More than half of councils responsible for special educational needs provision will not be able to balance their books when a “statutory override” ends next year, a survey has suggested, the Irish News reported. Councils are able to keep high needs deficits – where the cost of providing support outstrips the special educational needs and disabilities budgets available to councils – off their main revenue accounts.
Read more
Ireland
A solicitor’s secretary has won around €7,000 for unpaid wages and statutory redundancy after her employer became insolvent and a plan to have her transfer to another firm fell through, The Irish Times reported. The Workplace Relations Commission (WRC) made orders against David Gaffney, trading as Gaffney Solicitors, on foot of complaints under the Payment of Wages Act 1991 and the Redundancy Payments Act 1967 by Leona Erangey in a decision published on Wednesday.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
The Irish economy recorded a surprise contraction as 2024 drew to a close, a blow to the eurozone economy, of which it is one of smallest but most changeable members, the Wall Street Journal reported. But while the country’s central bank expects to see a return to growth this year and next, it has also warned that the Irish economy is particularly vulnerable to changes in tax and tariff policies under President Trump’s second administration.
Read more
Non-bank lenders provided €20bn in credit to Irish households and small businesses in 2023, according to new analysis by the Banking & Payments Federation Ireland (BPFI), the Irish Examiner reported. Based on data from the Central Bank, the BPFI said non-bank lenders account for about 15% of outstanding credit. Encompassing a large and diverse group of financial enterprises, non-bank lenders do not offer deposit accounts, but provide a wide range of credit facilities for consumers and SMEs.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
The board of Cork-based PMD Device Solutions has filed for bankruptcy following a review of the company’s financial position which found that it could not resolve its short-term liquidity requirements rendering it unable to meet critical obligations, the Irish Examiner reported. PMD Device Solutions develops and sells medical products for respiratory monitoring in both the hospital acute monitoring sector and the remote monitoring home care sector.
Read more
The Irish economy grew faster than previously estimated in the third quarter on the back of a rebound in multinational exports, according to official data, the Irish Times reported. GDP (gross domestic product) increased by 3.5 per cent between July and September, revised up from previous estimate increase of 2 per cent, the Central Statistics Office (CSO) said on Thursday.
Read more
Ireland-based clean hydrogen solutions developer Fusion Fuel Green Plc has filed for insolvency for its Portuguese subsidiary after a USD-33.5-million (EUR 31.6m) funding deal with investor Hydrogenial SA has failed to complete, RenewablesNow.com reported. As advised by the insolvency counsel after paperwork submission, Fusion Fuel has initiated a claim in Portugal against the investment firm and its principal, Norbert Bindner, for damages incurred due to Hydrogenial’s breach of their agreement, a press statement says.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.