MHC Times Issue 31 Autumn 2012
Post on 09-Mar-2016
214 Views
Preview:
DESCRIPTION
Transcript
Leaner & FitterCommercial Disputes in Ireland
Page 7
Ireland Inc.The Future for FDI
Page 2
Tax SandwichMade in Ireland
Page 5
Ireland Inc.An interview with Barry O’Leary, CEO of IDA Ireland
Issue 31Autumn 2012
Contents
DublinSouth Bank HouseBarrow StreetDublin 4Ireland
t +353 1 614 5000e mail@MHC.ie
London60 Lombard StreetLondonEC3V 9EAUnited Kingdom
t +44 20 3178 3368e mail@MHCldn.com
New York330 Madison Avenue6th Floor, New YorkNY 10017USA
t +1 212 786 7376e mail@MHCny.com
MHC.ie
Managing Partner’s DiaryEmer Gilvarry 01Ireland Inc. - The Future for FDIAn Interview with Barry O’Leary, CEO, IDA Ireland 02Tax SandwichMade in Ireland 05Leaner & FitterResolving Commercial Disputes in Ireland 07Appointments 09Corporate Social Responsibility 09News & Events 10 - 12Political Truisms 13
Welcome to the 31st issue of MHC Times. It’s an exciting time in Dublin at the moment with the International Bar Association’s Annual Conference taking place in the city from 30th September – 5th October. We are delighted to welcome our friends attending from all corners of the globe and we hope that you fi nd this issue a helpful source of information on business opportunities in Ireland. In this issue, Barry O’Leary, CEO of IDA Ireland talks about the advantages of investing in Ireland. Declan Black examines the success of Ireland’s Commercial Court and Ireland’s
attractiveness as a seat for international arbitrations. Meanwhile, John Gulliver focuses on the benefi cial tax structures multinational corporations are using in Ireland. You can also read about some of our Corporate Social Responsibility activities, recent appointments and a selection of our latest news and events. Finally, we close with a collection of political truisms.
Ailbhe Gilvarry is a Partnerat Mason Hayes & Curran
Editor’s Note
For more information, please contact agilvarry@MHC.ie
MASON HAYES & CURRAN • Page 1
Managing Partner’s Diary
With Ireland hosting over 5,000 lawyers
this October at the International Bar
Association Annual Conference,
anticipation is growing here in Dublin for
what we hope will be a productive and
rewarding meeting of minds. We look
forward to welcoming our colleagues
and friends to our home city and
showing all that Dublin has to offer. The
timing of the conference is particularly
fi tting in what has been a good year for
the country.
Ireland successfully returned to the
bond markets in July 2012 and the
Troika continue to provide positive
reports on our progress. The Minister
for Finance hopes that Ireland will make
a complete return to the bond markets
in 2013. While we are still likely to face
another tough budget this year, our
fundamentals remain strong and we are
confi dent of continued growth.
The fi gures speak for themselves in
terms of international confi dence in the
Irish market and underscore why major
organisations choose to invest in Ireland.
• Ireland is ranked 1st in Europe for
ease of doing business and 2nd
globally as the most attractive country
for Foreign Direct Investment (FDI).
• 1,004 companies have chosen Ireland
as their strategic location in Europe
and over 93% rate their investment as
a success.
• Ireland has a very competitive tax rate
and also offers a 25% Research and
Development tax credit.
• Dublin is ranked as the best city in
the world for human capital with over
50% of our population under the age
of 35 and 60% of students going on to
further education.
Given the context, it is easy to
understand why eight of the world’s top
ten ICT companies have chosen to base
their EMEA operations in Ireland. Mason
Hayes & Curran is delighted to advise a
large number of these companies. Our
specialised technology team operates at
the top end of this market, advising on
highly complex issues with international
impact, particularly data privacy,
outsourcing and IP.
We recently advised the Irish
Government on its new “IP Protocol
for Putting Public Research to Work
for Ireland”. The Protocol aims to
help industry access Research and
Development conducted in Ireland’s
public educational and research
institutions, with the ultimate aim
of commercialising such research
into viable products and services for
international trading.
The growth of the technology sector
has created a wave of new start-ups,
particularly in the computer games
space. Ireland’s Jobs Minister Richard
Bruton, TD, recently established an
industry group consisting of executives
from the major games companies
present in Ireland to spearhead a
strategy to create 2,500 new digital
games jobs by 2014.
The aim of the group is to develop
relationships between both foreign
and local games companies, start-ups
and well-established multinationals,
industry and education institutions, and
related sectors. Mason Hayes & Curran
welcomes this new development as
we work closely with many of these
organisations in Ireland and we are a
headline sponsor of Games Ireland.
Another major source of jobs and FDI
in Ireland is fi nancial services, which
includes banking, investment funds,
asset fi nancing and insurance. Ireland
is home to over 50% of the world’s
leading organisations in this sector.
At Mason Hayes & Curran, our
dedicated and award-winning asset
fi nance team works closely with local
and international fi nance houses. The
team was delighted to win Regional Jet
Deal of the Year 2011 and Engine Deal
of the Year 2011 at the New York Air
Finance Conference in April 2012.
In the insurance space, we represent all
of the major insurers including advising
Liberty and Mitsui on their entry to the
Irish market. Liberty Mutual’s entry via
the purchase of Quinn Insurance was a
highly complex deal and was recognised
as the Most Innovative Deal of 2012 by
Finance Dublin.
In terms of future trends, we are
confi dent that we will see continued
growth in the fi nancial and technology
sectors in Ireland along with sustained
high levels of activity in energy, pharma
and medical devices.
Hopefully, we can share further
updates with you this October at the
IBA Conference in Dublin. If you are
attending, please let us know at
www.mhc.ie/iba.
Otherwise, if I don’t see you in Ireland
this October, please let me take this
opportunity to wish you the best for the
rest of 2012.
Regards
Emer Gilvarry, Managing Partner at Mason Hayes & Curran
MASON HAYES & CURRAN • Page 2
Dylan Latimer (DL): In spite of ongoing local and global economic challenges, Ireland appears to be attracting more than its fair share of Foreign Direct Investment (FDI). What are the main pull factors for multinational businesses to invest in Ireland?
Barry O’Leary (BOL): There are various
reasons why Ireland retains its position
as a leading location for FDI. A 2012
Report from Foreign Direct Intelligence
states that Ireland’s performance far
outweighed the European average in
2011. Multinational companies, either
investing in Ireland for the fi rst time or
expanding existing operations here, cite
our talented and highly-skilled workforce,
our track record for hosting successful
FDI operations across a variety of
sectors, our attractive rate of corporation
tax and our technology capabilities as the
primary reasons why they chose Ireland.
In addition to these key strengths
on which Ireland’s FDI reputation
is built, there have been signifi cant
improvements in our cost environment
with costs back to 2003 levels. Our
Government has also shown its
dedication to getting Ireland back to
growth, evidenced in a return to GDP
growth in 2011. Our Troika programme is
on track, bank recapitalisation has been
completed and there is a strong focus
on structural reforms. While competition
for FDI remains very strong, foreign
investors have now more reasons than
ever to invest in Ireland.
DL: Is the corporate rate tax central to the decision to invest in Ireland?
BOL: Ireland’s attractive rate of corporate
tax, and the Irish Government’s
commitment to retaining this, certainly
proves to be a draw for overseas
investors. However, the main reason
cited by those who choose Ireland for
their FDI operations is the availability of a
highly-skilled workforce. Our workforce
is young, highly-educated, English
speaking, fl exible and mobile.
In addition to this, Ireland has barrier-free
access to over 500 million consumers
in Europe and an export-oriented open
economy with a pro-enterprise focus.
Throughout the last decade, Ireland
invested substantially in infrastructure and
achieved major improvements in road,
rail, air and sea transportation. Meanwhile,
the median age of the population is 35
which is the lowest in the EU. So while
the rate of corporate tax plays a key role
in attracting foreign direct investment to
Ireland, investors simply wouldn’t choose
Ireland if we didn’t have the myriad of
other attributes necessary for hosting
their FDI operations successfully.
Ireland Inc. - The Future for FDIAn interview with Barry O’Leary, CEO, IDA Ireland
In this interview, Dylan Latimer, spoke to Barry O’Leary, CEO of IDA Ireland about Foreign Direct Investment into Ireland.
Dylan Latimer, Solicitor, Corporate at Mason Hayes & Curran
MASON HAYES & CURRAN • Page 3
Who’s in Ireland?
DL: What assistance does IDA Ireland provide once the decision to locate in Ireland has been made?
BOL: IDA provides for its client
companies a vast array of services
once they make the decision to locate
in Ireland. This can range from aiding
with business set-up such as finding
suitable premises for the company
and making connections with service
providers; to acting as a liaison between
the company and academic institutions in
the location. The decision by a company
to locate in Ireland marks a very early
stage in its relationship with IDA Ireland
and we continue to work closely with
all our client companies fostering their
continued expansion in Ireland.
DL: Ireland’s Prime Minister, Enda Kenny, wants to make Ireland ‘the best small country in the world in which to do business.’ What type of feedback do you receive from IDA-backed businesses about doing business in Ireland and the ecosystem of services providers to assist them?
BOL: The best measure of how happy
our client companies are with Ireland
and the services it provides to them is
seen in the decision by many to expand
their mandates in Ireland, furthering
embedding their operations here. Once
a company decides to expand, there
is no guarantee that they will choose a
location simply because they have an
existing operation there. The competition
for expansion projects is as tough as it
is for Greenfield projects. The simplest
way to answer this question is to look
at the number of recent expansion
announcements made by IDA client
companies which have included Xilinx,
Amazon, IBM, Microsemi, Merit Medical,
SAP, Cisco, Amgen, M/A Com, Mylan,
PepsiCo, Eli Lilly, Microsoft, PayPal
and Abbott who have all announced
expansion investments in 2012.
DL: IDA Ireland has developed operations all over the world but what regions are currently most active in FDI creation?
BOL: These are challenging times
globally with moderate growth in the US,
low growth in European demand and a
slowdown in the economies of China
and India. However, IDA has, over many
decades, built extremely strong business
links across the globe and as a result
continues to attract investment from
a variety of regions. The US remains
Ireland’s largest overseas investor
followed closely by Europe. IDA has
increased focus on emerging nations as
part of its ongoing strategy; the results of
which are already being witnessed. IDA
is building strong business relationships
with these nations and positioning Ireland
to take full advantage of investment from
them now and in the future.
DL: The creation of an Emerging Businesses Division is a recent IDA strategy to attract earlier stage businesses to locate in Ireland - how is it paying off?
BOL: Whilst Ireland may be best known
internationally for the presence of
giants like Google, Twitter, PayPal and
Intel, over the last two to three years
IDA Ireland has been putting a greater
concentration into the second tier or
mid-tier companies — companies that
would have revenues of €70 million to
€540 million.
Another key target are those high
potential emerging companies looking
to internationalise — companies
that might have a maximum of €30
million in revenue or that might have
none at all but have been through
one to two rounds of venture capital
investment. The success in attracting
such innovative players to Ireland can
be attributed to many factors, including
track record of success, ease of doing
Image courtesy of IDA Ireland
MASON HAYES & CURRAN • Page 4
business and an English speaking
workforce. These are very innovative
companies so the skills base and talent
in Ireland are very important, as are an
attractive corporate tax environment and
technology infrastructure.
Teams have been set up between Dublin,
Limerick, New York and Mountain View,
California, to target such companies. Since
the inception of the ‘Emerging Business
Teams’ in January 2010 there have been
over 41 investments from early stage
companies. 2012 has been particularly
successful for the ‘Emerging Business
Teams.’ In April, five rapidly expanding
European companies announced their
intention to locate in Ireland with the
creation of 77 new jobs; this was quickly
followed in May by a further six emerging
companies choosing Ireland as a location
for their overseas operations, as a result
creating 100 new jobs.
DL: Can you comment on the importance of FDI as a source of economic growth for Ireland and your views on what the future holds for directing FDI into Ireland?
BOL: The importance of FDI to Ireland’s
economic growth should not be
underestimated. Last year alone, IDA
client companies pumped €19 billion
into the Irish economy; €6.9 billion in
payroll and contributed €115 billion in
estimated exports. There are 250,000
direct and indirect jobs in Ireland as a
result of FDI; that accounts for one in
every seven Irish jobs.
Due to the huge impact of FDI on
Ireland’s economy and despite Ireland’s
success in securing it, there are
challenging times ahead for IDA and
Ireland. As previously mentioned, we are
currently facing little growth in European
demand, moderate growth in the US and
a slowdown in the economies of China
and India. Due to a lack of domestic
demand and budget deficits, many
countries are ramping up their attempts
to attract inward investment.
However, IDA remains optimistic that
Ireland can continue to win significant
FDI, building on our strong track record.
IDA targets a number of sectors that
will continue to grow even in a globally
challenging environment, including
IT/Technology, digital media and life
sciences. Even in areas of low or no
growth, opportunities will arise in, for
example, the consolidation of technology
and operations hubs in global financial
institutions and consolidation of
operations in a number of other sectors.
IDA is in its third consecutive year of
employment growth in its portfolio
and the organisation is committed to
and focused on continuing to grow
employment in coming years.
DL: Barry, many thanks for your time today and for the insights you have shared on FDI.
Barry O’Leary was appointed Chief
Executive Designate of IDA Ireland in
October 2007. He has worked in the IDA
for over 30 years and was Director of
Europe between 1995 and 2002. Prior
to his current role, he was Divisional
Manager of the IDA’s Life Sciences
and Information and Communications
Technology business units. Under his
leadership in 2010, IDA launched its
strategy blueprint, Horizon 2020 which
articulates how IDA will attract the next
wave of sophisticated FDI over the
coming decade.
If you are interested in talking to us
about FDI, please contact Declan
Moylan, Chairman of Mason Hayes
& Curran, at dmoylan@mhc.ieor +353 1 614 5028.
Image courtesy of IDA Ireland
Investors in Ireland
MASON HAYES & CURRAN • Page 5
US and Asian corporations looking to build a European, Middle East and African (“EMEA”) hub are increasingly focused on Ireland as a business location. This article highlights some of the key structures used by multinational corporations as they grow their EMEA footprint out of Ireland.
As a low-tax onshore OECD-compliant
EU location, Ireland holds a good supply
of young, well–educated and multilingual
staff. These features make Ireland the
premier location from which to staff, build
out and grow the critical mass necessary
for a fully functioning EMEA hub.
Ireland’s 12.5% Corporate TaxRate and Access to Ireland’sTreaty Network
Companies conducting trading activities
in Ireland are liable to corporation tax at
12.5% on trading profi ts. Typically, such
companies enjoy the benefi ts of access
to Ireland’s double tax treaty network
as well as certain exemptions from
withholding taxes embodied into Irish law
and practice.
Unlike tax haven locations, Ireland’s
growing treaty network provides
protection against other tax authorities
that may seek to claim a portion of the
profi ts earned by the Irish hub. In certain
instances, where foreign tax authorities
have sought to challenge the measure
of profi ts attributable to the Irish hub,
the Irish Revenue Commissioners have
assisted the Irish hub in its discussions
with the foreign tax authorities and agreed
advance pricing agreements between the
respective trading partners.
Whilst the Irish tax system now contains a
transfer pricing system that enables multi-
nationals to demonstrate that arm’s length
profi ts comparable to the activities carried
on here are subject to tax in Ireland, its tax
code is not cluttered with anti-avoidance
legislation. Hence, a foreign multinational
may establish operations in Ireland and
accumulate cash offshore without risk of a
controlled foreign companies challenge.
Similarly, the absence of detailed and
aggressive rules that apply withholding
taxes makes Ireland an attractive location
to generate outfl ows of dividends, interest
and royalties. And should the time come
for an orderly exit from Ireland, the regime
does provide means for foreign-owned
companies to exit the country tax-free.
Ireland’s full EU membership means
that any pan-EU regulated activity
that is compliant with Irish law can be
passported into all other EU member
states free of additional regulation. This
is highly relevant to multiple sectors
including regulated fi nancial services or
social networking hubs which hold or
process EU consumer data.
John Gulliver, Head of Tax, at Mason Hayes & Curran
Tax Sandwich:Made in Ireland
MASON HAYES & CURRAN • Page 6
Tax Structures in Ireland
Double Irish SandwichThe colloquially known “Double Irish
Sandwich” is a structure that builds upon
the ability of US corporations to own
non-US intellectual property in an Irish
incorporated but non-Irish tax resident
company ( see Irishco 1 in Figure 1) and
enter into a licensing agreement with an
Irish incorporated and Irish tax-resident
company (see Irishco 2 in Figure 1) that
acts as the EMEA hub. As can be seen
from Figure 1, Irishco 1 is resident in
a tax haven like the Cayman Islands or
Bermuda. A cost share arrangement
between Irishco1 and the US parent
allows the increase in value of developed
IP to grow in an offshore jurisdiction.
Figure 1
This structure enables pan-EMEA income
earned by Irishco 2 to be shifted free
of Irish taxes to Irishco 1. Irishco 2 can
then enjoy the benefit of Ireland’s double
tax treaty protection from challenges by
foreign authorities. For US purposes, both
Irish companies are treated as one, giving
rise to a deferral of US Federal tax until
monies are repatriated Stateside. For new
entrants in the Irish market to maintain the
benefits of the Double Irish Sandwich, they
will need to demonstrate that the transfer
price payable by Irishco 2 to Irishco 1
represents an arm’s length return.
Foreign tax authorities may seek to apply
withholding taxes on income payable to
an Irish EMEA hub. They attempt this by
arguing that the payments are in fact to
the company that is a tax resident in the
Cayman Islands or Bermuda and that the
treaty rates or EU absence of withold
should not apply.
Clearly, if the Irish EMEA hub does in fact
own the underlying intellectual property,
good or service that is being provided to
the end user in another EMEA country,
this argument can be rebutted. Of key
relevance is the degree of substance
located in Ireland which can be used to
demonstrate that the critical mass and
hence beneficial ownership of IP is in fact
located in Ireland.
Double Dutch Alternative
The“Double Irish Sandwich” is often
compared and contrasted to the Double
Dutch structure, illustrated in Figure 2. A
Netherlands Antilles CV owns intellectual
property and enters into a licence and
cost share with a Dutch incorporated BV
that acts as the EMEA hub. The margin of
profit taxable at rates of 25% in the BV is
the subject of a ruling given by the Dutch
tax authorities. For US purposes, the CV/
BV structure is again treated as one and
gives rise to a deferral of Federal tax until
such time as profits are repatriated.
Figure 2
The Double Dutch structure is attractive
for those wishing to establish substantive
operations on the continental EU land
mass. The long-term viability of building
structures around offshore locations does
however merit further analysis. With the
US Presidential elections looming and
continued OECD pressure on the havens,
a variation to the Double Irish or Double
Dutch structure may be necessary.
Irish / Luxembourg Sandwich
We occasionally advise groups that
wish to own intellectual property in
Luxembourg and license it into an Irish
EMEA hub. For these groups, their end
game is to get a tax deduction at 12.5%
in Ireland on the licence fee, and then
through a Luxembourg ruling, they can
pay a sliver of tax in Luxembourg. For US
tax purposes, the Irish and Luxembourg
companies are treated as one and ignored
until the funds are repatriated.
The Irish / Luxembourg Sandwich
structure may diminish the Irish Revenue
Commissioners’ ability to assist the
Irish EMEA hub’s defence against any
challenges from other tax authorities on
the amount of tax assessable in Ireland
rather than overseas. Similar questions
of beneficial ownership of intellectual
property also arise.
Conclusion - Just Plain Irish Please?
Despite all the colloquially known
structures involving Ireland, Dutch,
Luxembourg or Swiss variants there
is no particular structure that suits any
one business.
It is increasingly clear that all major
economies will require extra cash to
finance their borrowings in the future.
Meanwhile, the continued acceptance
that profits and monies can be built up
in tax haven locations does not seem
likely to continue. Focusing on countries
such as Luxembourg, Switzerland, Malta
or Cyprus as locations in which to own
intellectual property rather than on the
countries where the intellectual property
is actually developed and sold, is likely to
invite increased scrutiny.
At its simplest, dismantling double Irish
structures into a one-tier plain Irish EMEA
trading company may give rise to a
robust structure that minimises
overseas challenges.
US Parent
US Parent
Irishco 1
CV Licence
BV
Irishco 2
Non-USIP
Non-USIP
MASON HAYES & CURRAN • Page 7
The establishment of the Commercial Court in 2004, together with vigorous case management by judges, has made Ireland one of the swiftest, most effi cient venues for litigating large commercial disputes. In parallel, modernising legislation and sound judicial decisions enable Ireland to present itself as an attractive seat for international arbitrations.
Ireland has established itself as a destination of choice for international business. But wherever business goes, disputes follow. So how does Ireland fare as a venue to resolve disputes?
The Commercial Court
Commercial litigation in Ireland has been transformed in the last decade. In January 2004, following recommendations of the Company Law Reform Review Group and the Committee on Court Practice and Procedure, a change to the Court rules established a Commercial List in the High Court. A range of classes of dispute could now be admitted to the List, including all commercial claims over €1,000,000 and proceedings arising out of arbitration. The new rules made express provision for active case management by the judge, notably including the fi xing and enforcing of time limits.
The commitment to a new way of conducting litigation was demonstrated early on by the allocation to the commercial list of four dedicated,
full-time High Court judges, headed by the highly respected Mr. Justice Peter Kelly and supplemented by additional judges whenever the caseload requires it. The Commercial Court has been defi ned by the dynamic, no-nonsense character of Mr. Justice Peter Kelly, who takes case management powers seriously and is prepared to use them. He and the other commercial list judges set aggressively short deadlines for procedural steps, apply considerable pressure on parties to meet those deadlines, and apply costs penalties to those parties who fail to meet them.
As to the procedure itself, a targeted, issues-based approach to document discovery is favoured. Parties typically agree that the others’ documents can be admitted without formal proof, and witness statements need only contain a broad outline of the evidence intended to be given. At the end of a case, judges may, and do, use issues-based cost orders to penalise parties for taking poor points, irrespective of the overall outcome of the case.
Declan Black, Partner and Head of Litigation (left), and Marcus Birch, Senior Associate, Commercial Litigation (right), at Mason Hayes & Curran
Leaner and Fitter: Resolving Commercial Disputes in Ireland
MASON HAYES & CURRAN • Page 8
The overall result has been an impressively swift rate of resolution of cases. Of the 1,585 cases admitted to the Commercial List up to the end of 2011, 50% were concluded in less than 12 weeks and 75% in less than 33 weeks. The majority of cases (62%) settle, but over 500 cases have gone to full hearing in that period. Cases are heard and judgments rendered promptly. The speed of commercial litigation in Dublin compares favourably with experience in the Commercial Court in London, where bringing a standard case to trial can typically take a year or 18 months.
Beyond the Commercial Court
More broadly, outside the confines of the Commercial Court, there are signs of a cultural shift in Irish litigation. On the one hand, a line of recent cases shows the courts becoming stricter in relation to delay on the part of litigants and more prepared to strike out claims that are not prosecuted with dispatch. On the other, judges are keener to engage in active case management and parties are open to agreeing procedural timelines ahead of time, even where neither is strictly required by court rules. This cultural shift can be attributed partly to the impact of the Commercial Court, and partly to other factors including Ireland’s responsibilities under the fair trial provisions of the European Convention of Human Rights.
Ireland’s Advantage
Ireland has other attractions for international corporates seeking efficient resolution of their commercial disputes. It is an established and stable common law jurisdiction, whose court procedures are transparent and will feel familiar to those with experience of UK or US litigation. There are several large commercial law firms experienced in complex, high-value commercial disputes, and court advocacy work is referred to barristers with specialist expertise.
For multinationals established here, it is a natural and convenient choice to litigate in the home forum. Companies not located in Ireland but faced with an English or US-based adversary may prefer to bring their disputes to a neutral venue. Finally, as compared with the closest equivalent venue, London, costs of litigating in Dublin are typically lower and rates are denominated in Euro.
For all these reasons, companies devising litigation risk strategies, and in-house counsel drafting dispute resolution clauses, are increasingly considering Dublin as an option.
International Arbitration
In parallel to its development as a forum for litigation, Ireland is marking itself out as a seat of choice for international arbitrations. The Arbitration Act 2010 updated Irish arbitration legislation, adopting the UNCITRAL Model Law wholesale in respect of both domestic and international arbitrations. All court applications under the arbitration legislation go before the specialist judges of the Commercial Court in Dublin. Irish court decisions both before and after the passing of the Act demonstrate a deep understanding of, and support for, arbitration, specifically with regard to the key principles of arbitrator autonomy and the finality and enforceability of foreign awards.
Summary
Eight years after its establishment, the Commercial Court is proving a model of efficient litigation and a catalyst for broader cultural change across the Irish court system. The Arbitration Act 2010 confirms and enhances Ireland’s pro-arbitration credentials. Together with an established, predictable common law system, and a moderate costs base, these developments should make Ireland a destination of choice for resolving international commercial disputes.
MASON HAYES & CURRAN • Page 9
Appointments
Daragh O’Shea, Financial ServicesDaragh focuses on transactional banking and practises primarily in acquisition fi nance, property fi nance and general corporate fi nance transactions.
Claire Lord, CorporateClaire advises on corporate law, renewable energies and charities law, her expertise ranges from mergers and acquisitions to corporate governance matters.
Eoin Cassidy, ConstructionEoin advises on all aspects of construction law as well as energy, infrastructure projects and environmental law.
Elizabeth Ryan, EmploymentElizabeth advises employers on contentious employment disputes and provides non-contentious advice on all aspects of employment law.
Deborah McHugh, PensionsDeborah advises clients on all aspects of pensions law, including corporate mergers, acquisitions and restructures.
Niall Collins, EU & CompetitionNiall advises on Irish and EU competition law, including international mergers, IP/Competition interface issues and cross-border cartel investigations.
EnvironmentWe are delighted to announce that Mason Hayes & Curran has attained ISO 14001 certifi cation. To achieve this, several of the fi rm’s departments have worked together over the past year to establish an environmental management system based on our environmental policy. During this time, we have reduced our energy and water consumption and improved our rates of recycling for paper, cardboard, glass, electrical and electronic waste. We strive to continuously improve our environmental performance and have set specifi c, measurable targets so that we can work to minimize the environmental impact of our activities.
Pro Bono
Ireland’s Free Legal Aid Centre set up the Public Interest Law Alliance (“PILA”) to match charities which have a specifi c legal need but no resources with a suitable participating law fi rm. Mason Hayes & Curran is part of PILA’s pro bono referral scheme and is on PILA’s pro bono register. We have acted in a variety of matters, including the provision of legal education to public interest lawyers, IP advice to a support group for a minority and property advice to a local group redeveloping its facilities. The legal education, on topics as diverse as Freedom of Information, Judicial Review, Information Technology, Data Protection and social media liability, has benefi ted lawyers in community law centres in particular.
Corporate Social Responsibility
Pictured left to right: Daragh O’Shea; Claire Lord; Eoin Cassidy; Emer Gilvarry, Managing Partner; Elizabeth Ryan; Deborah McHugh, and Niall Collins
We are delighted to announce the appointment of the following Partners:
Community
We were delighted to sponsor CoderDojo at the BT Young Scientist Exhibition 2012 in Dublin. CoderDojo is a not-for-profi t organisation founded by James Whelton and Bill Liao that teaches children how to develop computer code and advance their creative problem-solving skills. As well as educating, the organisation aims to provide a social outlet for children with similar interests, where they can work on projects with their peers in an informal atmosphere. James Whelton also paid a visit to Mason Hayes & Curran in April 2012 to teach over 30 children about computer coding.
MASON HAYES & CURRAN • Page 10
News & Events
Declan Murphy BL; Declan Black, Head of Litigation at Mason Hayes & Curran; Emer Gilvarry, Managing Partner at Mason Hayes & Curran and Maurice Phelan, Partner at Mason Hayes & Curran
Doing Business in Britain:Essential Tips for Irish Companies On 23 May, we hosted a seminar for companies planning to
expand into the British market in conjunction with the British Irish
Chamber of Commerce and UK Trade and Investment.
The seminar was an interactive session with a number of speakers
including Anthony Burke, Partner, Mason Hayes & Curran. The
speakers explored the opportunities and challenges of doing
business in Britain and provided an overview of the current
business landscape in Britain.
Future Proof: The Next Phase for the Irish Banking Sector The latest masterclass in our series for in-house counsel
took place on 17 April and focused on the Irish banking
sector and its adaptation to the new market conditions.
Guest speaker, Constantin Gurdgiev, shared his views on the
prospects for economic recovery and the role of Irish banks
in this recovery. Speakers from Mason Hayes & Curran
included William Carmody, Partner and Fionán Breathnach,
Partner and Head of Investment Funds. The session was
chaired by Christine O’Donovan, Partner and Head of
Financial Services, Mason Hayes & Curran.
Constantin Gurdgiev, Economist and Christine O’Donovan, Partner and Head of Financial Services at Mason Hayes & Curran
Anthony Burke, Partner at Mason Hayes & Curran; Dominick Chilcott, British Ambassador to Ireland and Richard Cliff, Partner at Fasken Martineau
Personal Insolvency Bill Briefi ng The new Insolvency Bill in Ireland represents a
radical overhaul and modernisation of personal
insolvency law and introduces a comprehensive
and tiered regime aimed at addressing personal
insolvency in new ways.
We hosted a special briefi ng on the Personal
Insolvency Bill on 19 July. Our speakers Declan
Murphy BL, Declan Black, Head of Litigation, Mason
Hayes & Curran and Maurice Phelan, Partner,
Mason Hayes & Curran explored how the Bill would
operate on a practical level if it becomes law.
MASON HAYES & CURRAN • Page 11
International Women’s Day Lunch We were delighted to host a special lunch to
mark International Women’s Day 2012 on 8
March. Fifty guests from the business and
political world gathered at the lunch at which
they heard special guest, Mary O’Rourke,
speak about the achievements of Irish women
in business. The former TD and Minister for
Public Enterprise also shared insights from her
own longstanding political career with those
gathered at the lunch.
Mary O’Rourke, former Minister for Public Enterprise; Emer Gilvarry, Managing Partner at Mason Hayes & Curran and Mary Harney, former Tánaiste (Deputy Prime Minister) of Ireland
Breaking Up is Hard to Do:A Topical Look at Commercial Break Clauses The challenge of break clauses in commercial leases was
addressed at a seminar hosted by our Real Estate Team on
14 June. John Minihane, Partner, Mason Hayes & Curran,
explored ways to successfully negotiate lease break clauses
and avoid potential pitfalls. Attendees were also updated on
developments in recent UK case law, sample clauses and
other practical issues.Sally-Anne Sherry, Treasury Holdings and John Minihane, Partner at Mason Hayes & Curran
Sheila Nordon, Executive Director, ICTR and Niamh Callaghan, Partner at Mason Hayes & Curran
Statement ofGuiding Principlesfor Fundraising In conjunction with PwC and Irish Charities Tax
Research (ICTR), we hosted a seminar on 27 March
for an audience of charitable organisations. Sheila
Nordon, Executive Director, ICTR, discussed the
“7 Steps to Sign-Up” guide formulated by ICTR to
help charities engage with the Statement of Guiding
Principles for Fundraising. John Church, CEO,
Arthritis Ireland and Mark Murphy, CEO, Irish Kidney
Association, discussed practical considerations for
implementing the Principals, while Mason Hayes &
Curran Partner, Kevin Hoy, chaired the event.
MASON HAYES & CURRAN • Page 12
Martin Kelleher, Partner at Mason Hayes & Curran and An TaoiseachMr Enda Kenny TD at the launch of StartupBootcamp
Mark Browne, Partner at Mason Hayes & Curran; Paul Richards, Co-Practice Leader, FINEX National, Willis Group and Paul Convery, Partner at Mason Hayes & Curran
Troubled Funds Litigation – International PerspectivesRefl ecting the signifi cant impact litigation has had on the funds industry in recent years, we held a briefi ng on 28 June to explore international perspectives on current key issues for troubled funds and the likely implications for the funds industry in Ireland. Our speakers focused on areas such as the emerging role of independent directors in disputes and litigation, liquidity issues and the key risk areas for funds from an international perspective. Speakers included Jordan Siev, Managing Partner, Reed Smith New York; Paul Richards, Co-Practice Leader, FINEX National, Willis Group; and Mason Hayes & Curran Partners, Paul Convery and Maurice Phelan. Mark Browne, Partner, Mason Hayes & Curran, chaired the seminar.
Corporate Governance at the British Ambassador’s Residence On 21 June, Paul Egan, Partner and Chairman of Mason Hayes & Curran’s Corporate Department addressed an audience of senior executives at the residence of the British Ambassador, Dominick Chilcott. Paul was joined by Satnam Tumani, Head of Bribery and Corruption, Serious Fraud Offi ce to discuss topical issues in relation to corporate governance. Paul discussed the imminent Criminal Law (Corruption) Bill and the new anti-corruption governance procedures the Bill will require of Irish companies while Satnam Tumani provided insight into the recent introduction of comparable law in
the UK.
Paul Appleby, Director of Corporate Enforcement; Satnam Tumani, Head of Bribery and Corruption; Serious Fraud Offi ce; Dominick Chilcott, British Ambassador to Ireland; Simon McKeever, Director of Trade and Investment at the British Embassy in Ireland and Paul Egan, Partner and Chairman of Mason Hayes & Curran’s Corporate Department
StartupBootcamp Dublin 2012 We were delighted to sponsor StartupBootcamp
Dublin 2012 and its showcase which took place
on 16 May. A three-month business startup
acceleration programme based in the heart of
Dublin’s digital hub, the programme runs quarterly
throughout the year for startups, entrepreneurs
and small businesses across Europe, helping them
to get ready for funding and launching to European
and global markets. By locating startup teams
to one of Startupbootcamp’s program offi ces in
Copenhagen, Amsterdam, Dublin, Madrid and
Berlin, the accelerator focuses on exposing and
connecting startups to an expanding community of
key mentors and advisors.
Political Truisms
“Why pay money to have your family tree traced; go into politics and your opponents will do it for you.” Author Unknown
“If we got one-tenth of what was promised to us in these acceptance speeches, there wouldn’t be any
inducement to go to heaven.” Will Rogers
“Those who are too smart to engage in politics are punished by being governed
by those who are dumber.” Plato
“Politicians are the same all over. They promise to build a bridge even where there is no river.”
Nikita Khrushchev
“We hang the petty thieves and appoint the great ones to public office.” Aesop
“A politician is a fellow who will lay down your life for his country.”Texas Guinan
“Instead of giving a politician the keys to the city, it might be better to change the locks.” Doug Larson
“When I was a boy I was told that anybody could become President; I’m beginning to believe it.”Clarence Darrow
“Politicians are people who, when they see light at the end of the tunnel, go out and buy some more tunnel” John Quinton
A selection of self-evident truths from the political arena
“The problem with political jokes is they get elected.” Henry Cate VII
To find out how we can help your business, please contact:
David O’DonnellPartner Head of Corporatet +353 1 614 5065e dodonnell@mhc.ie
MHC.ie
Different Sectors, Different Needs,One Legal Solution.
Dublin, London & New York
We represented the shareholders of Terra Energy Limited on the reverse takeover of AIM listed company, Fastnet Oil & Gas plc (formerly known as Sterling Green Group plc), which included a STG£10m fundraising.
We advised the majority shareholders in PolarLake Limited on the sale of PolarLake Limited to Bloomberg LLP, the global business, financial information and news leader.
We represented Liberty Mutual Group on the acquisition of the general insurance business of Quinn Insurance Limited (in Administration).
We represented Schibsted Classified Media AS on the acquisition of a majority shareholding in Done Deal Limited.
We represented CarrierWeb on the sale of its European business to Transics International NV.
We represented Connolly’s Red Mills on the acquisition of Foran Chemicals Limited and its wholly owned subsidiary Foran Equine Products Limited.
We represented IFG on the acquisition of 70% of the issued share capital of A.R.B Underwriting Limited and its wholly owned subsidiary A.R. Brassington & Company Limited.
MHC419 Tombstone Ad (August A4 210x297)_ART.indd 1 22/08/2012 11:29
top related