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Dec 2, 2024 | 
williamfry.com | Gail Nohilly |Ashley Hennessy |Fergus Doorly |Barbara Galvin
The Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 (2024 Act) partially comes into force on 3 December 2024 under a recently published commencement order (Commencement Order). The Act amends the Companies Act 2014 (2014 Act), introducing enhancements in corporate governance, company law administration, enforcement and supervision, and corporate insolvency.
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Dec 2, 2024 | 
mondaq.com | Byrne Wallace |Barbara Galvin |Ruairi Rynn |Gail Nohilly
The Companies (Corporate Governance, Enforcement and
Regulatory Provisions) Act 2024 (2024 Act) partially comes into
force on 3 December 2024 under a recently published commencement
order (Commencement Order).
The Act amends the Companies Act 2014 (2014
Act), introducing enhancements in corporate governance,
company law administration, enforcement and supervision, and
corporate insolvency.
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Oct 25, 2024 | 
mondaq.com | Fergus Doorly |Barbara Galvin
This case highlights the tension between two critical public
policies: the need for a straightforward process to liquidate
insolvent companies and the respect for arbitration agreements and
affirms the position that an arbitration agreement or clause is not
a bar to presenting a winding-up petition (save where there is a
genuine dispute over the debt on substantial grounds).
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Oct 24, 2024 | 
lexology.com | Ruairi Rynn |Fergus Doorly |Barbara Galvin
In June 2024, the Privy Council delivered an important decision on the treatment of arbitration agreements in insolvency cases in Sian Participation Corp (In Liquidation) v Halimeda International Ltd UKPC 16 (Sian Participation).
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Aug 1, 2024 | 
lexology.com | Ruairi Rynn |Joanne Cooney |Barbara Galvin |Gail Nohilly
The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2023 (Act) came into effect on 1 July 2024. In this three-part series, we examine the changes to the Companies Act 2014 (access here), together with the changes to the collective redundancy landscape and employees’ rights on an employer’s insolvency under the Act.
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Mar 12, 2024 | 
lexology.com | Ruairi Rynn |Paul Convery |Barbara Galvin |Gail Nohilly
McCool Controls and Engineering Ltd v Honeywell Control Systems Limited [2024] IESC 5. The factsMcCool Controls and Engineering Limited (Company) was the original plaintiff in proceedings against Honeywell Control Systems Ltd (Honeywell) for alleged breaches of an agreement between the parties. The proceedings were commenced in 2005.
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Mar 6, 2024 | 
mondaq.com | Barbara Galvin |Ruairi Rynn |Fergus Doorly
Following on from the UK Supreme Court decision in
Sequana (discussed here), the recent UK High Court (UKHC)
decision in Hunt v Singh [2023] EWHC 1784 (Ch), further
considered the duty of directors to take into account the interests
of creditors in certain circumstances.
The UKHC considered whether this so-called "creditor
duty" arose when a company was insolvent in circumstances
where the directors believed (wrongly) that the liability giving
rise to the insolvency had been avoided.
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Feb 26, 2024 | 
williamfry.com | Barbara Galvin |Ruairi Rynn
Following on from the UK Supreme Court decision in Sequana (discussed here), the recent UK High Court (UKHC) decision in Hunt v Singh [2023] EWHC 1784 (Ch), further considered the duty of directors to take into account the interests of creditors in certain circumstances. The UKHC considered whether this so-called “creditor duty” arose when a company was insolvent in circumstances where the directors believed (wrongly) that the liability giving rise to the insolvency had been avoided.
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Jan 31, 2024 | 
mondaq.com | Fergus Doorly |Ruairi Rynn |Barbara Galvin
The ex tempore judgment is of note because it considers the
standing of the Petitioner to bring the application and the
consequences of a relevant witness not being cross-examined by the
Petitioner on his affidavit evidence regarding the solvency of the
Company.
Background
Provisional liquidators were appointed to the Company in
November 2023. The contested liquidation application was heard by
the Court in December 2023.
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Jan 24, 2024 | 
williamfry.com | Gail Nohilly |Fergus Doorly |Ruairi Rynn |Barbara Galvin
The High Court (Court) recently dismissed a petition seeking the winding up of a biofuel company (Company). The ex tempore judgment is of note because it considers the standing of the Petitioner to bring the application and the consequences of a relevant witness not being cross-examined by the Petitioner on his affidavit evidence regarding the solvency of the Company. Provisional liquidators were appointed to the Company in November 2023.
