Archive for the ‘Economy’ Category

Restructuring debt for Mortgage holders

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Allied Irish Banks in restructuring mode. Options are now evolving  and Debtors should at a minimum be talking to their bank in search of suitable solutions.

corporate restructuring and insolvency review of 2013

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On the corporate insolvency front, 2013 showed positive signs of corporate recovery with overall corporate insolvencies down 19%, Liquidations down 22% , Receiverships down 9% and Examinerships down 22%. With the introduction of the new examinership legislation aimed at the SME sector, liquidations should continue to decline  while more companies avail of the  new examinership  ‘lite’ route. An excellent article by kavanaghfennell.


2013 Business Failures Down 19% compared to 2012

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An update on Irish insolvency activity during 2013 

A decline in liquidations and receiverships

Scope for growth in Examinerships

The uptake for personal insolvency is the big unknown going into 2014. The level of both structured insolvency arrangements and bankpuptcy should increase significantly during 2014 but the cost of such arrangements remains the key issue for the debtor while  the required professional input is both highly technical and time-consuming.


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Irelands leading insolvency practitioners again produce an enlightened report on Insolvency developements in Ireland during 2012 and the outlook for 2013.

US Birth Rate Hits New Low – A Nation of Singles

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Get married and save the economy. So says  Gary D. Halbert who suggests the two greatest institutions ever devised for lifting people out of poverty and enabling them to live in dignity are the free market economy and the institution of marriage. He suggests these institutions will stand or fall together. As more people opt to remain single, their decision-making is ‘now based’ rather than ‘future based’ with significant economic consequences.  An interesting article with long term implications for both Europe and Ireland.

Workers may have to repay banks out of funds from their pension

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Pensions could be on the line for defaulting debtors. During the 80′s and 90′s, pension companies ridgidly maintained that pensions were beyong the reach of ones creditors  and were the only bundle-in-the-jungle  that couldn’t be got at by creditors. How wrong they were, it was salesmans talk and talk was cheap. Pension funds are now on the line and if ones pension was taken out with the bank your a sitting duck. Many people bought property as their pension fund, gearing up to gamble and we all know what happened. Others used Self Administered Schemes to complicate issues. Between set-up costs, management charges and dismantling costs there mightn’t be much left after  the professional advisors and exit taxes skin the cat. The older generation always said  ‘keep it simple’. If only people had listened. The Irish don’t like to call themselves gamblers, instead  they invest on  horses, dogs, football matches, property syndicates, pension funds and lotto among others. Now the banks are after the property and pension funds. Pity they didn’t stick to the horses and dogs and the hope value in the lotto ticket. Anyone with undervalued property, a stuffed pension fund and a bucket-load of loans urgently needs good practical professional advise.

Corporate Restructuring and Insolvency in Ireland

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An excellent article by Irelands leading Insolvency Practitioners where they shares there thoughts on the key insolvency events of 2011 and the emerging trends for 2012. They note the lack of liquidity, the developing trends in receiverships and debt restructuring, the emergence of auction houses and the oncoming changes in personal insolvency legislation.

Working out of debt

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It only just begun, its not just Ireland but an issue facing most developed countries. Private sector deleverage preceeds government deleverage and it takes about 5 years before positive results begin to become apparent. The catalist for economic recovery is generally a currency devaluation and while the collapse of the Euro is a possibility, significant quantitative easing (printing money)  looks the more probable option. This effectively means your Euro will be worth less. Bust banks in bust economies aren’t helping. Until there is decisive EU leadership,the path to recovery will be slow and painful but  as any seasoned businessman well knows, no pain no gain.

Over 16% increase in company failures over the last two years

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Challenging year for Irish businesses.

1,638 Corporate insolvencies in 2011, a 7% increase on 2010. 

21% in Munster.

Court Liquidations decrease

Creditors  Voluntary Liquidations increase

Receiverships increase

Examinerships level

This worrying trend demonstrates a lack of  business confidence and liquidity in the Irish Economy as we enter 2012. Expert advise is needed at the earliest stages of liquidity crisis to avoid losing control of your business and becoming an enforced statistic. Contact us at 022-21132 for confidential assistance.

Zoellick says ‘world is in a danger zone’

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The world is now in turmoil like Ireland has been for the past three years.

We know what its like to live in a broken economy, but we’ve yet to experience living with a broken currency. Thats if we’ve any left.

John O'Connell & Co., Chartered Accountants, Corporate Recovery & Insolvency Practitioners, Independent Financial Centre
33 Bank Place, Mallow, Co. Cork, Ireland :: Phone +353 (0)22-21132