Deloitte, to set aside two declarations made by Ms Justice Finlay Geoghegan in the High Court in two separate judgments in 2011.

    Filed under:
    Ireland, Insolvency & Restructuring, Litigation, Matheson LLP, Liquidation, Supreme Court of the United States
    Authors:
    Julie Murphy O'Connor , Brendan Colgan , Niamh Counihan , Patrick Molloy
    Location:
    Ireland
    Firm:
    Matheson LLP

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