Ireland

Irish tax defaulters paid €7.3 million to settle unpaid debts to the Revenue in the first three months of the year, new figures show, the Irish Times reported. Longford waste business Mulleady’s Ltd heads the list, paying €828,575 in tax, interest and penalties after an audit found it had under-declared income tax and social insurance. Builder Thomas Foley, of St Anne’s Green, Carlow, listed as a company director, made the biggest personal settlement, €809,018 for under declaration of income and capital gains tax.

An electrical contractor will have some €2.7 million of a €2.9 million debt written-off under a personal insolvency arrangement (PIA) approved by the High Court, the Irish Times reported. The arrangement, approved by Mr Justice Alexander Owens on Monday, includes the near halving of the €470,000 mortgage debt of Thomas Fahy from Cortoon, Claregalway, Co Galway. Approval was sought by barrister Keith Farry, instructed by solicitor Nicola Nevin, on behalf of Nicholas O’Dwyer of Grant Thornton, Mr Fahy’s Personal Insolvency Practitioner (PIP).

Ireland's High Court on Wednesday ordered the winding up of two sanctions-hit state-owned Russian leasing firms based in Ireland after a group of creditors said the companies had no prospect of clawing back an almost $1.6 billion net deficit, Reuters reported. GTLK Europe DAC and GTLK Europe Capital DAC, whose main business is aircraft leasing, had sought to prevent the appointment of liquidators by applying for court protection from creditors, citing a decree by Russian President Vladimir Putin to relieve $1.5 billion of debt.

The Irish High Court will decide on Wednesday to either wind up or appoint an examiner to two Russian State-owned aircraft and shipping leasing firms – GTLK Europe DAC and GTLK Europe Captial DAC – which are registered in Ireland, the Independent reported. Mr Justice Conor Dignam said that he would give his decision after considering petitions from several creditors of the company to have the two firms wound up, in what would be among the largest liquidations in the history of the State.

The IrishHigh Court has been asked to wind up two related companies involved in the supply of chain finance to Irish and international funds after proposed survival schemes were rejected by one of the firm’s creditors, the Irish Times reported. Earlier this year, the High Court appointed insolvency practitioner Declan McDonald, of PwC, as examiner to Dublin-registered Tower Trade Finance Ireland Limited (TTFI) and associated company Deal Partners Logistics Ltd (DPL).

The Government has insisted the Quinn Insurance insolvency was a matter for the courts, after the Social Democrats urged Ministers to force the release of reports setting out the costs of the company’s administration, the Irish Times reported. Social Democrats TD Róisín Shortall said it was “not good enough” that key details about fee payments to administrators Grant Thornton and their advisers remained unpublished, three days after the company was wound up with a High Court liquidation order.

An Irish High Court judge has dismissed a challenge by a company whose shareholders include rugby star Ronan O'Gara and businessman Michael O'Flynn to an order relating to the personal insolvency arrangement in favour of fellow shareholder John O'Driscoll, the Irish Examiner reported. The application was regarded as a new bid to set aside the PIA and seek a new hearing.

A judge is hearing submissions at the Irish High Court on whether it is the appropriate court to hear an application by a company whose shareholders include rugby star Ronan O'Gara and businessman Michael O'Flynn relating to the Personal Insolvency Arrangement made in favour of fellow shareholder John O'Driscoll, the Irish Examiner reported. The company Ezeon Entertainment Ltd now want the High Court to set aside its order made in July 2022 where an appeal brought by businessman Michael O’Flynn against a Circuit Court order approving Mr O’Driscoll’s PIA was dismissed.

An aircraft lessor, Aircastle, has filed insolvency resolution proceedings against cash-strapped SpiceJet, the Economic Times of India reported. The National Company Law Tribunal (NCLT) will hear this case next week. The NCLT website shows that two more petitions for insolvency resolution proceedings against SpiceJet are pending. Engine supplier Willis Lease Finance Corporation filed its plea on April 12 and infra company Acres Buildwell on February 4.

Corporate insolvencies in the Republic rose by 22 per cent in the first quarter of 2023, according to Deloitte. The consultancy said there were 146 business failures recorded in the first three months of the year, up from 120 in the same quarter last year, the Irish Times reported. However, Deloitte noted the number of insolvencies was marginally down from 152 reported in the final quarter of 2022, “which means we are not currently experiencing a steep increase in corporate insolvency activity, which many have forecasted”, it said.