Restructuring and insolvency—Ireland—Q&A guide

The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:

  • Restructuring and insolvency—Ireland—Q&A guide
  • 1. What main legislation is applicable to insolvencies and reorganisations?
  • 2. What entities are excluded from customary insolvency or reorganisation proceedings and what legislation applies to them? What assets are excluded or exempt from claims of creditors?
  • 3. What procedures are followed in the insolvency of a government-owned enterprise? What remedies do creditors of insolvent public enterprises have?
  • 4. Has your country enacted legislation to deal with the financial difficulties of institutions that are considered ‘too big to fail’?
  • 5. What courts are involved? What are the rights of appeal from court orders? Does an appellant have an automatic right of appeal or must it obtain permission? Is there a requirement to post security to proceed with an appeal?
  • 6. What are the requirements for a debtor commencing a voluntary liquidation case and what are the effects?
  • 7. What are the requirements for a debtor commencing a voluntary reorganisation and what are the effects?
  • 8. How are creditors classified for purposes of a reorganisation plan and how is the plan approved? Can a reorganisation plan release non-debtor parties from liability and, if so, in what circumstances?
  • 9. What are the requirements for creditors placing a debtor into involuntary liquidation and what are the effects? Once the proceeding is opened, are there material differences to proceedings opened voluntarily?
  • More...

Restructuring and insolvency—Ireland—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to restructuring and insolvency in Ireland published as part of the Lexology Getting the Deal Through series by Law Business Research (published: June 2021).

Authors: Dillon Eustace—Jamie Ensor; Peter Bredin

1. What main legislation is applicable to insolvencies and reorganisations?

The main legislation governing corporate insolvencies and reorganisations in Ireland is the Companies Act 2014, as amended (the Companies Act). The Companies Act is supplemented by principles of common law. For cross-border insolvencies within the EU member states other than Denmark, Ireland has adopted European Insolvency Regulation (Regulation (EC) No. 1346/2000) as recast by Regulation 2015/848 of the European Parliament and of the Council of 20 May 2015 (the EU Insolvency Regulation). For procedural requirements before the courts, the rules of court relating to the particular insolvency or reorganisation process will apply.

2. What entities are excluded from customary insolvency or reorganisation proceedings and what legislation applies to them? What assets are excluded or exempt from claims of creditors?

The insolvency regime prescribed by the Companies Act applies to: Irish registered companies; entities to which the EU Insolvency Regulation applies and whose centre of main interests or establishment is in Ireland; foreign-registered companies with sufficient connection to Ireland; and certain types of investment vehicles such as Irish Collective Asset-management Vehicles. The High Court may also dissolve partnerships under

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