Pearse Trust Blog



Creditors & Their Powers: Part II

Posted by Pearse Trust on Wednesday, Sep 24, 2014

In our previous blog ‘Creditors and their Powers: An Introduction’, we established some of the facts about creditors and looked at their involvement in High Court Liquidations, Creditors Voluntary Liquidation and also their powers to appoint receivers or examiners. This blog will examine further situations where creditors can exercise their powers in respect of debts owed to them.

Creditors’ Powers To Seek Court Judgments & Where Default Exists

Creditors have the power to seek a Court Judgment against a company if they fail to pay a debt owing to the creditor. This judgment may be enforced by registration in the High Court or collection by the Sheriff.

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Tags: Ireland, Legal, Finance

Creditors & Their Powers: An Introduction

Posted by Pearse Trust on Wednesday, Sep 17, 2014

A creditor is a person or company to whom money is owing, creditors can be divided into two types; secured creditors and unsecured creditors.

Secured creditors have their debt secured against the borrower’s assets. The security provided with a registered charge could be over property, a ship, piece of machinery, shares, intellectual property such as copyrights, patents, trade marks and other such assets.

Many security documents have clauses reserving the right for the secured creditor to appoint a receiver in the event of the debt remaining unpaid. The receiver will sell the secured asset in an attempt to recover the creditor’s debt.

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Tags: Ireland, Legal, Finance

The Scottish Independence Referendum

Posted by Pearse Trust on Wednesday, Sep 10, 2014

On 18th September next, a referendum will be held in Scotland which asks the question, “Should Scotland be an independent country?”

The UK Government has stated that if a simple majority of votes are cast in favour of independence (a “Yes” vote), then “Scotland would become an independent country after a process of negotiations.” In the event the majority vote against independence (a “No” vote), Scotland would continue to form part of the United Kingdom.

The UK Government and the leading opposition party want Scotland to remain part of the UK with all holding the belief that Scotland is stronger in the UK and that the UK is stronger with Scotland in it. The Scottish National Party, who won a majority at the last Scottish Parliament election, lead the campaign for independence.

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Tags: United Kingdom, Economy

Briefing On The New EU Succession Regulation

Posted by Pearse Trust on Wednesday, Sep 03, 2014

The procedures and methods of administering estates can differ significantly across jurisdictions. A person’s estate may often include investments or property abroad. When it comes to the stage of administering the estate, cross border issues may arise in determining which succession law applies to that property. In this case private international law (“PIL”) rules apply.

These are also commonly known as “conflict of law” rules. These rules and procedures are often complex and ambiguous, and other jurisdictions may not always recognise or accept them. The EU Regulation on Succession Law (No 650/2012), also known as “Brussels IV” seeks to remedy many issues surrounding the application of EU member states applying their own PIL/conflict of law rules for succession purposes. 

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Tags: Legal, EU

FATCA – An Update For The UK & Ireland

Posted by Pearse Trust on Wednesday, Aug 27, 2014

 

Further to our previous blog on FATCA wherein we observed the postponement of the implementation dates for FATCA, the regime has now been implemented since July 2014.

Jurisdictions across the world are producing local legislation and guidance in order to implement FATCA on their home soil. 

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Tags: Ireland, Legal, United Kingdom, Tax, USA

UK Recession Recedes

Posted by Pearse Trust on Wednesday, Aug 20, 2014

According to the latest media reports, recently released official data from the Office of National Statistics (”ONS”) has confirmed that UK national output has increased to beyond the high-point achieved before the commencement of the financial crisis over six years ago. The occurrence of such an event was previously estimated to occur during the course of 2015.

Notably, Gross Domestic Product (“GDP”) grew by 0.8% in the three months to the end of June, resulting in the UK economy being 0.2% larger than at its height before the recession.

These positive figures from the ONS were released shortly after the International Monetary Fund (“IMF”) forecast that the UK will be the fastest-growing major economy in the world in 2014.

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Tags: United Kingdom, Economy

Annual Compliance Dates For New Zealand Entities

Posted by Pearse Trust on Wednesday, Aug 13, 2014

According to the Companies Act 1993, every company registered at the Companies Office must file an Annual Return with the Registrar each year, except during the calendar year of its incorporation.

Upon incorporation, the Registrar will allocate the company its ‘Annual Return Filing Month’.  The company is then required to deliver an annual return to the Registrar during that allocated filing month i.e. between the first and last day of the month. A company may opt to change its annual return filing month when filing its current annual return.

Failure to file an annual return will result in the Registrar initiating action to remove the company from the Registrar.

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Tags: Legal, Corporate Governance, New Zealand

The Company Secretary: Building Trust Through Governance - Overview

Posted by Pearse Trust on Wednesday, Aug 06, 2014

A recent report published by Henley Business School in collaboration with the ICSA emphasises the importance of the role of the company secretary.

The report, developed from research led by Professors Andrew and Nada Kakabadse, exhibits the significant contribution that effective company secretaries make to strategic leadership and board performance.

The study consisted of obtaining the perspective of over 200 respondents including company secretaries, chairmen, CEOs, NEDs and independent consultants covering board views from FTSE, SME and private, not-for-profit and public sector board-level stakeholders in the UK, Ireland and internationally based organisations.

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Tags: Corporate Governance, Social Responsibility

Attestation - Unwitnessed Deeds Invalidated

Posted by Pearse Trust on Wednesday, Jul 30, 2014

Case Of Briggs & Ors v Gleeds

This blog highlights the importance of ensuring deeds are validly executed. The recent case of Briggs & Ors v Gleeds (Head Office) & Ors [2014] EWHC 1178 (Ch) (15 April 2014) deals with the consequences of the defective execution of 30 salary pension scheme documents over a period of almost 20 years.

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Tags: Legal, Trusts

Transferring Assets Between Companies Of The Same Group – UK Rules

Posted by Pearse Trust on Wednesday, Jul 23, 2014

Where one company transfers an asset to another company when both are members of the same group, then subject to certain conditions being met, the consideration on transfer will be deemed automatically to be of such an amount that the capital gains tax computation gives neither a gain or a loss. 

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Tags: Legal, United Kingdom, Tax