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International Corporate Rescue

Journal Issues

  • Vol 1 (2004)
  • Vol 2 (2005)
  • Vol 3 (2006)
  • Vol 4 (2007)
  • Vol 5 (2008)
  • Vol 6 (2009)
  • Vol 7 (2010)
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  • Vol 12 (2015)
  • Vol 13 (2016)
  • Vol 14 (2017)
  • Vol 15 (2018)
  •         Issue 1
  •         Issue 2
  •         Issue 3
  •         Issue 4
  •         Issue 5
  •         Issue 6
  • Vol 16 (2019)
  • Vol 17 (2020)
  • Vol 18 (2021)
  • Vol 19 (2022)
  • Vol 20 (2023)
  • Vol 21 (2024)
  • Vol 22 (2025)

Vol 15 (2018) - Issue 4

Article preview

Welcome Irish High Court Ruling in Corporate Rescue Case: Clarification on Import and Effect of Undertakings to Discharge Current Revenue Liabilities During Period of Protection Afforded by Examinership

Gavin Smith, Partner, and Greg Cooney, Associate, Walkers, Dublin, Ireland

Overview

It has become a frequent feature for Irish companies seeking court protection through examinership to provide a written undertaking at the petition stage that it will discharge in full post-petition taxes to the Irish Revenue Commissioners (the 'Revenue') that accrue and fall due during the period of protection. A recent written judgment of the Irish High Court (Ms Justice Baker) in Harley Mechanical Services Ltd & the Companies Act 20141 (the 'Proceedings') has provided welcome clarity on the import and effect of such undertakings.
Walkers’ Dublin office acted on behalf of the examiner/liquidator in the Proceedings and was successful in challenging an order which had the effect of deeming unpaid Revenue liabilities as costs in the examinership and thus given special status such that these monies would be unavailable to the liquidator to discharge his own fees and the claims of other creditors.

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International Corporate Rescue

"International Corporate Rescue is a must-have of the most current substantive law developments in restructuring and insolvency law. Covering legislative overviews and novelties, case reviews and analyses of cross-border controversies, it is a concise, accessible and insightful collection of leading articles from respected lawyers and academics from all over the world."

Prof. Em. Bob Wessels, University of Leiden, Leiden

 

 

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