The Gazette 1992

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