The Great Deleveraging – The Next Phase in Irish Banking

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 Interesting article on what’s to come for the heavily  indebted, both a treat and an opportunity for most punters and a clear warning that the  heavily indebted will be dealing with a new banker within 2 years. If  he/she is a practical banker, it must be for the good. For those awake the opportunity is unbelievable but  those asleep will be eaten by sharks. For those with no debt I  can only say well done.

Accountant was validly appointed as liquidator to transport firm, says judge

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Mr Justice Sean Ryan applies legally acceptable and practically feasible   principles to lodgement of proxys for creditors meetings  and  confirms   appointment of John O Connell  as liquidator of Managh International Transport Ltd.

Managh International Transport Ltd  v  Companies Acts

2012 IEHC 444       High Court Record Number 2012 472 COS

The mystery of low corporate insolvency levels in the UK

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Nick Hood reckons times might be bad while business is flat or declining but once the economy shows signs of turning and businesses  hunt increased sales, its then the real working capital crunch occurs and the weak zombie companies tumble like flies.

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.

Commercial Leases Database

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An informative article detailing a  new developement  putting previously private confidential information  in the public domain. It should help level the playing field and  remove significant differentials between similiar property rentals  in comparable locations. Probably good for business but an issue for landlords.

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