Welcome to our Spring/Summer 2014 e-zine update on Insolvency and Corporate Recovery. In this issue we highlight some recent court judgments and legislative developments both in Ireland and abroad.

We report on the Element Six pension case which will become the benchmark decision regarding the standard of care to be applied by pension trustees in the performance of their duties and summarise the judicial comments made in the case in respect of the contractual nature of funding proposals and the ranking status of a pension deficit in the insolvency of the employer. We also comment on the Supreme Court decision in the SIAC examinership dismissing a challenge by the Polish Road Authority and permitting the implementation of the Scheme of Arrangement approved by the High Court in February 2014. We review some recent decisions on the issue of restriction and disqualification of directors.

We report on the Supreme Court’s considerations in permitting an appeal against an Order discharging an Interim Examiner.

We also highlight other recent High Court decisions including:

• A company being wound up on just and equitable grounds
• A company director found guilty of fraudulent representations to a creditor
• The decision in the Sean Dunne bankruptcy on the determination that leave of the Court is required prior to cross examining the Official Assignee in Bankruptcy and the refusal of such leave in this particular instance.

Legislative developments include the European Parliament vote in favour of a Regulation establishing European Preservation Orders; and the proposed review of the EU Insolvency Regulation.

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.

Michael Quinn

To view the articles from the Insolvency Update – Spring/Summer 2014

• Commercial Court Clarifies Pension Trustees duties and Comments on Ranking Status of Pension deficits
• SIAC Examinership – Constructing an Argument for Unfair Prejudice
• Company Wound-up on Just and Equitable Grounds
• Director Found Guilty of Making Fraudulent Representations to Creditor
• Supreme Court Permits Appeal of High Court Order Discharging Interim Examiner
• High Court Disqualifies Bailey Brothers for 7 Years
• High Court Refusal of Restriction Application
• High Court Restricts Directors for 5 Years
• High Court Confirms Leave of Court Necessary to Cross-examine Official Assignee – Leave Refused
• European Account Preservation Orders – a Step Closer
• New improvements to EU Insolvency Rules to Give Businesses Second Chances