The Gazette 1996

APRIL/MAY 1996

UAZJ1I I t

ILT DIGEST OF LEGISLATION AND SUPERIOR COURT DECISIONS Compiled by DAVID BOYLE Additional works carried out - Dispute as to totality of works and amount due - Arbitrator excluded some works from reference - Plaintiff issued proceedings seeking to revoke arbitrator's authority or alternatively to refer interim award back - Whether defendant was insolvent at time of contract and arbitration hearing - Whether this constituted fraud so as to revoke arbitrator's authority Whether there was error on face of interim award - Whether arbitrator had been guilty of technical misconduct - Whether order for discovery of assets should be granted - Whether Mareva injunction should issue - Companies Act 1986, s. 17 - Arbitration Act 1954, ss. 36, 39 COMMERCIAL European Communities (Insurance Undertakings: Accounts) Regulations 1996 (SI No. 23 of 1996) These Regulations give effect to Council Directive 91/647/EEC (of 23 December 1991) on the annual accounts and consolidated accounts of insurance undertakings. This Directive provides for the application of the fourth and seventh company law directives to insurance companies, taking account of specific features of the accounts of insurance companies. These Regulations require insurance undertakings to prepare and publish annually accounts (balance sheet, profit and loss and notes) in accordance with the provisions therein. They also require (with provision for exceptions) insurance undertakings which have subsidiary undertakings or non- insurance holding companies, the most important of whose subsidiaries are insurance undertakings, to prepare and to publish group accounts in accordance with the provisions of these Regulations. The Regulations contain provisions governing: the preparation of accounts, including group accounts; the content of those accounts; their format; and, the valuation of items to be included. They further specify information to be included in the notes to the accounts. Investment Intermediaries Act 1995 (Commencement) (No. 2) Order 1996 (SI No. 28 of 1996) 1

This Order brought s. 51 of the Investment Intermediaries Act 1995 into operation on 11 March 1996 (other than in respect of certain investment business firms and product intermediaries specified in article 4 of the Order). The Order also brought the Act into operation in respect of member firms of the Irish Stock Exchange Ltd with effect from 1 April 1996. Investment Intermediaries Act 1995 (Bonding of Intermediaries) Regulations 1996 (SI No. 29 of 1996) These Regulations specify the form of bond to be used by authorised investment business firms (other than by certain investment business firms and product intermediaries specified in article 4 of the Investment Intermediaries Act 1995 (Commence- ment) (No. 2) Order 1996 (as to which see above)) pursuant to s. 51 of the Investment Intermediaries Act 1995. The Regulations came into operation on 11 March 1996. COMPANY In the Matter of Hibernian Transport Companies Ltd (Costello P) 4 July 1995 Winding up - Official liquidator - Passing of Accounts - Fees to be charged - Monies received in realisation of companies' assets - Proceeds from sale of companies' assets deposited by liquidator and interest earned - Proceeds of realisation used to buy and sell exchequer bills and similar instruments - Capital accretions - Calculation of fees - Whether interest received or sums received by way of capital accretion were monies received 'in realisation of the assets of the company' - Whether fees were payable on such receipt - Rate at which duty payable - Rules of the Superior Courts, O. 74, r. 48 CONSTITUTIONAL Patricia McKenna v. An Taoiseach, An Tanaiste and Ors Supreme Court (Hamilton CJ, O'Flaherty, Egan, Blayney and Denham JJ) [1996] 1 ILRM 81 Referendum - Proposal to amend

ADMINISTRATIVE Commissioners of Public Works (Functions and Powers) Bill 1995 This Bill has been passed by both Houses of the Oireachtas. (Cf. (1996) (Amendment) Act 1996 The Johnstown Castle Agricultural College (Amendment)-Bill 1996 has been passed by both Houses of the Oireachtas and signed into law by the President. (Cf. (1996) 14 ILT 77). Ethics in Public Office (Designated Positions in Public Bodies) Regulations 1996 (SI No. 57 of 1996) These Regulations prescribe the positions for the purposes of the definition of 'designated positions' in s. 2 of the Ethics in Public Office Act 1995. 14 ILT 24.) Johnstown Castle Agriculture private member's Bill, as introduced by Dr Michael J. Woods, TD, aims to make provision for the legal validity (and entry in the Register of Foreign Adoptions) of adoptions of children made in the People's Republic of China. AGRICULTURE European Communities (Pesticide Residues)(Foodstuffs of Animal Origin)(Amendment) Regulations 1996 (SI No. 35 of 1996) These Regulations amend the existing Regulations by extending the list of pesticides for which residue maximum levels have been set. European Communities (Pesticide Residues)(Cereals)(Amendment) Regulations 1996 (SI No. 47 of 1996) These Regulations amend the existing Regulations by extending the list of pesticides for which residue maximum levels have been set. ARBITRATION Tobin and Twomey Services Ltd v. Kerry Foods Ltd and Or High Court (Carroll J) 6 October 1995 Contract for electrical services - ADOPTION Adoption Bill 1996 This