HEALY O'CONNOR SOLICITORS

2010-05-12T17:50:00.002+01:00

Well done to Cashs export for their historic win in the Cork Business and Shipping League First Division. We were delighted to be able to sponsor them and wish them the best of luck next year in the Premiership.

Employment Rights

2010-05-10T17:48:00.002+01:00

We have many many clients coming in with Employment Issues which is obviously indicative of the times we live in. Unfortunately, we are finding that Employers are using the Recession to lay off workers they have wanted to get rid of for some time. However, they are doing it in such a cack-handed and in many cases immoral way that they are leaving themselves wide open for cases to be taken against them to the Employment Appeals Tribunal. Obviously we will not hesitate to bring such a case where we feel proper procedures have not been followed or where we feel the Employee has a justifiable case.

Sunday Business Post feature for Healy O'Connor Solicitors

2010-02-22T10:36:00.000Z

Putting the words 'corporate recovery' and 'solicitors' in the same sentence will generally conjure up images of examinership and, perhaps, enforcement. But, just as businesspeople will turn to their accountants or financial advisers when the numbers start to look precarious, they should also talk to their legal advisors to draw on solicitor's wealth of knowledge.

'Like any area of the law, if you find yourself with an issue regarding your business you should speak to a solicitor', said Shane Healy, partner in Healy O'Connor Solicitors, which has offices in Cork and Dublin. 'Many solicitors won't even charge you for their initial consultation and, if you are in trouble, they may be the ideal people to help you to head it off'.

Of course most business people will talk to their accountants, but only engage with a solicitor when a drama has become a crisis. But this, said Healy, was a short-sighted approach which did not allow businesspeople to get the most out of their legal advisors.

'You would be amazed what your solicitor could do for you, especially when it comes to dealing with your creditors', he said. 'For example, many people, if they receive a solicitor's letter, will react in the way that most lay people would. But if they present the letter to their solicitor, they will know exactly how to deal with it - it's not the end of the world'.

There will, however, be certain times when the end has come for a corporate entity, and Healy O'Connor Solicitors has extensive experience in liquidations, dealing with creditors meetings and all the legalities around winding up an insolvent company. But Healy is keen to point out that there are many stages along the road from solvency to insolvency, and many solicitors have the specific training to allocate them to advise companies on how to avoid an insolvent end.

'A proactive approach is crucial', he said. 'People need to keep communicating and, if there has to be a tough solution, then well and good. But solicitors can achieve a huge amount for their clients, even though many people may be nervous at first about approaching a solicitor for legal advice'.

This is, in part, for fear of creating resentments among customers and clients, some of whom may feel affronted by the involvement of a legal practitioner in their affairs. But, said Healy, the process does not have to be adversarial. Quite the opposite, in fact, in that through the intercession of a solicitor, solutions can be found that can be of mutual benefits to all parties.

'I don't like to use the word 'holistically', but the truth is that you can't look at a problem from just one perspective', said Healy. 'Solicitors should be conversant in the problems facing companies operating in these difficult times, so they can act as business advisors as well as legal advisors. But if you have to go down the legal route, by engaging with a solicitor early on you will have already started the process'.

€2.9m settlement for Tipperary boy hurt in crash

2010-02-12T16:40:00.000Z

The High Court has approved a €2.9m settlement to a four-year-old Tipperary boy who was left with severe cerebral palsy following a car accident.

Ben McHale from North View, Fethard Road, Clonmel was only four months old when his mother lost control of the car she was driving and crashed into a wall on April 23, 2006.

It was alleged Disislava McHale was driving her husband's car without insurance when she lost control of the vehicle which grazed a tree and then crashed into a wall on the Clonmel to Kilkenny Road.

The court heard four-month-old Ben McHale was a back-seat passenger, that he was thrown forward on impact and was found by the ambulance crew lying unconscious outside the car.

He was put on life support for just over a week. Now four years old, he suffers severe cerebral palsy and will require care for the rest of his life.

His uncle William McHale sued his parents and the motor insurers bureau of Ireland for negligence on his behalf. Today, Mr Justice John Quirke approved a €2.9m settlement between the parties.

Nine-year sentence for man found with €250,000 worth of drugs

2010-02-12T16:32:00.002Z

A Dublin man has received a nine-year sentence with two years suspended for possessing drugs totalling more than €250,000 in separate incidents.

He pleaded guilty to possessing €243,803 of cocaine in his car on August 10, 2007 and a further €6,862 of cannabis resin near his home on September 22, 2008.

Crowe denied possessing the drugs in his garda interviews.

The garda agreed with Mr John Aylmer SC, defending with Mr Luigi Rea BL, that despite these denials during interviews his client had entered an early plea in the matter.

Mr Aylmer submitted to Judge Katherine Delahunt that his client had a €700,000 drug debt and a €15,000 contract on his life around September 2008 because of the earlier cocaine seizure.

Judge Delahunt said she acknowledged Crowe’s early pleas in both matters, his “unblemished record” and good work history prior to the offences.

She noted the “tangible threats” made to him and his family but said he had brought this “awful penalty” on himself by getting involved in the drugs trade.

The judge ordered that Crowe undergo ongoing rehabilitation in custody as directed by the probation and welfare services and remains drug free.

Banks ‘helping 30,000 mortgage holders’

2010-02-11T09:16:00.002Z

As many as 30,000 mortgage holders are being facilitated by the banks due to their difficulties in meeting their monthly repayments, according to the Irish Banking Federation.

Banks are working with their customers to help them though the current difficult period that has resulted in over-lending by the banks and over-borrowing by some of their clients.

Addressing the Chartered Accountants Leinster Society, Mr Farrell, chief executive of the IBF, said banks here would do everything possible to help people deal with their arrears.

The banks also have to be realistic and pragmatic in how they deal with struggling borrowers, he said.

"We currently have various initiatives from the Government and the Regulator and of course the sector itself, which has committed not to take legal action where homeowners engage with their financial provider."

Banks accept the "need to look after people who have problems" in this very difficult climate, he said.

He stressed the banks "will engage constructively and proactively — with the minister and with other stakeholders — to develop solutions that are socially and economically responsible and which assist in the overall goal of economic recovery".

Work rights body recovers €2.5m in wages owed to 6,000 staff

2010-02-10T09:24:00.002Z

Over the last 12 months, the National Employments Rights Authority recovered €2.5m in owed wages for 6,000 workers who were not paid their statutory minimum entitlements by their employers.

NERA's 2009 Review also revealed that a total of 108 employers were referred for prosecution for breaches of employment legislation in 2009 in comparison to 70 in 2008. In 27 cases, convictions were secured with fines ranging from €300 to €3,000.

The employment rights body's inspectors visited approximately 8,800 during the year. NERA are tasked with enforcing the provisions of the national minimum wage and the Industrial Relations Act which provide statutory entitlements for certain industries.
Speaking at the publication of the 2009 review, NERA director, Ger Deering, said there was a worrying trend among employers who were failing to comply with statutory record-keeping.

While NERA regularly detects minor, and sometimes inadvertent, infringements by employers in relation to record-keeping, in some cases poor or false records are used to mask under payment of employees or breaches of other statutory entitlements. Mr Deering warned that where employers refuse to co-operate with their inspectors or supply the necessary records, NERA has no option but to initiate prosecution.

Labour Affairs Minister, Dara Calleary, said "NERA's activities help not only individual workers to obtain their entitlements but also ensures that employers operate on a level playing-pitch. At this time, we need to do all we can to assist business. I am therefore pleased that NERA has, during 2009, invested considerable resources in assisting employers to meet their obligations under employment law, through a proactive education and awareness programme supported by focused inspection activity".

First NAMA transfers fall further behind schedule

2010-02-09T09:13:00.002Z

The first transfer of loans from the troubled banks has fallen further behind schedule. Initially, the time-scale for the transfer of up to €19 billion of bad loans to the National Asset Management Agency was before Christmas 2009. It will be the end of the month before the first loan transfers will now happen.

Ciaran Callaghan, analyst with NCB said the banks probably had significant "administrative" hurdles to deal with concerning the loans being transferred to NAMA.

The amount of detail demanded by the bad bank is said to have been extremely demanding bank sources have previously indicated.

In all €77bn of bad and other property loans are due to transfer to NAMA with the entire process expected to be completed before the end of the third quarter of the year.

The banks are due to get €54bn from the state for those loans, representing a discount of 30%.

Businesses hope the €54bn in fresh funding to the banks will lead to a better lending environment for those currently struggling to keep their operations on track.

Those hopes have been questioned by the IMF.

In a letter last April to the Minister for Finance, Brian Lenihan, the International Monetary Fund said the establishment of NAMA would have no material impact on the amount of money the banks would be in a position to lend to hard pressed customers.

Case against medical image firm struck out

2010-02-08T09:30:00.000Z

Legal proceedings taken by a firm that supplies 3D medical illustrated images against a rival company set up by former employees have been struck out.

Last November, Moorefilm Ltd applied to the High Court for an injunction against WKG Media Ltd, trading as the Science Picture Company, and its three directors, Eoin Winston, Eoin Kavanagh and Michael Grant alleging copyright infringement and breach of obligations of confidentiality.

The Science Picture Company was set up in 2008 by the three. Prior to setting up their business, they had worked as lead artists for Moorefilm Ltd, which trades as 3d4 Medical.

Taxman in crackdown on NAMA and black economy

2010-02-05T09:23:00.004Z

REVENUE has been given a number of new powers under the Finance Bill ranging from the policing of the black economy to the monitoring of tax compliance at the new National Asset Management Agency (NAMA).

As the Government attempts to beef up its tax take against the backdrop of the economic downturn, the Revenue will play a bigger role in generating incomes.

"This is enhancing the powers of the Revenue Commissioners to ensure everyone pays the correct amount of tax," a spokesperson from the Department of Finance said.

In a bid to clamp down on the black economy, the tax body will be given more information from transport operators in advance of arrival or departure from the country to target the smuggling of goods liable for customs or excise duty.

For example, the maximum fine for smuggling cigarettes into the country has been hiked to €126,960 from the current level of €12,695 under the new bill.

Retailers yesterday said they lost nearly €700m in revenues from tobacco being sold illegally on the black market.

Under section 145 of the Finance Act, Revenue will also be given access to information on tax compliance by NAMA, the body designed to purge the banks of developer loans.

As NAMA prepares to transfer billions of euro in toxic loans to its books, if it becomes aware of any offshore companies or entities in transactions under its scrutiny the body will pass this information on to the Revenue for policing. This will ensure that property deals are correctly handled for tax purposes.

Other powers include the overseeing of the tax treatment of company directors.

The Revenue will ensure that the amount of PAYE tax credit available to individuals is less than the amount they pay under Section 997A of the Taxes Consolidation Act, 1997.

€5bn plan ‘can save 40k building jobs’

2010-02-05T09:19:00.002Z

IRELAND could avoid the loss of 40,000 construction jobs this year by building roads, schools and hospitals with a proposed €5bn Government stimulus package.

Ken Cribben, president of the Society of Chartered Surveyors (SCS), told attendees at the society’s annual dinner in Dublin last night that thousands more jobs are in immediate danger.

The society is suggesting that money from the State’s pension funds could be invested in construction projects.

Under a proposal sent to the Government late last year, this investment would receive a competitive return, backed by a State bond.

"The industry is sliding off the face of a cliff," said Ken Gribben. "We are calling on the Government to consider a €5bn stimulus package to keep people employed, and to defer the €2.6bn social welfare cost of making them unemployed.

"As a country, we need to address our infrastructural deficit with our neighbours in terms of roads, schools and hospitals. Tender prices are now back at levels last seen a decade ago. We must take advantage of those prices to get 150,000 people working in construction. For that, we need political leadership."

The SCS is also calling for the introduction of a property tax to fund local authority projects. This would help replace the millions of euro in development levies lost to local authorities due to the flat building market. This money would fund projects such as flood controls and secondary roads.

The society also wants the Government to appoint a chief adviser to head up a new Construction Industry Consultative Council to promote the industry.

"At present, responsibility for the public capital programme is dispersed across nearly all government departments. A ‘construction chief’ would oversee the delivery of the programme and take advantage of the lowest tender prices in a decade to get this sector and the country’s economy working again," said Mr Cribben.

Inaction could see construction employment fall below 100,000 this year, down from 267,000 in 2007.

"The cost to the Government of doing nothing is €2.6bn in lost tax revenue and increased social welfare payments, not to mention the societal costs of soaring unemployment," said Ken Cribben. "Plus, they get nothing for that money."

Standard Life pensions boost

2010-02-04T16:43:00.001Z

STANDARD Life Ireland significantly outperformed the Irish pensions and investments market last year, by generating annual sales growth of 5% against a combined market which fell nearly 30%.

The financial services giant has just under 80,000 shareholders in Ireland and around 94,000 customers here. The first half of 2009 saw the Irish side of the business boost sales by 18% on a year-on-year basis as well as generate new business growth of 4%.

The good showing in the Irish business was attributed to a number of things, including the continuing success of its global absolute return strategies fund (GARS), which has attracted more than €200m from Irish investors and its overall superior fund performance.

The company also said that it operates as a branch of its British parent and benefits from the UK Policyholder Protection Scheme (there is no equivalent scheme here) has proven a major attraction also.

On an overall group basis, Standard Life saw annual sales increase from £3bn (€3.4bn) to £4.2bn last year. Group chief executive David Nish said the showing for 2009 was an impressive performance in challenging market conditions.

"This momentum, coupled with the recent recovery in market levels, will benefit the group’s future profits and cash flow. Our priority now is to execute our growth strategy to accelerate the performance of Standard Life as a long-term savings and investments business," he added.

Architect ordered to pay €663,000 on repossessed house

2010-02-03T15:02:00.002Z

Shane Healy, Commercial Partner says that "it is critically important that people understand the terms and conditions of their mortgages".

For instance, an architect whose investment property was repossessed and sold after he missed mortgage payments is facing further payments of more than €663,000.
David Grant has been ordered by the High Court to pay ICS Building Society the remainder of a mortgage on the property even though it seized it back from him. Grant had appealed to the High Court, saying that the bank's loan to him was "reckless" and its claim "unfair".
He asked why he should be asked to repay the full loan when the banks in general were being bailed out by the Irish taxpayer. In the court last week, High Court judge Peter Charleton said that Grant and ICS both seemed to have taken the same "overvalued view" about the value of the house and land near Newtown - Mountkennedy in Co. Wicklow. Grant paid €372,033 for the property in 2002, intending to build a housing estate. He borrowed €788,000 from the ICS in 2003 and a further €92,000 in 2004. The loans were secured by a mortgage on the property, which ICS valued at €1.1 million.
By 2007, Grant still owed €811,029. In December 2008, the building society repossessed the property, which was sold last September €355,000. The Master of the High Court granted ICS judgment for €1,007,103, less the sale proceeds.
Grant told the court he had a legitimate expectation that he would be able to develop the property so he could keep up his repayments and ultimately make a profit. When he borrowed the money from ICS, he considered his investment to be "sound, prudent and wise".
However, Charleton said that it wasn't accurate to claim that a mortgage was effectively a promise that, in the event of default, the bank would simply sell off the property and write off the rest of the debt.
The judge said ICS had used a "serious auctioneer" who had secured "the best price reasonably to be obtained" in 2009.
He said the low selling price had "more to do with domestic lack of prudence" than Grant's claim of a "major, economic and financial worldwide collapse".

Mortgage holders to be hit all round

2010-02-02T17:24:00.000Z

HOMEOWNERS can expect the main banks to follow Permanent TSB’s lead and hike interest rates, pushing up the cost of mortgages for thousands struggling to meet monthly bills.

Chief executive of the Irish Banking Federation Pat Farrell said he has no doubt other lenders will find themselves in the same situation as Permanent TSB, which hiked rates by 0.5% last week.

"We have to get to a situation where banks can rebuild their balance sheets. That’s in everybody’s interests, including their customers," he said.

He added banks are losing money on their mortgage books and this would create even bigger difficulties for the taxpayer.

"It is an unfortunate fact of life but it has to be faced up to," he said.

Yesterday, Permanent TSB increased rates on standard variable rate mortgages by 0.5%. The move will mean an extra €57.29 per month on a €200,000 mortgage.

Homeowners on tracker mortgages are also facing the prospect of higher rates, with analysts saying the European Central Bank could hike rates towards the end of the year.

Delay over approval from EC to postpone NAMA start

2010-02-01T16:59:00.002Z

THE National Asset Management Agency (NAMA) will not begin operating on its scheduled date because the European Commission has not yet approved the Government's solution to the banking crisis.

The agency's target of February 12 to begin buying toxic bank loans is likely to be missed as the commission has extended its examination of NAMA.

Citing sources in the commission, the 'Sunday Business Post' also reported yesterday that a complaint from Fine Gael was also slowing down the process.

The delays are also being caused by the banks' failure to get their paperwork completed and the Government's failure to find investors to take a stake in the so-called special purpose vehicle -- a device to ensure that NAMA's €54bn of debts are not counted as part of the national debt by the commission, it was reported.

News of delays will be a blow to shareholders and the Government, which repeatedly said that it drew up the plans following close consultation with Brussels. Any delay will not be the first for the controversial scheme. Originally, the aim was for NAMA to buy loans from December. A major deadline for NAMA is March 30, the last day of Bank of Ireland's financial year.

The European Commission must ensure that the Government's solution does not distort the European banking market and is in line with bank bailouts in other member states. It has previously surprised other governments by rejecting elements of their bank bailout plans and forcing banks to sell units.

The European Central Bank is effectively bankrolling NAMA, which has been approved by the Dail. Other media reports said Bank of Ireland is objecting to the low valuations placed on the loans it is transferring to NAMA. The 'Sunday Tribune' reported that the Government has valued the bank's loans at 40pc less than their original amount.

The bank, which declined to comment, has previously said the loans will be about 30pc less. Such a difference would mean the bank would raise less money than expected when it transfers loans, making it more likely that the State will end up owning a large stake in the bank.

Shares in both Bank of Ireland and Allied Irish Banks have tumbled in recent weeks as investors lost faith in the banks' ability to sort out their problems. The share price of both banks is less than half the share price in September.

Credit-rating agency Standard & Poor's downgraded the country's entire banking sector last week and said it now estimates that the number of problem loans will be higher than it previously calculated. Our banking system is now ranked at the same level as Greece, the Czech Republic and Slovakia.

The rating agency said the banking crisis could end up costing us more than €50bn in the period from 2009 to 2011.

Loan losses for Irish banks will probably amount to about 10.7pc of all loans in the period between 2009 and 2011, forcing the banks to write off €36.7bn.

The ratings agency added that there was a danger of a "stress scenario" with total losses of about 14.6pc of loans or €50bn over the period between 2009 and 2011.

This scenario would arise if the economy deteriorated and the price of property plunged further than current estimates allow, it said.

Government considers arrears plan to help borrowers

2010-02-01T16:54:00.001Z

The government may set up a system to protect mortgage borrowers who have fallen behind in their payments from having their home repossessed, Communications Minister Eamon Ryan said.

“It’s in no-one’s interest for this to go into the courts,” Ryan told RTE Radio yesterday. “It’s far cleverer to work through it in a flexible way that supports both parties.”

Some 3.3pc of Irish mortgage borrowers are at least 90 days behind in their repayments, the Financial Regulator said in December.

While the plan to cleanse the country's largest banks of toxic loans and ensure they have adequate capital is in the “public good,” Ryan said lenders would also have to play their part to help the economy.

“We’re going to have to go in and do further work with our banks to make sure they have the right capital,” the minister said. “They also need to assist the country and the public good to help people through mortgage problems and debt problems.”

The government will set up a panel of experts to advise it on how to deal with the growing number of people failing to meet mortgage repayments.

In the so-called Program for Government published after the 2007 election, the government said it would look at options that could be used to avoid foreclosures, including reduced rates or longer loan maturities.

Other options listed include a bank taking equity in a property or taking full ownership and renting back the property with the rent payments coming off the loan.

Permanent tsb raises mortgage interest rates

2010-01-29T17:24:00.001Z

Permanent tsb has today confirmed that it is to hike the monthly mortgage repayments of almost 80,000 residential customers.

The institution is to raise the interest rate on its standard variable mortgage rate (SVR) and a number of related products by ½% from 3.19% to 3.69% from February 1.

It is expected that other mortgage providers will now follow suit.

Speaking today, David Guinane, chief executive of permanent tsb bank, said that the decision to increase rates had been forced on the bank as a result of the continuing high cost of funds.

“We will of course work closely and sympathetically with any customer who has financial difficulties but we must face up to our own financial challenges also,” he said.

“To persist with uneconomic margins on this product at a time when the bank is losing money would be irresponsible and would result in larger problems down the line.”

In the six months to June 2009, permanent tsb’s banking business reported an operating loss of €132m and is expected to report full year losses ahead of this.

“While the bank sources funds from a variety of sources, the overall cost of funds continues to be substantially higher than the official ECB interest rate,” claimed a statement from the company. “For example, permanent tsb is currently paying up to 3.35% for retail deposit funds. This is higher than the bank’s Standard Variable Rate [SVR] mortgage of 3.19%.”

The decision to increase rates will add an average of €15 per month on a customer’s repayments, according to permanent tsb.

Rights Body Calls for Abortion to be legalised

2010-01-28T17:25:00.000Z

Thursday, January 28, 2010

ONE of the world’s leading human rights organisations has called on the Government to decriminalise abortion.

In a report by Human Rights Watch, the Government is accused of violating a long list of human rights in its treatment of abortion and related issues including "health, information, privacy, freedom from cruel, inhuman and degrading treatment, life, equal protection under the law, and nondiscrimination".

Entitled A State of Isolation: Access to Abortion for Women in Ireland, the report says the actions of the Government in the face of the "need for abortion" have been "erratic and divisive" and it calls for a change to its restrictive abortion laws to meet its obligations under international law.

Last week, the results of an Irish Examiner/Red C poll found two-thirds of 18- 34-year-olds believe abortion should be legalised in Ireland.

The document urges the Government to take "immediate steps toward decriminalising all abortion for women living in Ireland", and it criticises the Government for doing "little to mitigate the effects of a condemnatory public discourse on abortion".

Teens in court in connection with Cork stabbing

2010-01-26T17:08:00.000Z

A young Polish man who sustained ten stab wounds in a weekend attack was described today as being in a critical condition as two teenagers who have been charged with assault appeared at Cork District Court.

Inspector Michael McGuire said the injured party, Damian Wilkonski, (aged 23), who was attacked at Pope’s Quay, Cork, in the early hours of Saturday morning had another operation at Cork University Hospital on Monday.

“His kidney, lung and bowel are all perforated. He had an operation yesterday and he is still critical,” Inspector McGuire said today at Cork District Court Patrick.

The inspector applied to have Patrick Tobin (aged 19) from flat 1, 16 Georges Quay, Cork, remanded in continuing custody for a fortnight for directions in the case from the Director of Public Prosecutions.

Inspector McGuire later stated that he did not want to deprive Tobin of the opportunity of obtaining bail but said that should be a substantial surety.

Judge Con O’Leary then remanded Tobin in custody with consent to bail on his own bond of €750 and an independent surety of €10,000, of which €5,000 would have to be lodged in court.

Tobin is charged with assault contrary to Section 3 of the Non-Fatal Offences Against the Person Act, namely assault causing harm to Polish national, Damian Wilkonski at Pope's Quay in Cork in the early hours of January 23.

If Tobin does raise bail he will have to sign daily at Anglesea Street Garda Station, abstain from alcohol and abide by a curfew to be home every night at 11 p.m.. Tobin must also refrain from having contact with his co-accused.

The co-accused is Jack Healy (aged 18) from Dominic Street, Cork, who faces the same charge of assault causing harm. Gardaí never objected to bail being granted to Healy. Judge O’Leary remanded him on continuing bail until February 9 also. Healy’s bail conditions also require him to stay away from his co-accused.

Largest seizure of criminal cash revealed in court

2010-01-22T17:40:00.004Z

A massive cache was intercepted from Irishman Mark Lee at Dublin Airport on March 15, 2008, as he was about to board a flight to Brussels.

The Dublin Circuit Criminal Court heard that when Customs officers searched his suitcase they found only cash inside.

The court was told that Mr Lee admitted that the purpose of the trip was to deliver the cash on behalf of a drug dealer.

Judge Tony Hunt ruled that the cash, totalling €676,625, was either the proceeds of crime, or was intended to be used in crime, and ordered it be handed over to the Revenue Commissioners.

He made the order under Section 39 of the Criminal Justice Act 1994, amended by Section 21 of the Proceeds of Crime Act 1995.

A spokesman for the Revenue confirmed afterwards it was the "largest singular cash seizure" by Revenue’s Customs service to date.

The original Criminal Justice Act limited seizure powers to cash suspected of being linked to drug trafficking.

This was expanded in 2005 to cover cash linked to any criminal activity.

In a second case, Judge Hunt heard that €190,000 in cash was seized at Dublin Airport from Thomas Black on January 23, 2008.

The court was told that Mr Black was about to board a flight to Malaga, Spain.

The court heard that Mr Black had claimed the purpose of his trip was to drop off the money, which he said belonged to another individual, whom he declined to name.

The court was told that following separate investigations by Revenue’s Cash Investigation Unit, files were referred to the Director of Public Prosecutions (DPP) who directed that forfeiture proceedings be taken on the basis that both seizures were linked to drug trafficking.

The forfeiture applications were unopposed and Judge Hunt ordered the forfeiture of the cash. He added that it was "a good day for the Exchequer".

Commenting on the two cases, a Revenue spokesman said: "These seizures illustrate the critical role played by Revenue’s Customs Service in disrupting the activities of criminal gangs in moving large amounts of cash through our ports and airports."

He said there have been five seizures so far this year.

There were 34 seizures of suspect cash amounting to €1.35 million in 2009 and 37 seizures totalling €3.48m in 2008.

This compares to 17 seizures, totalling €494,000, in 2007 and 11 seizures, totalling €724,900, in 2006.

Delay in hearing of family law cases

2010-01-20T13:31:00.000Z

CONTESTED family law cases are taking up to two years to hear in some court districts, information from court services has shown.

Waiting lists have revealed that eight court districts have waiting times of at least one year, while in Wexford and Clonmel divorce and judicial separation cases are taking up to two years to be heard.

Other black spots include Mullingar, where the backlog is 12-18 months, and Trim, Roscommon, Dundalk, Cavan, Waterford, all of which have waiting times of 12 months.

Family law specialist Marion Campbell said there was a "huge volume of cases" waiting to be heard and that there were not enough sittings to deal with them.

Ms Campbell said while the family law court in Dublin sits every day and has three judges, "waiting lists down the country are through the roof".

"And the circuit court is seeing a huge volume of cases because of the fall-off from the High Court – people can no longer afford to run a case in the High Court."

It is only possible to seek a divorce when a couple has been living separately for four years.

In the majority of cases, people who choose the route of judicial separation and court orders do so because they are unable to agree issues involving the custody and care of children, maintenance for the children, the family home and property, and so seek a court order to enforce their rights.

Last year, there were almost 2,000 applications for judicial separation in the circuit court and more than 4,000 applications for divorce.

Read more: http://www.irishexaminer.ie/ireland/two-year-wait-for-separation-court-cases-110077.html#ixzz0IyO35qBG

Cork Property Investor has seven properties repossessed

2010-01-19T16:31:00.003Z

The High Court has allowed Bank of Ireland repossess seven properties belonging to a Cork property investor to help pay back a EUR 2.2m loan. The properties were all security for the loan taken out with the bank in January, 2007. Bank of Ireland told the court yesterday that no repayments were made on the mortgages in more than 21 months, since March 2008. The lender was now owed close to EUR 2.3m.
The Cork property investor had originally agreed to pay back the EUR 2.22m loan in 240 installments. He had agreed to pay EUR 8,325 in monthly, interest-only payments, followed by further monthly payments of EUR 18,804.
After hearing one of the seven mortgage cases, Judge Brian McGovern granted possession in the six other cases.
The Cork properties were listed as one with an address in Monkstown, two in Douglas, another in Crosshaven, one in the South Channel Court in the city and a further two on Father Matthew Quay in the city.

Government to proceed with banking inquiry.

2010-01-19T15:19:00.000Z

THE Government will today announce an inquiry into the causes of the banking crisis, but a significant portion of the investigative work is expected to take place behind closed doors.

Finance Minister Brian Lenihan will bring proposals for an inquiry to a meeting of Cabinet before informing the Dáil this afternoon of the format which his colleagues have agreed upon.

Mr Lenihan and Taoiseach Brian Cowen held separate meetings with Green Party leader John Gormley yesterday as the coalition partners continued their discussion of the issue.

The Greens have demanded a "public element" to the inquiry, and a spokesman for Mr Gormley said "progress" had been made at the meeting with Mr Cowen.

However, a spokesman for Mr Cowen refused to comment on the meeting, saying: "We never discuss what he says with his ministers."

Fine Gael and Labour have claimed Mr Cowen is reluctant to hold a full public inquiry because of the spotlight it would shine on his four-year tenure as finance minister.

And the Opposition reacted sharply last night to speculation that the bulk of the investigative work would be done behind closed doors by a commission of inquiry, followed by Oireachtas hearings which would publicly consider the commission’s report.

250,000 Mortgage holders face hike

2010-01-19T15:07:00.001Z

Tuesday, January 19, 2010

AS many as 250,000 homeowners on standard variable loans may soon be forced to pay out at least an extra €76.50 per month on mortgage repayments.

Sources believe banks will move quickly to hike interest rates on standard variable mortgages as soon as NAMA is up and running.

Some of the country’s biggest lenders said yesterday they had no plans to increase rates but AIB, Bank of Ireland and EBS all said that rates are under constant review. Permanent TSB (PTSB) is expected to move first on a rate hike, which is expected early next month.

Goodbody stockbrokers expects rates to increase by 0.5% in the medium term, which would mean an extra payment of €918 a year for homeowners on standard variable rate mortgages.

Voluntary levy paid by 111 judges

2010-01-18T13:40:00.000Z

Voluntary payments amounting to €698,000 have been made to Revenue Commissioners from members of the judiciary. A total of 111 judges have now paid the voluntary pension levy, according to the Revenue In addition, commitments via standing orders which amount to €522,000 per month have also been given.
Controversy arose last year after it was revealed that just 72 of the 142 judges in the State had paid the voluntary levy by the end of September. Under the voluntary arrangement, judges were asked to pay 10 per cent of their income a year.

NTMA raises €5 billion at government bond auction

2010-01-15T17:11:00.000Z

THE latest government bond auction has resulted in the National Treasury Management Agency (NTMA) raising €5 billion – a quarter of Ireland’s borrowing requirements for this year.

The NTMA raised €5bn through the auction, a syndicated deal involving six banks, attracting orders of over €7bn for the amount available for issue. Up to 80% of the bond has been placed with pension funds, insurance companies, asset managers and banks.

Earlier this month, the NTMA said it would aim to raise €20bn in borrowings in 2010, which would push the national debt up to €95bn from just over €75bn at the end of 2009.

NTMA head John Corrigan said that the latest bond deal reflects the increased confidence of the international investment community in the Irish Government bond market, given that 90% of the latest bond was taken up by overseas investors. Also, the auction puts the NTMA in a comfortable funding position.

"The successful issue of the €5bn bond reflects the ability of Ireland to place long-term debt with stable investors for longer periods and at narrowing spreads over Germany. This issue accounts for 25% of this year’s funding programme of €20bn and leaves the NTMA in a very comfortable position as it commences its series of 11 monthly bond auctions."

Alan McQuaid, chief economist at Bloxham Stockbrokers, said: "The NTMA has done its bit by raising the funds needed to run Ireland Inc on a day-to-day basis. The onus is now on the Government to do its bit and continue with the correct fiscal austerity measures to tackle the budget deficit. If the Government can do that and send out the right signals in the process, then the NTMA’s job will become easier, and Irish Government bond yield spreads over Germany will narrow further."

Meanwhile, regarding the planned "national solidarity bond" aimed at small investors, the NTMA is still discussing its make-up with the Department of Finance, but said yesterday more details should come out in next month’s Finance Bill.

This story appeared in the printed version of the Irish Examiner Friday, January 15, 2010

EBS boosts affordable home share

2010-01-14T13:27:00.000Z

THE EBS Building Society increased its share in the affordable housing market from 40 per cent at the start of 2009 to 46 per cent this year, having provided 1,100 loans to first-time buyers under the scheme last year.
The building society now hold the biggest share in the affordable housing sector, having provided in excess of €150 million in loans to first-time buyers participating in the Affordable Housing Scheme in 2009.
Dara Deering, the director of membership business at EBS, said that the company was committed to working with local authorities and providing continuing funding for the sector although the amount available under the 2010 fund has not yet been confirmed by the building society.
The fund, which was launched by the building society in January last year, is available to buyers seeking to purchase their first homes through the Affordable Housing Scheme.

Small claims procedure extended

2010-01-14T13:25:00.000Z

Businesses will soon be able to use the small claims procedure for some claims under new rules being introduced by Minister for Justice, Equality and Law Reform Dermot Ahern.
The rules will facilitate claims not exceeding €2,000 from a business against another firm, and will come into effect on January 11th.

“This Government is conscious that all businesses, but small businesses in particular, have been significantly affected by the very difficult economic situation that this country is facing. Businesses, as well as consumers, can find themselves in a position where they have a legitimate claim against another business or vendor in relation to a contract in respect of goods or services purchased," Mr Ahern said.

"The extension of this successful procedure will provide a choice of legal routes to pursue a small claim as the current civil bill system will also remain available. This will allow a business choose whichever route, small claims or civil bill procedure, it considers most economic and appropriate to its circumstances.”

The Minister said the limitations on the procedure would maintain the fundamental pro-consumer ethos of the small claims process and provide the necessary safeguards for consumers.

To our Polish Clients

2010-01-12T17:17:00.000Z

Wiemy, że rozmowa z prawnikiem może być zniechęcającym zadaniem. Wiemy też, że pójście do prawnika kiedy język jest barierą jest jeszcze bardziej stresujące. W firmie Healy O’Connor Solicitors pomagamy pokonać te bariery.
Jeśli potrzebujesz konsultacji prawnika służymy pomocą w każdej sprawie. W razie potrzeby przy spotkaniu będzie obecny tłumacz, a cała korespondencja może być tłumaczona na język polski.
Naszym zadaniem jest pomoc w problemach i wyzwaniach, z jakimi przyjdzie Ci się zmierzyć.
Jeśli życzysz sobie, aby nasza firma Cię reprezentowała prosimy o kontakt.

New Legal Executive Joins Healy O'Connor

2010-01-04T16:37:00.001Z

Katie Sheehan, an experienced and highly rated legal executive has joined Healy O 'Connor Solicitors. The partners at the firm are delighted to welcome Katie to the expanding legal practice.

Happy New Year

2009-12-30T16:19:00.000Z

We wish all our clients a happy and prosperous new year and look forward to working with them in 2010.

Legal Advice for Credit Unions

2009-12-30T16:09:00.000Z

Regulator suggests Eircom credit union take legal advice
Sunday, September 20, 2009 - By Kathleen Barrington
The credit union regulator has advised the Eircom credit union to take legal advice about how it might obtain two Irish Stock Exchange reports detailing breaches of the exchange’s rules by Davy Stockbrokers in relation to the sale of certain bonds.

Brendan Logue, in a letter to the credit union in July, said he had asked the Irish Stock Exchange for its consent to release the two reports, which had been supplied to him on a private and confidential basis.

He said the exchange had informed him it would require Davy’s consent to release such confidential information, but Davy would not consent to the release of the two reports. Logue suggested the credit union ‘‘take legal advice as to whether any other circumstances might permit discovery of these reports from the Irish Stock Exchange’’.

The Eircom credit union - known as the E-Services and Communications Credit Union (Esccu), is angry that many credit unions last year signed a settlement deal with Davy Stockbrokers at a time when they were unaware that the exchange had concluded that Davy had breached the rules in relation to the sale of the bonds.

It wasn’t until April 2009 that the exchange released a statement, which said Davy had breached the exchange’s rules, though it did not publish the two reports on which the findings were based.

The statement revealed that the exchange had, as far back as 2006, been aware of possible breaches by Davy of conduct ofbusiness rules. The statement also revealed that the exchange had issued two reports - in June 2007 and in February 2008 - which were supplied to the regulator and to Davy, but were not made available to other parties. It is believed the reports on which the exchange’s statement were based were very critical of what had happened.

In May 2008,Davy offered a €35 million settlement to credit unions who had suffered losses on the controversial bonds. The vast bulk of credit unions accepted the offer, and agreed not to sue Davy. But sources have suggested that if the credit unions had known of the existence of the two exchange reports they might not have agreed to the settlement in such large numbers.