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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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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 | 
williamfry.com | Declan Keane |Ashley Hennessy |Ruairi Rynn |Fergus Doorly
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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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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Sep 2, 2024 | 
williamfry.com | Ashely Hennessy |Fergus Doorly
Fergus Doorly, Restructuring & Insolvency partner will participate in the Ireland for Law Trade Mission to New York City from 3-5 September 2024. On Thursday, 5th September at 8:00am – 9:30am at JAMS New York, NY Times Building, 620 8th Ave, 34th Floor, New York, NY 10018, Fergus will participate in a panel discussion on Corporate Restructuring & Corporate Insolvency – The Case for US/Irish Cooperation.
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Apr 9, 2024 | 
williamfry.com | Kate Abell |Gail Nohilly |Fergus Doorly |Alexandra Drummy
In De Lacy v Hevey [2024] IEHCC 80, the High Court (Court) found that two men involved with the operation of Arden Forestry Management Limited (Company), which carried out no genuine business, were personally liable for certain debts of the Company totalling €3.8m. The Company defrauded creditors by offering investments in forestry schemes allegedly operated by the Company. Investors paid a combined total of €6,432,745 believing that these funds had gone to acquire interests in forestry.
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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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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.
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Jan 24, 2024 | 
lexology.com | 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. BackgroundProvisional liquidators were appointed to the Company in November 2023.
