The Gazette 1989

GAZETTE

DECEMBER 1989

one time or another. Even if they are implemented, their effectiveness may still be limited by the more fundamental problems in Irish land law such as the fact that the average delay for registering the transfer of part of the lands in a folio is still over a year! Eric Brunker

phrase the legislation. This is obvious from large numbers of the foot notes, which refer to the relevant sections of the Insolvency Act 1986. Unfortunately the authors deal mainly with the procedures and routine areas with which experi- enced practitioners are accustomed to dealing but do not examine the many problems of practice. Three and a half pages are devoted to a discussion of the law of Set-off. The authors enunciate at length the principle that pre-and post- receivership debts cannot be set off but the problem of setting off different types of claims, quantified and unquantified, preferential and non-preferential, is not discussed and even the important decision in In re. Unit 2 Windows (In Liquidation) [1985] 3AIIER 647 is omitted. Furthermore, there is little critical analysis of the legislation or com- mentary on difficulties which may arise either as a result of the legislation or in the absence of provisions. For example where an administrator is appointed by the Court, a Debenture holder has a period of five days within which to exercise his right to appoint an Administrative Receiver. The authors do not comment on how a Court may be expected to view timing difficulties nor whether a practice has grown up of specifying in the order the time at which it was made. The absence of such consideration is surprising in view of the fact that the authors note that it is now the practice for Debenture holders to note the time of appointment of an Administrative Receiver on the deed of appointment when executed. Large areas of the book deal with substantial new English legislation, the irrelevance of which for the Irish practitioner is readily under- standable and to be expected. However, the remaining sections cannot be so vindicated. Whilst these sections are super- ficially concerned with the common underlying principles of the law of Receivership, and therefore of potential application to Irish law, the authors fail to provide any challenging analysis of the complex issues of law and practice. •

COMPANY SERVICE The Law Society, Blackhall Place, Dublin 7. Telephone 710711 ext. 224 Telex 31219 1 LAW E1 FAX 710704

THE LAW AND PRACTICE OF ADMINISTRAT IVE RECEIVERSHIP AND ASSOCIATED REMEDIES BY LANGE AND HARTWIG Until the passing of the UK Insolvency Act 1985 the Laws in Ireland and the UK applicable to Receiverships and Liquidations were broadly similar. The 1985 and 1986 Insolvency Acts introduced a new creature at Law, the much heralded administrator, whose task was envisaged to be the rescue of insolvent companies and the en- hancement of realisations if liquidation should ensue. Less publicised but equally important for the commercial community are the changes introduced by that legisla- tion in relation to the law of Receivership generally. Under the Insolvency Act 1986, a Receiver appointed on foot of a floating charge over all or substantially all of the assets of a company is renamed "an Administrative Receiver". This text is not an analysis of the Law of Administrative Receivership. Rather it compares and contrasts the function and powers of a Re- ceiver, an Administrative Receiver and an Administrator under UK Law. Following a brief note on historical background, the first chapter is devoted to alternative procedures for rescuing and re-organising companies. The authors conclude that the options other than Receivership and Administration are not "particularly effective". The main body of the book is devoted to Receivers, both administrative and otherwise, followed by a short chapter on Administration. The book includes the full text of the amended Insolvency Rules. As with many texts dealing with substantial new legislation, it suffers from a tendency to para-

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