Examinership as a company rescue option continues to gain advantage - the recent hearing of the McInerney rescue scheme in the High Court illuminated the scope for such a scheme to incorporate the write-down of even secured debt. It was unfortunate for the specific scheme proposed that the Court deemed the secured creditors (a consortium of banks) to have been asked to take too large a write-down and so the scheme failed, but at least the principle of secured debt write-down has been established. This is a welcome development.
cheap viagra buyThe Insolvency Payments Scheme, when set up in 1984, dealt mainly with the simple arrears of wage-related entitlements - wages, holiday pay, and minimum notice, together with an element of pensions arrears, all of which were relatively amenable to simple checking by the liquidator from the records of the company and the wages clerk. The liquidator would marshall the claims on behalf of the Department and act as a control on the type and amount of the employees claims.
can you buy viagra in dubaiThe bid in the High Court recently by Anglo Irish Bank to have its own nominee as trustee appointed to the estate in bankruptcy of Sean Fitzpatrick was defeated by the appearance of six small creditors who opposed the appointment. Their total claims would only amount to a very small fraction of the multi-millions owed to Anglo yet they prevailed. The appointment needed the support of three fifths of creditors appearing both by value and number - Anglo surely had the value but lacked the numbers...
cheapest generic viagra cialisHindsight, they say, is always 20/20. When a company goes into insolvent liquidation, it immediately puts the actions or inactions of the directors under the spotlight.
Why did he do it? Why did he do it then? Why did he not do it? Surely it was obvious…? It did not seem important at the time…etc.
The liquidator is obliged to report to the Director of Corporate Enforcement (“ODCE”) under the Company Law Enforcement Act, 2001, on the actions of each director and, depending on the assessment, to decide whether the director acted “honestly and responsibly” in his conduct of the company’s affairs. If a director’s actions (or inactions) are found lacking in these regards, then the liquidator may be required to take a High Court action for Restriction or Disqualification against the director or directors concerned. The sanctions run for five years – if you need to operate under the umbrella of a limited company for your trade then you will be severely constrained.
We are all familiar with the “voluntary” ways in which we allow Company creditors to “pierce the corporate veil” by giving personal guarantees to Banks, Leasing Houses, Invoice discounters, and crucial Suppliers – sometimes you know that you just will not get the facilities unless you sign up. Demand for the repayment of these guarantees should not come as a surprise to you, should your company enter insolvent liquidation or some other insolvency procedurecheap viagra india.
cialis pillsThe Bankruptcy regime in Ireland is amongst the harshest in the Western world. You will know that your creditors really mean business if they take matters to the extreme of petitioning for your bankruptcy. You will also know that you have reached the absolute end of your resources if you have tried unsuccessfully to reach compromises with your creditors and you have decided to petition for your own bankruptcy. The effects of bankruptcy in Ireland, whether compulsory or voluntary, are profound and far-reaching and may blight your life even unto death.
The government is working on proposals to ban “upwards only” clauses in rent reviews of leases. In the current difficult trading conditions for most retail and other commercial traders, where margins are becoming tighter and every other category of expense is under pressure to be reduced, why should rents not also fall? If you are locked into an “upwards only” lease then you may feel aggrieved and protest the unfairness of it when the landlord’s agent comes around and imposes an increase in rent on you, even as the footfall and the turnover are falling away. You might as well argue with a car clamper…
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