THE HALO BUSINESS Angels Network (HBAN) has launched a new angel investor syndicate for UK-based investors to back Irish startups.
The London Syndicate plans to invest €3 million in early stage Irish startups over the next three years. HBAN is a joint operation backed by Enterprise Ireland and InterTradeIreland that helps groups of angel investors to invest in companies.
Retail financial services, from bank accounts, payment cards, consumer and mortgage credit, insurance and long term savings products, are an integral part of people’s daily lives. Based on statistics from July 2016, quoted by the Commission, only 7% of consumers had purchased a financial service from another EU Member State.
In its March 2017 Action Plan, the EU Commission set out the remaining obstacles and work to be undertaken to bring about a single market for retail financial services, so that the distinction between domestic and cross border providers of financial services will no longer matter.
When buying a house or an apartment there are a number of things to consider. Among these is whether you should obtain a survey of the property. Below we go through the benefits of obtaining a survey and the reasons we strongly advise purchasers to get an independent survey carried out.
The Criminal Justice (Corruption Offences) Bill 2017 was published late last year by the Minister for Justice and Equality as part of the Government’s White Collar Crime package and is expected to be enacted in late 2018 with the intention of modernising the existing anti-bribery and corruption framework.
The purpose of the legislation may be viewed as twofold. The first is to consolidate the numerous existing Statutes such as the Public Bodies Corrupt Practices Act 1889, the Prevention of Corruption Act 1906 and Prevention of Corruption (Amendment) Act 2010. The second is to implement the findings of the Mahon Tribunal which published its final report in 2012 in relation to certain planning matters and payments.
McKeever Solicitors co-hosted a Mortgage Information seminar with Bank of Ireland at our offices in 5 Harbourmaster Place on the 24th November 2017. Following a presentation by Bank of Ireland mortgage team, our guests had the opportunity to discuss the conveyancing process with our property team. The following is a number of guidelines for first time buyers on purchasing a property.
The Tax Appeal Commission published a decision on 4th September 2017 that Section 14 of the Social Welfare and Pensions Act 2007, mandating the increased pension to be paid directly to the spouse had the effect of bestowing the beneficial entitlement of the pension to the spouse.
The General Scheme of the Building Control (Construction Industry Register Ireland) Bill 2017 is expected to be implemented in January 2018 under which all building contractors and sub-contractors operating in Ireland will be required to register with the Construction Industry Register Ireland (CIRI). This Register was established on a voluntary basis in March 2014 by the Construction Industry Federation as a means of increasing regulation of the building sector and provide assurance to consumers who engage the services of builders and contractors.
On the 5th September 2017, the European Court of Human Rights delivered judgment in the case of Barbulescu v Romania which is set to have far reaching consequences for employers. The decision comes against a backdrop of litigation instituted by the appellant, Mr Bogdan Mihai Barbulescu, in 2007 against his employer following their monitoring of personal communications that he sent over an instant messaging service to his brother and fiancé. Following the appellant’s complaint that his employer’s actions constituted a criminal offence, his contract of employment was terminated.
Capital Acquisitions Tax (CAT) is payable on a gift or inheritance received by a beneficiary from a “donor”. There are several ways donors can be efficient and help to reduce CAT payable by their beneficiaries.
We recently acted for the purchaser of the high profile Voxpro Headquarters in Loughmahon Technology Park, Cork comprising 120,000 square feet.
As of the 1st January 2017 major changes for gift and inheritance tax relief on dwelling houses were introduced.
The Supreme Court delivered a decision in the case of Droog v Revenue Commissioners on 6th October 2016, and held that the 4 year time limits for the process of Revenue “forming an opinion” under Section 811 of the Taxes Consolidation Act 1997 applied.
On the 9th of February 2017 the Court of Appeal gave Judgement on an issue concerning the non-registration by a Bank of a lien arising from an equitable deposit of title deeds, in accordance with Section 73 of the Registration of Deeds and Title Act 2006 (“the 2006 Act).
The Bank had failed to register its lien within the required 3 year period and it was argued by its customer appealing against an Order made in the High Court in favour of the Bank, granting a Well Charging Order and Order for Sale over the secured properties, that therefore, the security had lapsed and could not be enforced.
An Enduring Power of Attorney (EPA) is a document that allows you to plan for the management of your future in the event that you become mentally incapacitated e.g. by way of stroke, dementia, Alzheimer’s etc. An EPA enables you to choose a person that you trust to manage your personal and financial affairs.
The Office of the Data Protection Commissioner (DPC) has just released a guidance note on the General Data Protection Regulation (the GDPR). This is the first in a series to assist organisations in their preparations towards full compliance with the GDPR when it comes into force on 25 May 2018.
Proper regulation of the processing of personal data is intended to help to bridge the so-called ‘trust gap’ between business and the consumer who entrusts personal data to it, with a resultant increase in electronic commerce as well as consumer business.
The issue of concussion and injury to the brain as a result of impact sustained through sport has become increasingly controversial in recent years.
The emergence of medical data linking mental health conditions such as chronic traumatic encephalopathy (CTE), Alzheimer’s disease and depression to head trauma suffered during high impact sport has resulted in an increasing volume of litigation in which sport’s governing bodies are being held legally accountable for sport related brain injuries.
What is the duty of care of governing bodies to exposing participants to brain injuries?
The likely imminent commencement of the new amending Rules of the Superior Courts in Ireland, will impact on practice and procedure within the High Court, and are likely to fast track legal actions in Ireland.
It is worthwhile noting that the Commercial High Court in Ireland has, on average, in its first 10 years, admitted and processed 199 cases per year, with 188 on average being disposed of within that year.
Public consultation of the implementation of Payment Services Directive 2 is imminent. The new regulatory framework it provides will the Commission argue reduce costs, improve the security of payments and facilitate the emergence of new players and innovative new mobile and internet payment methods.
Published in Financier Worldwide – December 2016
The new tax-free thresholds have increased in each Group from 2015 and consequently represent an increase in the amount which may be inherited or passed on by way of gift without becoming subject to taxation.
EU Regulation 655/2014 has been adopted by Ireland and creates a Mareva Injunction type relief across member states. In effect, it will make it more difficult for Debtor’s to put assets beyond reach of lawful Creditors.
What is the standard of care owed to those entering the sporting arena – and when do acts committed on the field of play become acts of negligence or criminal assault?
Published in the Law Society Gazette – October 2016
Dilapidations should be at the forefront of every landlord and tenant’s mind from the outset of leasehold negotiations. Dilapidations often arise when a lease comes to an end, in cases of assignment of leasehold interests or where a break clause is exercised and when a tenant receives a Schedule of Dilapidations setting out its obligations under the lease
The Paternity Leave and Benefit Act 2016 was recently passed by the Dáil and marks a significant step forward for paternal rights in the workplace. As of the 1st of September 2016, a relevant parent, as defined under the Act, will be statutorily entitled to two weeks paid paternity leave from their employment.
In the 2016 Financier Worldwide Financial Services review, author and Partner Paul Foley gives his perspective on the current legal and regulatory Financial Services environment.
Financial Regulation, Financier Worldwide, August 2016.
A publican in East Sussex, England recently installed a material in the walls of his premises which had the effect of preventing patrons from using their smartphones while inside.
Merger or other forms of collaborative working can make better use of charitable funds and property and provide better services for beneficiaries. For example if two charities in the same area are doing similar work and competing for funding, a merger may be the best way to secure funding and provide a united voice.
From July 1st 2016, regulated lenders (other than credit unions) must comply with additional requirements in respect of SME lending, enforcement and the taking of security.
Different national legislation governing inheritance has made the issue of succession highly complicated where people own properties in more than one country. Those differences frequently led to conflict of law problems for property owners. However, the introduction of new EU legislation has simplified cross-border succession.
As Paul McCartney found out, sometimes love isn’t all you need. So how can you ensure your assets are protected if your marriage breaks up?
In February 2016, Mars Inc. recalled chocolate bars across fifty-five countries after a piece of red plastic was found in a Snickers bar in Germany, likely leading to millions of Euro in losses. Although only one bar was found to have been affected, Mars Inc. decided to take precautionary action to protect itself.
The Credit Guarantee (Amendment) Act 2016 was signed into law earlier this year with the intention of encouraging lending, with a greater assumption of the risks associated with such being borne by the State.
The General Data Protection Regulation due to become law later this year will spur businesses to review their data policies and procedures to ensure that they comply with the requirements of the new regulation.
Have you ever had that funny feeling that you are being secretly watched? Is it legal for others to secretly keep watch and record our movements?
The answer to that is that it depends on where you are and what you are doing.
The Workplace Relations Act 2015 (“the Act”) commenced 1 October. The Act provides for changes to the bodies and procedures concerning resolution, mediation and adjudication of industrial disputes and complaints about breaches in employment legislation.
The UK Insurance Act of 2015 will come into effect in August 2016. It has updated the law relating to Insurance and has sought to strike more balance between Insurance Companies and Policy Holders. Hopefully the Irish legislature will sit up and take notice.
Crowdfunding has been successfully harnessed for financing legal actions in other jurisdictions. But what about Ireland – does this relatively modern phenomenon have potential here?
Published in the Law Society Gazette, Aug/Sept 2015.
The Irish Supreme Court recently handed down a landmark judgment in the Belgard Motors Case. The case concerned whether a crystallisation notice had validly crystallised a floating charge, thus gaining priority over preferential creditors’ claims during liquidation.
The Charities Regulatory Authority will determine whether or not an organisation is a charitable organisation, it is a matter solely for the Revenue Commissioners to determine whether an organisation is entitled to the various tax exemptions available to charities.
The duty of someone completing a proposal form for insurance is to volunteer information to an insurance company where the information would appear to a prudent insurer to be material to a decision whether to accept a risk, and on what terms.
Crowdfunding at its most basic level, is an open appeal to the public for funds for a specific project or for a specific objective.
The range of companies using it is a lot wider than one might think.
Under current Irish legislation, employees do accrue statutory holiday entitlement while absent on sick leave. The Organisation of Working Time Act 1997 awards holiday entitlement for time actually worked.
Payment Services are a vital component in enabling the free movement of goods, services capital and persons in the EU. In an article published in Financier Worldwide, we look at the Evolving Regulation of Payment Services.
The Act will commence 1st June 2015. It is generally pro business, deregulatory and will cut compliance costs in the long term.
There will however be costs to companies to adopt their documentation to the new regime in the short term.
The law on personal injuries settlements is about to change radically with the introduction of the Social Welfare and Pensions Act 2013, on 1st August 2014. Until now compensation for loss of income has been reduced to account for the payment of certain social welfare benefits.
The recent High Court judgment in the case of Piotr Bryszewski v Fitzpatricks and Hanleys Limited trading as Caterway 1 has important implications for employers and employees in Ireland. The judgment was delivered following the employee’s appeal from the Labour Court.
Companies establishing a subsidiary in Ireland or companies in a start-up situation naturally are concerned to minimise costs. They must decide whether it Is is more advantageous to engage employees from day one or engage persons as self-employed intermediaries.
The volume of assets being sold has risen significantly, the property supplements are filled with properties for sale together with the sale of businesses, their trade and goodwill and ‘voluntary’ sales of assets by borrowers beginning to occur at the direction/co-operation of lenders.
The 2009 Act provides long awaited legislative reform to the Law of Defamation in Ireland, however it falls short in dealing with the issue of Defamation involving the internet, intermediary service providers and social media service providers.
The Central Bank have established a pilot programme for borrowers with multiple distressed debts to engage with their lenders in an effort to enhance co-operation between lenders of secured and unsecured debt and fairly resolve distressed debt for borrowers.
REITS are listed companies (quoted on a recognised exchange), holding rental investment properties. They have diverse ownership with no group controlling the entire REIT. The company is generally required to distribute at least 90% of profits to investors.
A personal representative of an Estate should be wary of paying out legacies to persons whom they know or believe to have been made bankrupt. The Official Assignee in Bankruptcy is appointed over all of the property of the bankrupt and therefore such property vests automatically in the Assignee under section 44 of the Bankruptcy Act 1988. This includes the right to assets in an estate on the date of the bankruptcy order even if has not yet been distributed.