The recent approval by the Irish High Court of a scheme of arrangement that restructured US$1.65bn liabilities of Ballantyne Re plc (Ballantyne) confirms Dublin as one of the most effective restructuring venues in the EU.
Restructuring & InsolvencyFull and final settlement clauses are standard in agreements that settle construction disputes. Current market practice is to include in a settlement agreement a full and final settlement clause in the broadest language possible, in order to avoid parties whose relationship has broken down returning to the negotiation table with additional claims in the future.
ConstructionAlmost every employer in Northern Ireland will be aware of the recent developments coming from the NI Court of Appeal relating to the calculation of holiday pay within the PSNI (NICA Decision).
BelfastDomestic News – Director of Asset Management and Investment Banking of the CBI spoke about the approach that the CBI are taking to ensuring they keep ahead of the changing regulation climate. European News – ESMA issued numerous statements relating to different areas of MiFID II including transparency issues, volume cap data, derivatives to be traded on-venue, and launched a common supervisory...
FinanceDomestically, the CBI issued correspondence in relation to the timeline for the final Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Guidelines for the Financial Sector. In European news there have been numerous developments on a European level, including the introduction by the EU Commission of the CRD, CRR, and the Single Resolution Mechanism Regulation (SRMR).
Financial RegulationDomestically, The CBI published its quarterly insurance newsletter and the general good rules pertaining to the Insurance Distribution Directive (IDD). There were many notable developments, including the European Insurance and Occupational Pensions Authority (EIOPA) publishing its 2018 Annual Report, a consultation paper relating to Solvency II and monthly technical information relation to...
Financial RegulationDomestically the updated and consolidated Central Bank UCITS Regulations came in to effect and concluded its review of UCITS performance fees. On the european front, ESMA updated its AIFMD and UCITS Q&A's on depositary functions this month
Financial RegulationDomestic News – There have been several developments at domestic level, including the implementation of a ban on the sale of binary options and the restriction of the sale of contracts for difference (CFDs) by the Central Bank of Ireland (CBI). A speech was also delivered by the Director of Consumer Protection about banking culture and the drawbacks of a proposed bank remuneration policy. Europ...
FinanceSo-called 'smash & grab' adjudications have been the subject of much debate in the construction industry in the last 18 months.That debate looks set to continue as permission has been granted for an appeal to the Supreme Court - the final court of appeal for civil cases in the United Kingdom.
On 5 July 2019, Ireland's Competition and Consumer Protection Commission (CCPC) announced that it had cleared the proposed acquisition of sole control of MCD Productions Unlimited Company (MCD) by LN-Gaiety Holdings Limited (LN-Gaiety). This is subject to a number of commitments that will satisfy concerns raised by the CCPC. The notification process was long. The notification was made on 14 Aug...
Corporate & M&AMatthew Cole (Corporate and M&A Partner) provides an overview of the IPO process, regulation, public company responsibilities and risks in relation to IPOs in Ireland. First published in the 'Initial Public Offerings 2019' (Third Edition) by Global Legal Insights...
Capital Markets - EquityOn 21 June 2019, Judge Garrett Simons delivered his judgment in Heather Hill Management Company CLG v An Bord Pleanála (Burkeway Homes Limited as Notice Party) [2019] IEHC 450. In this case, Heather Hill Management Company CLG and Gabriel McGoldrick (the Applicants) challenged a decision of An Bord Pleanála (the Board) to grant permission for a Strategic Housing Development in Co. Galway.
Environmental & Planning
