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When a Bank inserts a pre-condition to the drawdown of funds, then it should ensure that same is complied with, or else it may face a challenge as was faced by ACC Bank in the case of ACC Loan Management Limited –v- Gerard Sheehan [2006] IECA343/87/2016. Background The circumstances of the case are that [...]
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As everyone is aware in February 2013 the Irish Bank Resolution Act 2013 was enacted and a Special Liquidation Order was signed by the Minister for Finance placing IBRC ( a merger of Anglo Irish Bank and Irish Nationwide Building Society) into Special Liquidation. The Special Liquidators of IBRC then had the monumental task of [...]
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On the 27th of January 2015 the Central Bank of Ireland announced the scope of the eagerly anticipated regulations which will apply limits to mortgage lending by regulated financial institutions in Ireland. The new regulations introduce proportionate limits for loan to value and loan to income measurements for both primary dwelling houses and buy to [...]
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AHEAD OF BUDGET 2015, the Minister for Finance was undoubtedly advised by some commentators that the best tactic was to make as little change as possible and he appears to have adopted that strategy. Minister Noonan stated that his main objective was to reduce unemployment, and some of the measures that he proposed seem [...]
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Part IV of the Personal Insolvency Act 2012 which deals with bankruptcy is due to be commenced today. If you are considering applying to be adjudged bankrupt, the following are some important points to note: 1. Obligation to consider alternatives to Bankruptcy: The Personal Insolvency Act 2012 introduces new mechanisms to deal with personal debt [...]
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Danske Bank A/S t/a Danske Bank -v- Meagher [2013] IEHC 496 Judgment in the above case was delivered in the High Court by Mr Justice Peart on the 4th of October 2013. Background On the 25th of February 2013 Mr Justice Kelly, in the Commercial Court, granted a judgment for the sum of €7 million [...]
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ACC Bank Plc -v- Ruadhri McEllin, John McEllin and Emer McEllin [2013] IEHC 454 Judgment in the above case was delivered by Mr Justice Birmingham in the High Court on the 18th of October 2013. Background The first named defendant (‘the son’) persuaded the second and third named defendants (‘the parents’), into joining him in [...]
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08 Jul '13
What types of debts are covered by The Personal Insolvency Act 2012 : Excluded Debts and Excludable Debts The Personal Insolvency Act 2012 has introduced three new insolvency procedures to enable individuals to resolve their debt issues. These procedures are Debt Relief Notices, Debt Settlement Arrangements and Personal Insolvency Arrangements. Different eligibility criteria apply to [...]
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On the 8th May 2013 the Central Bank announced its latest approach to try and find sustainable solutions for borrowers with multiple debts. The pilot programme will run for 3 months and will be operated by a third party service provider. Its aim is to foster co-operation between lenders in order to resolve distressed [...]
