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GAZETTE
APRIL 1992
What else can one say about a
guide! One reads it and one then
leaves it on one's bookshelf for
future reference. I think anyone who
purchases this guide, will be
delighted to have it and to refer to it
whenever the need arises.
The book has illustrations by
Michael Moriarty
and, as I am a
particular lover of cartoons myself, I
found them very funny. As we know,
every picture is worth a thousand
words and for the cartoons alone, I
would recommend buying this book.
Elma Lynch
Butterworth Ireland Tax Acts
1991-92
Edited by Alan Moore, Consultant
Editor, J.M. O'Callaghan [Dublin,
Butterworth (Ireland) Ltd, 1992
IR£49.50]
Mr. Justice Franfurter said of his
spiritual brother, Mr. Justice
Holmes, that he (Holmes) did not
have a curmudgeon's feelings about
paying taxes. A law clerk who
exclaimed, "Don 't you hate to pay
taxes!" was rebuked with hot
response, "No, young man, I like to
pay taxes. With them I buy
civilisation." (Felix Franfurter,
Mr.
JusticeHolmes and the Supreme
Court,
Cambridge, Massachusetts;
Harvard University Press, 1939).
Some of us consider that the
payment of taxes is a charitable
payment which includes support for
the unemployed and old-age
pensioners. These feelings take the
sting out of the enforced parting
with our money. But we are
concerned that the money is spent
wisely.
Butterworth Ireland Tax Acts
1991-1992 represents an important
handbook of Irish tax legislation
which contains in one volume the
Income Tax Act, 1967,
the
Capital
Gains Tax Act, 1975,
and the
Corporation Tax Act, 1976
(all
amended to the
Finance Act, 1991)
together with the non-amending
sections of the
Finance Acts 1967 to
1991,
and the major statutory
instruments for each tax.
The statutory instruments in
connection with the three taxes are
considered with cross-references. The
notes on the interpretation of
complex sections represent a
significant feature of the book.
There are also references to, and a
short summary of, any Revenue
statement of practice under the
relevant section. Under appropriate
sections, the reader is referred to
definitions of relevant terms.
A how-to-use section, a detailed
index and a comprehensive table of
statutes are further welcome
additions to this book.
Lawyers will be familiar with the
dicta of the House of Lords in the
famous case of
IRC
-v-
Duke of
Westminster
(1936) 19 T.C. 490. The
general approach to tax avoidance
was stated by Lord Tomlin as
follows:-
"Every man is entitled, if he can,
to order his affairs so that the tax
attracted under the appropriate
Act is less than it otherwise would
be. If he succeeds in ordering
them so as to secure this result
then however unappreciative the
Commissioners of Inland Revenue
or his fellow tax payers may be of
his ingenuity, he cannot be
compelled to pay an increased
tax".
Butterworth Ireland has produced a
pathbreaking book on Irish taxation
laws. Lawyers should welcome this
new publication.
Eamonn Hall
Reorganising Failing Business - The
Legal Framework
[by Michael Forde, The Mercier
Press] 215pp
Dr. Forde's latest work on
commercial law is the first Irish text
book dedicated exclusively to the
legal aspects of restructuring
businesses encountering financial
difficulties. The work has been
prompted by the enactment of the
Companies (Amendment) Act, 1990,
but encompasses a study of the legal
structures available prior to the
introduction of this legislation, many
of which are still available to
businesses and individuals.
The book comprises nine chapters in
all. Four are dedicated to the law and
practice relating to unincorporated
individuals and partnerships, four
relate to structures affecting limited
companies and the Final chapter
describes the rules and principles
relating to the administration of
insurance companies.
Court protection has been available
to unincorporated persons since the
Bankruptcy (Ireland) Act, 1857, and
is re-enacted in the Bankruptcy Act,
1988. Dr. Forde describes the
procedure and the objective of such
schemes in detail and this
background is helpful to an
understanding of the principles
underlying the Companies
(Amendment) Act, 1990.
Most text books on company law
treat the subject of receiverships
within their commentaries on
securities and with particular
reference to floating charges. This
approach is quite proper in that
receivership is essentially a means of
enforcing such charges. However, this
book describes the law and practice
relating to receiverships from a more
positive perspective with particular
emphasis on the constructive aspects
of a receivership from the point of
view both of the debenture holder
and the company, its creditors and
employees. In particular the author
describes a number of what could be
described as "management" aspects
of a receivership and systematically
describes the legal effects of
receivership on the company, its
shareholders, directors, contracts,
company property and on creditors.
The liability of a receiver is
examined in relation to each of these
aspects. As there is no Irish textbook
dedicated exclusively to receivership
law, the comprehensive treatment of
the subject within this book will be
a welcome point of reference for
practitioners.
The book contains a chapter devoted
to schemes of arrangement under
NO