Welcome to our Spring 2012 e-zine update on Insolvency and Corporate Recovery. In this issue we highlight some of the most important court judgments and developments in the last 12 months both in Ireland and internationally.
During 2011 the Irish Government commenced in earnest the process of reforming personal bankruptcy laws in Ireland. Initial changes were made during 2011 providing for the potential shortening of the duration of a bankruptcy from 12 years to 5 years. In January 2012 the Government published the Heads of a Personal Insolvency Bill which is intended to provide a flexible structure for debt settlements under the supervision of an Insolvency Service to be established under the legislation. It also proposes important changes to bankruptcy laws bringing Irish processes closer in line with international best practice, most notably the reduction to 3 years of the period for automatic discharge from bankruptcy.
Examinership continues to generate controversy, particularly arising from the limitations it imposes on the rights of secured lenders. We report on the Supreme Court’s consideration of this issue in the McInerney case, and also report on leading cases relating to the fraudulent disposal of assets and the crystallisation of floating charges. We also comment on cases reported internationally, including an important Australian judgment relating to the exposure of lenders as shadow directors, and the potential far-reaching effect of UK pensions legislation providing for contribution orders to be made against companies related to insolvent employers.
We hope you find this e-zine informative. If you require any further information, please contact me or any member of the Insolvency and Corporate Recovery Group.
To view the articles, please click on the relevant link below:
- Sean Quinn Declared Bankrupt
- Bankruptcy Reform
- McInerney Companies Lose Examinership Appeal
- Examinership Cases – The Year in Review
- Potential Costs Exposure of Funding Litigation
- Priority of Crystallised Floating Charges – The Belgard Motors Case
- Fraudulent Preference v Fraudulent Disposition
- Orders for Possession of Registered Lands
- The Nortel Pension Debacle
- European Court Decision on Joinder of Parties to Insolvency Proceedings
- Shadow Directors
