Ireland

Debt judgments registered against businesses in Ireland fell by 8 per cent in 2015, the fourth consecutive year in which there has been a decline, the Irish Times reported. New figures compiled by the non-profit organisation Registry Trust shows there were 1,062 judgments against Irish businesses last year with the number of judgments against incorporated firms falling 17 per cent to 578. However, the latest figures show a 7 per cent rise in judgments against unincorporated businesses to 484.

Irish titanium and zircon miner Kenmare Resources has defaulted on its debts after failing to reach agreement with lenders on a new deleveraging plan by an agreed deadline of January 31st. The explorer said however, negotiations with banks on a deal are ongoing, the Irish Times reported. At the end of December, bank loans amounted to $341.9 million and cash and cash equivalents were $14.3 million. Lenders agreed to defer payment of $2.3 million in fees last April.

The builders challenging plans of the National Asset Management Agency (Nama) to construct 20,000 homes have broadened their complaint to include the body’s involvement in commercial development, the Irish Times reported. Five builders have complained to the European Union competition directorate that the Government’s proposal that Nama fund the building of 20,000 homes as part of a plan to tackle the housing crisis is illegal State aid. It is understood the companies have also raised concerns with Brussels officials about the State agency’s involvement in office developments.

The European Central Bank placed an “inappropriate” debt burden on Irish citizens in 2010 when it refused to force bond investors to share losses from troubled banks, a parliamentary committee report on the country’s banking collapse said on Wednesday. The report supports the view, widely held in Ireland, that the E.C.B. dictated policy to the government in a way that punished taxpayers while sparing investors who owned bonds issued by Irish banks. The central bank, which is based in Frankfurt, routinely denies that it meddles in politics or tells eurozone governments what to do.

Weak trading in the run-up to Christmas, when sales collapsed by a quarter compared to December 2014, spurred the decision yesterday by Hilco Capital to place Xtra-vision into provisional liquidation with the loss of 580 jobs, the Irish Times reported. The Xtra-vision brand is likely to survive via an online business, however, while its DVD vending machine business is also set to continue. Hilco’s HMV music store chain may also seek to buy back a small number of the 83 Xtra-vision stores and reopen them under separate ownership.

There was a 70% increase in the number of permanent solutions agreed through the Insolvency Service of Ireland last year, RTÉ.ie reported. The ISI said the recent removal of the banks' veto over proposed arrangements involving debtors' homes has already resulted in financial institutions reversing some of their own rejection decisions. Lenders overturned four out of 12 rejection decisions which were appealed last month. There were 1,700 permanent solutions for debtors agreed last year, a 70% increase on 2014.

Troubled oil and gas company Petroceltic has confirmed it has been given more breathing by its banks today as it continues its search for a buyer, the Irish Times reported. The publicly quoted exploration company is in breach of its senior bank facilities, but has received a number of waivers on loan repayments from its lenders. The latest waiver, which expired on Friday, has been extended until the end of the month.

An appeal by the Motor Insurance Bureau of Ireland (MIBI) against a High Court ruling that it must pay out on outstanding claims following the collapse of the Setanta Insurance Company in 2014 has opened before the Court of Appeal, the Irish Times reported. The MIBI is appealing against Mr Justice John Hedigan’s finding that it was liable to pay out in respect of claims against persons who were insured with Setanta at the time of its liquidation. The case has important implications for motor insurance premiums as well as parties involved in claims concerning Setanta.

The Revenue Commissioners secured 27 criminal convictions for serious tax evasion and fraud in 2015, according to figures released Thursday, the Irish Times reported. Those prosecutions were on top of 2,063 summary convictions, or lesser charges, for the non-filling of tax returns and customs offences. Headline figures for the year show the service conducted more than 461,000 individual audits and compliance investigations which yielded €642.5 million.

The Irish Mortgage Holders’ Organisation (IMHO) has proposed that banks, insolvency practitioners, the Government, regulators, and various other State agencies and debt advisory groups come together to try and formulate a big-ticket solution for long-term mortgage arrears.