Solicitor for Bankruptcy and Insolvency Law in Dublin

Lawyer for Bankruptcy and Insolvency Law in Dublin Found 10516

Bankruptcy and Insolvency Law in Ireland: Navigating Financial Distress

Bankruptcy and insolvency law are critical legal frameworks that help individuals and businesses addre...

Bankruptcy and Insolvency Law in Ireland: Navigating Financial Distress

Bankruptcy and insolvency law are critical legal frameworks that help individuals and businesses address situations where they are unable to meet their financial obligations. Whether you’re an individual facing personal financial difficulties or a business struggling with debt, understanding bankruptcy and insolvency law is essential to finding the right legal solution. If you’re based in Dublin or anywhere else in Ireland, consulting a solicitor who specialises in this area can provide you with the guidance needed to make informed decisions and navigate the complexities of insolvency procedures.

What Is Bankruptcy and Insolvency Law?

Bankruptcy and insolvency law governs the legal processes by which individuals and businesses who are unable to pay their debts can seek relief. The law provides mechanisms for restructuring debt, liquidating assets, and distributing the proceeds to creditors. It offers individuals and businesses a chance to make a fresh start while ensuring that creditors receive fair treatment.

In Ireland, bankruptcy is primarily governed by the Personal Insolvency Act 2012, which provides a legal framework for individuals to deal with excessive debt. For businesses, insolvency law is governed by the Companies Act 2014, which covers company liquidation, receivership, and examinership. Whether you are an individual or a business entity, a solicitor specialising in bankruptcy and insolvency law can help you navigate these procedures and ensure that you comply with all relevant regulations.

Key Aspects of Bankruptcy and Insolvency Law

  1. Personal Bankruptcy
    Personal bankruptcy in Ireland is a legal process where an individual who cannot pay their debts can have their liabilities reduced or eliminated. The process typically involves the appointment of an Official Assignee, who is responsible for overseeing the sale of the individual’s assets to repay creditors. Bankruptcy in Ireland typically lasts for a period of one year, but it can be extended depending on the individual’s circumstances.

The Personal Insolvency Act also allows individuals to enter into a Debt Settlement Arrangement (DSA) or Personal Insolvency Arrangement (PIA), which enables them to restructure their debts and avoid full bankruptcy. These processes allow individuals to make reduced payments over a fixed period while preserving certain assets like their home.

  1. Business Insolvency
    Business insolvency can take several forms, depending on the type of company and its financial situation. There are three main processes available under Irish law for businesses facing insolvency:

    • Liquidation: This is the most common process for businesses that are insolvent and cannot continue trading. In liquidation, the company’s assets are sold to repay creditors. If the assets are insufficient to pay all debts, creditors may not receive full repayment.
    • Receivership: In cases where a company owes money to a secured creditor (such as a bank), that creditor can appoint a receiver to take control of the company’s assets and attempt to recover the debt.
    • Examinership: This process allows a company to continue trading while attempting to reach an agreement with creditors to restructure its debts. Examinership is typically used by businesses that believe they can become solvent again with financial restructuring.
  2. Insolvency for Partnerships
    Insolvency laws also apply to partnerships, though they are slightly different from those for corporations or individuals. Partnerships can enter into an agreement to restructure their debts, similar to a company going into examinership. The key difference lies in the liability of the partners: in most cases, partners are personally liable for the debts of the partnership.
  3. Creditor Rights and Protection
    In the context of bankruptcy and insolvency, creditor rights are central to the process. Creditors are typically divided into secured and unsecured creditors, with secured creditors having a higher priority in the repayment process. Insolvency law ensures that creditors receive fair treatment and that the legal procedures are followed to recover as much debt as possible from the bankrupt individual or company.

However, while creditors are given priority in repayment, the law also provides mechanisms to ensure that individuals and businesses are not unduly penalised. For example, personal bankruptcy allows for certain exemptions from asset seizure, such as the family home, depending on specific circumstances.

  1. Corporate Rescue and Restructuring
    In some cases, businesses facing financial difficulties may not need to resort to liquidation or receivership. Examinership is a legal process available to companies that are facing temporary financial issues and are still capable of being profitable. Under examinership, the company is given temporary protection from its creditors to allow it to attempt restructuring its business and financial affairs. This protection typically lasts for 70 to 100 days and can be extended if necessary.

When is it Necessary to Consult a Solicitor for Bankruptcy and Insolvency Law?

Understanding when to seek legal advice is crucial for anyone facing financial difficulties. Whether you are an individual struggling with debt or a business dealing with insolvency, consulting a solicitor can help ensure that you are aware of your legal rights and obligations. Here are some common situations where legal assistance is essential:

  • Personal Bankruptcy: If you are unable to meet your personal financial obligations and are considering bankruptcy or a personal insolvency arrangement, consulting a solicitor is important to ensure you understand the legal consequences and explore the best available options.
  • Business Insolvency: If your business is struggling with debt, a solicitor specialising in business insolvency can advise on whether liquidation, receivership, or examinership is the most appropriate course of action.
  • Negotiating with Creditors: If you are facing aggressive creditor actions or are unsure how to negotiate with creditors, a solicitor can help you explore options such as a Debt Settlement Arrangement (DSA) or Personal Insolvency Arrangement (PIA).
  • Cross-Border Insolvency: If your business or personal financial situation involves international elements, such as creditors in other jurisdictions, you will need a solicitor who understands the complexities of cross-border insolvency law.
  • Protecting Assets: A solicitor can advise on how to protect your assets, such as your home or business, from being seized in bankruptcy or insolvency proceedings.

Why is Bankruptcy and Insolvency Law Important?

Bankruptcy and insolvency law serve several key purposes:

  1. Financial Relief: For individuals and businesses facing overwhelming debt, bankruptcy and insolvency law provides a path to relief. It offers a chance to start over, either through debt restructuring or the discharge of liabilities.
  2. Fairness and Transparency: Bankruptcy and insolvency procedures ensure that the process is fair to both debtors and creditors. The law ensures that creditors are repaid as much as possible, while debtors are given a clear process to resolve their financial troubles.
  3. Economic Stability: By allowing businesses and individuals to recover from financial setbacks, bankruptcy and insolvency law helps maintain economic stability and encourages a healthy economy by ensuring businesses can be restructured or liquidated efficiently.

Conclusion

Bankruptcy and insolvency law is essential in Ireland to help individuals and businesses overcome financial distress. If you find yourself or your business in financial difficulty, it’s vital to consult a solicitor who specialises in bankruptcy and insolvency law to understand your rights, the legal processes involved, and the best path forward. Whether you are facing personal bankruptcy, business insolvency, or dealing with creditor disputes, expert legal advice can help you navigate these challenges effectively and make informed decisions. If you are in Dublin or anywhere in Ireland, seeking legal assistance can provide you with the support needed during financially challenging times.

About Tom

Tom is a Partner in the Real Estate team. He advises on all aspects of commercial real estate in Ireland, but with a particular focus on multinational and institutional tenant occupiers and large-scale development projects.

Tom understands the unique requirements of globa...

About Tom

Tom is a Partner in the Real Estate team. He advises on all aspects of commercial real estate in Ireland, but with a particular focus on multinational and institutional tenant occupiers and large-scale development projects.

Tom understands the unique requirements of global technology companies when leasing office space in Ireland. He also works with institutional investors on Irish real estate matters from purchase, financing and development to leasing and ultimate sale. Recently he has worked extensively on mixed use developments and student housing schemes.

He also leads our Real Estate Charities team and acts for numerous charities and not-for profit clients in respect of various real estate assets. Tom is well known in the market for his commercial and highly responsive approach to clients and their interests.

tdavy@mhc.ie
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About Melanie

Melanie is Head of our Employment Law & Benefits team. She covers the full range of employment law and is a trusted advisor on complex workplace issues. She is widely recognised as a game-changer when resolving seemingly intractable employment problems.

Melanie is the...

About Melanie

Melanie is Head of our Employment Law & Benefits team. She covers the full range of employment law and is a trusted advisor on complex workplace issues. She is widely recognised as a game-changer when resolving seemingly intractable employment problems.

Melanie is the go-to lawyer for some of Ireland’s biggest domestic and multi-national companies on contentious and non-contentious employment matters.

She assists clients in drafting bespoke employment contracts, agreements and HR policies and procedures. Melanie also provides on-going support to HR managers in the management of day to day disciplinary issues along with more strategic internal reorganisations and rationalisations. Her wealth of knowledge and experience on challenges like transfer of undertakings and large scale outsourcing transactions is particularly noted in the market.

mcrowley@mhc.ie
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About Stephen

Stephen is a Partner in our Real Estate team as well as a member of our Energy team. Stephen has experience across all areas of real estate with a particular focus on renewable energy and healthcare.

Stephen’s work includes guiding energy clients at all stages from de...

About Stephen

Stephen is a Partner in our Real Estate team as well as a member of our Energy team. Stephen has experience across all areas of real estate with a particular focus on renewable energy and healthcare.

Stephen’s work includes guiding energy clients at all stages from development and financing through to operation and sale and he advises some of the biggest investors and operators in the healthcare sector in acquiring and selling trading and development assets.

He has specialist knowledge in Landlord and Tenant Law with a focus on office, healthcare and renewable projects.

Stephen works with borrowers and lenders on various financing transactions and frequently appears in the largest renewable financing transactions being signed in Ireland.

scowhey@mhc.ie
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About Cara

Cara is a Partner on our Corporate team. She advises on a range of corporate matters, in particular private mergers & acquisitions, equity investments and fundraisings.

Cara advises a broad range of Irish and international clients across different sectors, and has been p...

About Cara

Cara is a Partner on our Corporate team. She advises on a range of corporate matters, in particular private mergers & acquisitions, equity investments and fundraisings.

Cara advises a broad range of Irish and international clients across different sectors, and has been particularly active in the built environment, healthcare and life sciences and technology sectors.

ccooke@mhc.ie
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About Keelin

Keelin is a Partner in our Dispute Resolution team. She specialises in the area of medical law litigation. With over has over 25 years litigation experience, Keelin is recognised for her expertise in predominantly advising on all aspects of the defence and management of compl...

About Keelin

Keelin is a Partner in our Dispute Resolution team. She specialises in the area of medical law litigation. With over has over 25 years litigation experience, Keelin is recognised for her expertise in predominantly advising on all aspects of the defence and management of complex malpractice claims for the clinical indemnity scheme.

Keelin also has expertise and interest in mental health law advising a number of psychiatric institutions and professionals in all aspects of the complex legislation in this area.

In addition, Keelin regularly appears in the Coroner’s Court representing professionals at Inquests arising from deaths in hospital and in the community.

Clients benefit from Keelin’s ability to provide clear legal advice, support and practical direction in complex cases.

kcowhey@mhc.ie
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About Tanya

Tanya is a Partner and Director of Client Service. Her role is to support the firm’s service excellence and continuous improvement ethos and to help the firm to deliver superior service to all clients.

Tanya’s work involves client liaison and the creation of bespoke ser...

About Tanya

Tanya is a Partner and Director of Client Service. Her role is to support the firm’s service excellence and continuous improvement ethos and to help the firm to deliver superior service to all clients.

Tanya’s work involves client liaison and the creation of bespoke service plans. She is also responsible for the continuous development of client service standards across the firm. She strives for all client advice provided by the firm to be clear, timely and highly practical.

She is an experienced solicitor, having spent over 20 years in practice as a commercial litigator.

tcolbert@mhc.ie
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About Ger

Ger is a partner in our Employment Law & Benefits team. He advises both the public and private sector on all Employment Law and industrial relations issues

Due to his extensive experience, Ger is able to act for clients in a variety of employment claims from unfair dismis...

About Ger

Ger is a partner in our Employment Law & Benefits team. He advises both the public and private sector on all Employment Law and industrial relations issues

Due to his extensive experience, Ger is able to act for clients in a variety of employment claims from unfair dismissal to occupational stress and restraint of trade to strikes and picketing. He also advises on all aspects of the termination of employment.

Ger acts as trusted advisor on the various employment law issues generated by mergers and acquisitions including in-depth due diligence exercises to negotiating employee-related indemnities and warranties. He also advises on the applicability of the European Communities (Protection of Employees on Transfer of Undertakings) Regulations 2003 – TUPE. His straightforward and business-centric approach resonates strongly with clients.

gconnolly@mhc.ie
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About Gemma

Gemma is a litigation partner in our Healthcare and Medical Law Team. She specialises in the defence of medical malpractice claims and is known for her gravitas and sensitivity in handling delicate matters.

Gemma has significant expertise in the handling of complex malp...

About Gemma

Gemma is a litigation partner in our Healthcare and Medical Law Team. She specialises in the defence of medical malpractice claims and is known for her gravitas and sensitivity in handling delicate matters.

Gemma has significant expertise in the handling of complex malpractice actions on behalf of hospitals and healthcare professionals. In the course of handling the defence of these actions, Gemma is known for her thorough and incisive approach and is regarded as a skilled negotiator.

In handling many high profile birth injury cases, she has shown her ability to investigate, analyse and evaluate the multiplicity of issues involved. She is a trusted advisor to clients. Gemma is also a CEDR Accredited Mediator.

gcoady@mhc.ie
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About Sarah

Sarah is a Partner in our Financial Regulatory team.

Sarah advises a wide range of clients on all licensing and regulatory issues. Sarah’s clients include credit institutions, insurance undertakings, virtual asset service providers, electronic money institutions, paymen...

About Sarah

Sarah is a Partner in our Financial Regulatory team.

Sarah advises a wide range of clients on all licensing and regulatory issues. Sarah’s clients include credit institutions, insurance undertakings, virtual asset service providers, electronic money institutions, payment institutions, investment firms and those looking to operate in Ireland for the first time.

Sarah's specialises in delivering bespoke regulatory advice on issues including the Central Bank’s fitness and probity regime, risk mitigation programmes that clients may be subject to, licencing applications, the Central Bank’s codes of conduct, change of control restructuring and capital requirements.

scloonan@mhc.ie
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About Eoin

Eoin is a partner in our Construction team specialising in Energy law. In addition, Eoin is our Energy sector lead. He is recognised as a leading practitioner and has advised on almost half of the renewable power on the Irish Grid.

Eoin has acted for developers, investor...

About Eoin

Eoin is a partner in our Construction team specialising in Energy law. In addition, Eoin is our Energy sector lead. He is recognised as a leading practitioner and has advised on almost half of the renewable power on the Irish Grid.

Eoin has acted for developers, investors and funders on the development, financing, acquisition and disposal of a significant number of energy projects. Notable projects include the first solar park and largest wind farm in Ireland.

He also provides advice to clients on complex infrastructure projects during development, construction and operation.

In contentious matters, Eoin has acted for clients in a number of Court proceedings, conciliations and arbitrations representing the interests of contractors. He has also advised on the resolution of disputes in high-value matters in the energy and construction sectors.

ecassidy@mhc.ie
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Questions and answers about Bankruptcy and Insolvency Law

How Can I Start a Business in Ireland? 1 Answer

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What Are My Rights When Renting in Ireland? 1 Answer

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