A High Court ruling that will allow a 54-year-old woman pay a mortgage until she is 90 could help an estimated 20,000 people who are unable to pay Celtic Tiger-era debts. Mr Justice Mark Sanfey signed off on a personal insolvency arrangement a form of financial rescue for heavily indebted borrowers that will allow Co…
Months after sweeping changes to insolvency laws, the budget revealed the government will re-examine what should happen when businesses go bust. Key points: Laws around how failed businesses are wound-upwill be re-examined Broad, temporary protections set up during the pandemic have ended Sweeping changes were introduced in January, but have notbeen used much That could…
The High Court has approved a Personal Insolvency Arrangement that will see a 54-year-old woman continue to make mortgage repayments on her family home until she is 90 years of age. Mr Justice Mark Sanfey approved the PIA in respect of Esther Kirwan, from Moycarkey, Thurles, Co Tipperary, in what is a regarded as an…
TAP Air Portugal (TP, Lisbon) has filed an application in the Commercial Courts of Lisbon for the liquidation of its groundhandling company, Servicos Portugueses de Handling, S.A. (SPdH), also known by its trademark Groundforce Portugal. The airline is a creditor of Groundforce, which to date has provided ground-handling services to TAP at Lisbon, Porto, Faro,…
Enlarge this image National Rifle Association CEO Wayne LaPierre at the group’s annual meeting in Dallas in May 2018. A secretive figure, LaPierre makes few public appearances outside of carefully scripted speeches. Daniel Acker/Bloomberg via Getty Images hide caption toggle caption Daniel Acker/Bloomberg via Getty Images Updated at 6:43 pm ET A federal bankruptcy judge…
Employees working for an insolvent company will have to be given at least 30 days’ notice of redundancy, under new legislative reforms to be introduced by the Government. The proposal is part of a new Department of Enterprise, Trade and Employment Action Plan to boost the rights of employees hit by insolvency – an issue…
The Government is to introduce new legislative reforms over the medium term to enhance the rights of employees facing collective redundancies following insolvency. In a new action plan, the Department of Enterprise and Employment says that in future workers affected by collective redundancy will in all cases have to receive 30 days notice. The plan,…
The Insolvency Service will be given powers to investigate directors of companies that have been dissolved, closing a legal loophole and acting as a strong deterrent against the misuse of the dissolution process. The process will no longer be able to be used as a method of fraudulently avoiding repayment of Government backed loans given…
1. Introduction On 12 January 2021, the Government published a consultation on proposed changes to the monetary eligibility criteria for debt relief orders (DROs). DROs provide low cost and easy access to debt relief for individuals with relatively low levels of unmanageable debt, and no way to pay their creditors. In order to be able…
Creditors vote Wednesday on THAI rehab plan Some stakeholders reject debt haircuts Thai Airways aircraft remain grounded at Suvarnabhumi airport as the airline’s creditors vote on Wednesday whether to accept its debt rehabilitation plan. (Photo byApichit Jinakul) If Thai Airways International Plc (THAI) were to go under on decision day, which is Wednesday, creditors would…