In Irish practice developments: we look at some approaching deadlines, a CBI Markets Update, ETFs, GoAML, Central Beneficial Ownership Register for Companies, Companies (Accounting) Act 2017, FATCA/ CRS and a Speech by Gerry Cross, Director of Policy and Risk at the Central Bank.
Asset Management & Investment FundsOur client, a US aircraft lessor, had contracted to sell an aircraft and related engines. However, the purchaser indicated that it would not complete the purchase, unless a series of international interests registered in the International Registry against the Aircraft, in respect of a long expired sublease, were discharged
Aviation & Transport FinanceIn a High Court decision of 22 May 2017, Baker J rejected a proposal by a secured lender to write down a portion of a debtor couple's mortgage debt. This proposal was rejected because future repayment of the warehoused part of the loan was not predicated on an ability to repay and the proposal was therefore capable of creating circumstances amounting to insolvency at the end of the mortgage term.
Restructuring & InsolvencyThe Offer of Amends procedure is designed to provide parties in a defamation dispute with a fast track resolution process; encouraging earlier and more cost effective settlements
DisputesThe Supreme Court today (23 May 2017), by a majority of four to one, upheld a High Court ruling which found that commercial funding of the litigation in Persona Digital Telephony Ltd & anor v The Minister for Public Enterprise, Ireland & ors would amount to maintenance and champerty and was prohibited by law. The Supreme Court observed that issues surrounding litigation funding were complex matter
DisputesClaire Morrissey, IP & Technology Partner and Peter Walker, Banking & Finance Partner, outline the current laws and regulations relating to FinTech in Ireland. First published in The International Comparative Legal Guide (ICLG) to: FinTech 2017 by Global Legal Group Ltd.
Commercial & TechnologyIn a recent decision by the Circuit Court in Ireland, it was held there is no legal guarantee under Irish law that gamblers will be paid their winnings as the applicable legislative regime in Ireland, the Gaming and Lotteries Act 1956 ("the 1956 Act"), prohibits the enforcement of gambling contracts. Joe Kelly, Partner, and Head of Gaming & Betting, discusses the wider implications of this court d
Betting, Gaming & LicensingA central register of beneficial ownership of corporate and other legal entities is required by the 4th EU Anti-Money Laundering Directive.
Asset Management & Investment FundsThe Department of Justice has published the General Scheme of the Data Protection Bill 2017. This Bill is designed to give effect to, and provide for derogations from, the General Data Protection Regulation (GDPR).
Commercial & TechnologyThe Financial Services and Pensions Ombudsman Bill 2017 was published on 10 May 2017. The purpose of the Bill is to amalgamate the offices of the Financial Services Ombudsman and Pensions Ombudsman and to consolidate and update existing legislation. More importantly, the Bill provides for an extension of the time limits to bring complaints to the Ombudsman in respect of pension products and longer
Financial RegulationA recent determination (ADJ – 00000557) from the Workplace Relations Commission (the WRC) provides further insight and guidance for employers on the scope of their duty to reasonably accommodate a disabled employee.
EmploymentFurther to our recent bulletins on the Companies (Accounting) Bill 2016, which will amend the Companies Act 2014, the Bill was passed by Seanad Eireann (having previously been passed by Dáil Eireann) on 9 May 2017.
Corporate Governance & Compliance
