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GAZETTE
JULY/AUGUST 1991
I
BOOK
REVIEWS
BANKRUPTCY LAW AND
PRACTICE IN IRELAND
[by
Mark Sanfey and Bill Holohan,
The Round Hall Press, Price
£37.50]
It was said in the 19th Century that
practitioners in the Bankruptcy
Court has "lost the words and
played everything by ear"!
This book will be of enormous help
for those looking for the Words!
Not so long ago, the law and
practice relating to bankruptcy and
personal insolvency was avoided
studiously by most practitioners.
Happily, that attitude has changed
in recent years and the speed of
change will increase dramatically
with the availability of this book.
Since the enactment of the
Bankruptcy Act, 1988,
this whole
area of law seems so much more
relevant and immediate.
The book contains an excellent
blend of an analysis of the
substantive law as well as paying
close attention to the requirements
of practitioners.
Each chapter has a brief intro-
duction giving some historical
background. From this, it is quite
apparent that, although the 1988
Act is very suitable to the late 20th
Century, most of the principles of
bankruptcy evolved in the 19th
Century (and before) and remain in
place.
The book is the result of a joint
venture between a practising
Barrister and a Solicitor (a formid-
able combination!) and as a result,
it is very practical and includes
helpful precedents including a
sample Statement of Affairs,
already completed.
There is an entire chapter
devoted to the effect of bankruptcy
on the family home. This will prove
invaluable for practitioners advising
clients in relation to an extremely
emotive problem.
Similarly, there is a chapter on
"Bankruptcy and Conveyancing"
which will provide the answers to
many questions which crop up
from time to time in researching
titles.
It is interesting to see that in the
chapter headed "alternatives to
bankruptcy", there is a description
of "the protection process". This
allows an insolvent individual to
request the High Court to protect
his assets from any action by
creditors. This concept is a carry-
over from the 1857 Act. Now, as
we all know, this concept is
available in corporate insolvency as
a result of the
Companies
(Amendment) Act, 1990.
In fact,
advisers on corporate insolvency
will also benefit from this book
because it deals with the historical
development of
bankruptcy
principles wh i ch have been
adopted by corporate insolvency
law.
Overall, this is a very welcome
book and practitioners are indebted
to the authors for their industry in
producing it.
BARRY O'NEILL
THE NEW COMPANIES
LEGISLATION
[By Gerard
McCormack. The Round Hall
Press. Dublin xxiv + 252pp,
hardback, £37.50].
In his book,
Company Law in the
Republic of Ireland,
Mr. Justice
Ronan Keane wro te of the
stupefying burden of Irish company
law which weighs down Irish
business. He commented that the
people who actually conduct
commercial life are enmeshed in
webs of unnecessarily complex
legislation for which, in some
instances, only lawyers and
accountants ultimately benefit. Mr.
Justice Keane called for a radical
review of Irish company law. Such
a general review does not appear to
be on the legislative horizon. Many
lawyers and accountants in their
professional capacities equally
regard company law in Ireland as a
stupefying burden. That burden is
relieved, to a certain extent, by the
writing of our scholars.
The Companies Act,
1990,
which includes 262 sections, was
introduced in 1987 and enacted in
December 1990. This Act funda-
mentally reforms several areas of
basic,company law in Ireland.
The
Companies (Amendment)
Act,
1990,
originally Part IX of the
Companies (No. 2) Bill 1987,
was
enacted to secure the rescue or
rehabilitation of ailing companies.
Gerard McCormack, a graduate
of the National University of Ireland
(University College Dublin), a
barrister of Kings Inns, Dublin, now
a lecturer in law at Southampton
University, sets out in his book to
provide a comprehensive guide to
the new companies legislation. The
legislation is examined against the
background of existing law.
Copious references are made to the
parliamentary debates which help
to explain the background to
relevant sections and often their
meaning. Periodical literature is
helpfully set out, where appro-
priate, in the footnotes. The reader
is also referred to the law and
practice in other jurisdictions,
where appropriate.
Gerard McCormack focuses on
thirteen major themes in his book.
Some readers of the
Gazette
may
find it useful to know the titles of
the chapters. The chapters have
the following titles: Introduction;
Investigation of Companies;
Purchase by a Company of its own
Shares and Related matters;
Investment Companies; Controlling
Self-Dealing by Directors; Dis-
closure of Interest in Shares; Insider
Dealing; Director Disqualification
and Restriction; Accounts and
Audits; New Rules on Receivers;
Rescue of Ailing Companies;
Swelling the assets of a Company
in a Winding Up and Miscellaneous
Provisions in a Winding Up.
Gerard McCormack has given
the new companies legislation the
detailed and thoughtful attention it
deserves. His book is well re-
searched and informative, and
deserves to be welcomed.
EAMONN G. HALL
250