Ireland

The Irish High Court said on Friday it had granted an extension to Norwegian Air’s creditor protection, as requested by the examiner overseeing the process, Reuters reported. The extension to Feb. 25 was granted after a lawyer representing the Irish examiner told the court that the examiner believed the budget carrier had a reasonable prospect of survival. Norway’s government backed the airline’s survival plan on Thursday, saying it would stump up cash if private investors did too. “I will grant that application and extend the time for reporting...

North Ireland is facing an “abyss” once the Brexit “grace period” on imports from Britain ends unless action is taken, one of its major haulage companies has warned, the Irish Times reported. “Northern Ireland’s going to get worse in April if we don’t get some easement,” said Paul Jackson of McBurney Transport in Ballymena, Co Antrim. “As a haulage business this is currently an unsustainable model, and we have to be engaged with directly and we have to have it sorted out before the first of April, we have to.” Mr.

Ireland's High Court has approved a further payment of €3.29 million out of the State’s Insurance Compensation Fund (ICF) concerning personal-injury claims against collapsed Maltese-registered motor insurer Setanta, the Irish Times reported. The €3.29 million sum includes a sum of €1.97 million for third-party legal costs. The remainder comprises some €1.06 million in awards, orders to pay and agreement settlements; some €224,000 in minor court awards; and some €35,581 in property damage.

Business failures in Ireland barely rose last year despite the economic challenges posed by the Covid crisis, new figures show, the Irish Times reported. Measures deployed by government during the pandemic had helped to sustain companies during the year, said accountants Deloitte, which compiled the figures. The number of corporate insolvencies rose by just 1 per cent to 575. This compares to 568 insolvencies in 2019.

Ryanair slashed its annual traffic forecast by around 5 million passengers on Thursday, saying fresh lockdowns in Britain and Ireland targeting a highly contagious new variant of COVID-19 would leave the countries with “few, if any” flights, Reuters reported. The Irish low-cost carrier, Europe’s largest, also harshly criticised public health measures, saying Ireland’s travel curbs were “inexplicable and ineffective” and called on the country and Britain to accelerate the pace of vaccine rollouts.

Insurance reform must be “sorted” in 2021, a group representing businesses across the country has argued, if small and medium sized businesses are to help the economy recover from the Covid-19 pandemic this year, the Irish Times reported. The Alliance for Insurance Reform, which represents civic and business organisations across the country and whose members include the Vintners Federation of Ireland, the Irish Hotels Federation and ISME, has put forward five priority reforms for the sector in 2021.

Many bars, restaurants and other businesses in the hospitality sector are predicted to declare insolvency in the second and third quarters of 2021, the Independent reported. The warning came from debt analysis expert StubbsGazette, which believes the wave of insolvencies is inevitable once Government pandemic subsidies are withdrawn or scaled back. Its analysis indicates considerable pain is in store for such businesses in the hospitality industry – some of which have not been able to open since March.

Ireland has added some fresh heat into the question of whether countries should raise minimum wages to put their economies on a more stable footing in the aftermath of the Covid-19 pandemic, with Prime Minister Micheál Martin saying his government would look at increasing the level by a fifth, the Wall Street Journal reported. Martin said such a move would be aimed at addressing income equality exposed by the pandemic, with many lower-income workers across the world bearing the brunt of lockdowns while better-paid people work from home.

The High Court has appointed a provisional liquidator to an Irish-registered luxury property investment firm operated by an alleged fraudster, The Irish Times reported. The order was made in respect of Lux Estate Capital Limited, with a registered address at Townspark, Trim Road, Athboy, Co Meath, which purports to be involved in real estate investments in various countries, primarily in Spain. The court heard that the company was run and owned by a Polish national called Lukasz Salamander, aka Lukasz Salamandra.