This may be true, but those documents must be relatively very few. In addition, if the “advice” is in fact correspondence between conspirators, the fact that one of the conspirators is a lawyer is not a bar to the introduction of the document in evidence against all the conspirators, including and particularly, the lawyer.
It is a source of additional worry (above the prospect of unemployment) to employees who have been injured at work, to find that their employer is insolvent.
Under the Market Abuse (2003/6/EC) Regulations 2005 it is an offence to breach the regulations by engaging in the acts set out in Regulation 5
“…any person was knowingly a party to the carrying on of any business of the company with intent to defraud creditors of the company, or creditors of any other-person or for any fraudulent purpose;”
The Anglo Irish Bank “shareholders” are all “former shareholders”; the shares of the Bank have been transferred to the Minister. Logically, no rights to issue proceedings by former shareholders against proposed Defendants can arise from the expropriation of the shares by the Minister for Finance, but it would be foolhardy to sue without first writing to the Minister and obtaining his consent to issue proceedings, seeking civil remedies.
Despite the incompetence (to be temporarily mealy-mouthed) of The Irish Financial Regulatory Authority (the Central Bank of Ireland trading under a pseudonym) the ugly truth just may leak out, despite the best efforts of Brian Lenihan and Brian Cowen to prevent it from leaking out.
There is a complete desert of information on the issue of the auditing of Anglo Irish Bank by Ernst & Young. The first pertinent question to ask is, who were the accountants, as opposed to the auditors? Were Ernst & Young also the accountants? The standard of care for an auditor is, almost invariably, that of the reasonably careful member of his profession. In short, just like a medical practitioner, the auditor is judged by the standards of practice among […]
What we know is that a sense of grievance in shareholders is not, itself, a spur to action. After all, if the sense of grievance springs from the loss in value of the Anglo Irish Bank shares, it has a weak foundation. Did they not know of the Anglo Irish Bank “business model”? Is it not the failure of that model that has caused the major part of the shareholder loss?
The credit crunch is causing an increase in company liquidations. The Office of Director of Corporate Enforcement has noted, in its latest Press release, the occurrence of 40 company insolvencies in April 2008 compared with 30 per month in late 2007.
However, the liquidator owes the creditors a duty to, generally, find and get in the assets of the company. The liquidator also is obliged to notify the creditors of the company of the fact of liquidation and to seek out the creditors. He cannot just wait for them to contact him. The duty of the liquidator is a statutory duty. The records of the company will be the source of information regarding claims against the company.