The Gazette 1991

GAZETTE

JULY/AUGUST 1991

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.

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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

EAMONN G. HALL

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