The Gazette 1992

GAZETTE

SEPTEMBER 1992

Tax Eff icient Life Cover

AG Appoints Solicitor

facilitates the examination of a company's prospects, it is consistent with the positive aspects of the Act. •

Thx relief on life assurance policies having been gradually reduced over previous years was finally eliminated completely in the most recent budget. However, many people may not be aware of the fact that it is still possible to obtain tax relief on life assurance policies effected under Section 235A of the 1967 Finance Act. This means that for the 48% tax payer the cost of this cover is effectively halved. This benefit is available to anyone who is self-employed or in non- pensionable employment. Relief is restricted to premiums paid not exceeding 5% of net relevant earnings. Such premiums are also set against the 15% limit allowed for pension contributions. As an example of the cost, £50,000 life cover to age 65 can be provided from £12.00 net per month for a male aged 40 and £7.50 net per month for a female age 40 assuming both pay tax at 48%. N .B. A special non medical offer is currently available to members of the Law Society through Sedgwick Dineen. Further details are contained in the insert enclosed in this issue.

Notes 1. Under Section 5 of the Act the protection period commences with the presentation of the petition. 2. Rules of the Superior Courts, Statutory Instrument 147, 1991, Order 75 A, Rule 5. 3. In re Atlantic Magnetics Limited (Under the Protection of the Court) Supreme Court, unreported 5 December, 1991 (hereafter referred to as "Atlantic Magnetics"). 4. McCarthy J especially. 5. High Court, unreported 15 November, 1991 ex tempore (Lardner J). 6. With whom Hederman, Egan and O' Flaherty JJ agreed. 7. With whom Egan J also agreed. 8. Section 15 (9). 9. Section 17. 10. At page 7 of the judgment. 11. Section 8 (3). 12. Re Consumer and Industrial Press Limited [1988] BCLC 177. Re Harris Simmons Construction Limited [1989] BCLC 202. Re Primlake (UK) Limited [1989] BLCL 735. Re SCL Building Services Limited [1990] BCLC 98. 13. See Hamilton P's analysis of the absolute discretion granted to the Court under section 24 (3) of the Act empowering the Court to confirm as it thinks proper proposals for a scheme of arrangement in Re Goodman International, High Court 28 January, 1991 (unreported). 14. At page 3 of his judgment. 15. Re Consumer and Industrial Press Limited above. 16. Section 9 (3): Section 29. 17. Re Primlaks (UK) Limited above at page 747. 18. United Meat Packers and associated companies High Court 12 March, 1992 unreported ex tempore (Keane J). A stay was refused in the Supreme Court on March 13, 1992. 19. In Atlantic Magnetics a receiver had been appointed on a Friday, but the Examiner was appointed on Sunday, two days later. Subsequent to this decision, the examinership terminated and the receiver moved back in. 20. See section 9 (2). 21. Re Jetmara Teoranta, High Court unreported May 10, 1991 (Costello J). 22. Re Selukwe Limited, High Court, unreported December 20, 1991 (Costello J). 23. Re Wogans (Drogheda) Limited, High Court unreported May 7, 1992 (Costello J).

Thomas Shaw The Attorney General, Harold A. Whelehan SC has appointed Thomas D. Shaw to be his solicitor in charitable matters with effect from July 1, 1992. Tom Shaw is a senior partner in the firm of JA Shaw and Company, Solicitors, Mullingar, Co. Westmeath. He qualified as a solicitor in 1959 having been educated at St. Gerard's School, Clogowes Wood College and University College Dublin where he graduated with a Degree in Civil Law. Mr. Shaw is a former President of the Law Society and has been a member of the Council of the Law Society since 1974, during which time he has been Chairman of the following Committees of the Society - Registrar's Committee, the Finance Committee and the Insurance Committee. In addition he was a founder director of the Solicitors Mutual Defence Fund. Mr. Shaw succeeds Gordon A. Holmes, of Messrs. Holmes, O'Malley and Sexton, Solicitors, who Complaints Board. Gordon Holmes is a member of the Rules Committee of the Superior Courts, Chairman of the Betting Appeals Board, and Chairman of the Garda Disciplinary Body. He acted as solicitor to the former Attorney General, Mr. John L. Murray, during his periods as Attorney General since 1982 and has acted for the present Attorney General since his appointment last Autumn. i—i has resigned following his appointment to the Garda

TURKS AND CAICOS ISLANDS AND THE ISLE OF MAN Samuel McCleery Attorney - at - Law and Solicitor at PO Bo> 127 to Grand Tuik.Turk» aid Caooe Itfatde, Bn«#i Waal In(See aid at 1 Casta Skeet, Caatetown, lata ol Man-wit be pleated to aooapt Inetuctane ganaaly Irom triah Soldiers intoetar- nation and admlnletratlon ol Exempt Turka and Calcoe Island Companiaa and Non • Resident lele ol Man Companies as wet as Trust Admtotskadcn GTOtfice:- 1M: 909 »4« 2818 Fai: 808 »48 2B18 I.O.M.Office:- 1M: 0624 822210 Ttlai: 628285 Samdan G Fax: 0624 823798

Secondhand Safe Required Contact - Box No. 18

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