Irish medical diagnostic company Trinity Biotech has booked a $24.4 million (€22.2 million) non-cash impairment charge, is closing a facility in California and is exiting two markets in which it operates, The Irish Times reported. In more positive news, however, the group also said it was close to completing a test to quickly detect Covid-19, and developing a second test that will indicate who has immunity. The Nasdaq-listed group on Tuesday announced a 6.8 per cent decline in 2019 revenues to $9.4 million.

The doomsday predictions have started. The Economic and Social Research Instiute (ESRI) last week forecast the Irish economy could shrink by 7 per cent in 2020 and that we could have 350,000 job losses as a result of coronavirus-triggered shutdown, The Irish Times reported. However, this was based on the restrictions lifting within 12 weeks. EY Ireland upped the ante yesterday by suggesting the hit could be as big as 13 per cent if the shutdown extends over a more prolonged period to August.

Aer Lingus is laying off more than 60 contract workers who argue they qualify for Government payments to businesses that keep staff in jobs during the coronavirus crisis, The Irish Times reported. The airline told staff last week that it was cutting pay by 50 per cent in an effort to see the company through the coronavirus pandemic that has grounded flights across Europe and the United States and brought its industry to a standstill.

Thousands of older people in long-term arrears on their mortgages could benefit from a debt resolution option if personal insolvency legislation is changed, a debtor advisory group has said, The Irish Times reported. Claire Kelly, chairwoman of the Association of Personal Insolvency Practitioners, which represents financial advisers who help people in debt, said the legislation needs to be “tweaked” to permit debt-for-equity swaps as a debt rescue solution after a High Court ruling this week.

Cork radio presenter Neil Prendeville and David Hall’s ambulance company, Lifeline, are included in the latest list of tax defaulters. Mr Prendeville, who is also a newspaper contributor, paid a total of €541,636 after a revenue investigation following an underdeclaration of income tax, The Irish Times reported. He was ordered to pay €327,663 in tax with the remainder in interest and penalties. Mr Prendeville’s solicitor John Boylan, of BDM solicitors, said an error was made by a firm of accountants which previously handled the broadcaster's affairs.

An internal Insolvency Service of Ireland (ISI) report raised concerns about the business model of a company which provided advice to over 600 people in mortgage arrears under a State-funded scheme to assist distressed borrowers, The Irish Times reported. New Beginning was paid more than €330,000 under a scheme to assist distressed borrowers, but did not directly set up any personal insolvency arrangements to restructure debts, the report found.

Significant legislative changes are needed to allow “debt-for-equity swap” solutions for insolvent personal debtors facing difficulties repaying their mortgages, a High Court judge has said, The Irish Times reported. Scores of borrowers hoping for approval for these swaps to give them a fresh financial start in personal insolvency cases face uncertainty due to the judge’s ruling. Mr Justice Denis McDonald found that the courts cannot approve “debt-for-equity swaps” in personal insolvency arrangements without the consent of the relevant secured creditor.

A lawyer for bankrupt developer Sean Dunne indicated in court papers filed late last week that his client intends to seek damages from his son John Dunne for turning over more than $12 million (€10.7 million) to the trustee in Sean Dunne’s long-running US bankruptcy case, The Irish Times reported. Attorney Luke McGrath said in the papers that he plans to file a claim seeking “money damages” against John Dunne in state court in New York City, where he lives.

Ireland’s central bank chief has warned against starting a spending spree to address the country’s shortage of affordable housing after the problem led to a surge in support for the nationalist Sinn Féin party in elections last month, the Financial Times reported. Gabriel Makhlouf told the Financial Times that even though the Irish economy was one of the top performers in Europe last year with growth of close to 5 per cent, there were risks ahead that could cause a sharp downturn.

More than $12 million of the proceeds from the sale of Walford, once Ireland’s most expensive home, have been handed over to the trustee in one-time property mogul Sean Dunne’s US bankruptcy case, according to court papers filed on Friday, The Irish Times reported. The funds were turned over earlier this month pursuant to a proceeding in an Irish court, where Mr Dunne also faces a bankruptcy case, the filing says. It does not specify which court.