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If the bond was put in place 18 years ago then construction inflation may have dwarfed it. The duly appointed liquidator/receiver will review it and see if he can finish the site and recover some of the bond. The liquidator/receiver should be particularly interested in reviewing the bond if he...

In my capacity as Receiver and Liquidator of insolvent companies I have agreed TICs where there was a sufficient bond in place. In some cases I was able to complete the TIC and obtain a refund of some of the bond. In other cases there was insufficient bond monies or funding available so the TIC...

The Taking in Charge ("TIC") process is very difficult for many developers to navigate. Councils are very wary of taking on developments, and carry out detailed surveys involving CCTV surveys of sewers etc. Some developments that have their own Waste Water Treatment Plants can be particularly...

Whilst the vulture funds do not have the moral hang ups that some banks had about debt forgiveness, they will assess each case on its specific facts and circumstances. You should be able to identify some parameters for a deal in the below link...

They are not yet statute barred. Mortgages are generally singed under "seal", which means the Statute is 12 years. Jim Stafford

If the company is insolvent and cannot be made viable again then it should be placed into liquidation. Not placing the company into a prompt liquidation means that the insolvency is becoming greater because of interest charges applied by Revenue and the bank. It might also mean that the...

It is reckless to advise any company not to liquidate if it is insolvent. If the Revenue debt is PAYE in respect of the directors' personal salaries then the Revenue will raise Section 997 assessments on the directors personally. Once the company is struck off then the Revenue will notify the...

One of the most impactful court judgments in the last ten years, when it comes to debt collection, is the Supreme Court decision in the O'Malley case. See link below: https://www.courts.ie/acc/alfresco/78acae1b-2a97-40ee-9358-4d5287fd1add/2019_IESC_84.pdf/pdf#view=fitH In that case, BOI were...

The first question you have to ask yourself is whether the JMs are outside the Statute of Limitations (30 years for Revenue and 12 years for others). If you are currently close to the 12 years it might be worthwhile waiting. Experienced solicitors acting for judgment creditors know that it is...

Brendan Your analysis above is very illustrative. The increases in interest rates are starting to financially hurt many people. If borrowers are seeking to challenge the funds "arbitrarily" increasing their interest rates they need to "prove" that the funds are not entitled to increase their...

You may place any company into a Members Voluntary Liquidation if its CRO returns are not up to date. Sometimes it is better value to carry out a MVL than paying for statutory audits and late filing fees. We routinely do such MVL's. Jim Stafford

I would not necessarily agree that financial skills are essential to take up a NED. Some Boards require a balance of skill sets, and thus might require a NED with IT, Marketing or HR skills. Such NEDS are entitled to rely on the expertise of the finance director on the board etc. Jim Stafford

You should consider if you can avail of Early Retirement Relief or Entrepreneur Relief. Further details on our website: https://www.frielstafford.ie/members-voluntary-liquidation/ Jim Stafford

Pepper had the ability to instruct, say, a banking economist, for the Circuit Hearing to provide evidence as to what its cost of funds were, but chose not to do so. So the evidence could have been made available, but it was not put before the Court. If you do not put your evidence before the...

Did you mean "that was not available at the original hearing"? I did mean to say " may not introduce "new evidence" that was available at the original hearing." The expert legal opinion is that Pepper could have, inter alia, retained an expert banking economist to prove that their own costs of...

Pepper have publicly announced that they are not going to appeal the decision to the High Court. The decision does not create a legally binding precedent on other cases, as Circuit Court decisions do not create binding precedents. Having listened to legal experts on the case, it appears that...

I set out below relevant quotes from a recent Court of Appeal judgment which explains the rationale as to why creditors may be unable to enforce judgments more than 6 years old. I set out below a link to the judgment...

The normal Capital Acquisition Rules apply. Depends on valuation, prior gifts, relationship etc. The article also gives advice on the necessary steps to debtors who which to have JM's removed. Every application is considered by the PRA on a case by case basis. Before the PRA can proceed with...

No court process is necessary. You need to file an affidavit with the PRA. See link below: https://www.fieldfisher.com/en-ie/locations/ireland/ireland-blog/cancellation-of-judgment-mortgages-at-the-property-registration-authority-the-pra Jim Stafford

Each time you make a payment you extend the Statute of Limitations 6 years. Jim Stafford