ISI (Insolvency Service of Ireland) e-briefing

Credit Unions, due to their operating model, frequently feature in the judgements passed down from High Court Judges. The most noteworthy of cases are summarised in the ISI e-briefing.  The Parkin Case was was appealed to the High Court by objecting creditors to a PIA (Personal Insolvency Arrangement). One interesting point relating to Credit Unions is that the objecting creditor submitted that the PIP (Personal Insolvency Practitioner) had failed to substantiate the claim that the Credit Union constituted a separate class of creditor for the purposes of Section 115A. Whilst the Judge found that in this scenario the Objecting creditor had no common interest  in relation to arguing this point (it is had nothing to do with the case or the outcome for the objecting creditor), the Judge did agree with the Circuit Court decision that the Credit Union had likely been classed as a separate class of creditor.

 The ISI e-briefing June 2019 and the ISI Statistical Paper for the first quarter of 2019 are both available on CUSP.