Examples of Irish Issuer in a sentence
Under Irish law, upon an insolvency of an Irish company such as any Irish Issuer, when applying the proceeds of assets subject to fixed security which may have been realised in the course of a liquidation or receivership, the claims of a limited category of preferential creditors will take priority over the claims of creditors holding the relevant fixed security.
Where the Notes are issued by an Irish Issuer and such Notes are Short-term Investments then they will be issued in accordance with the exemption granted by the Central Bank’s Implementation Notice for Credit Institutions (BSD S2/00 of 30 June 2002) issued under Section 8 (2) of the Central Bank Act, 1971 inserted by Section 31 of the Xxxxxxx Xxxx Xxx 0000, as amended by Xxxxxxx 00 (x) xx xxx Xxxxxxx Xxxx Xxx, 0000.
Where the Notes are issued by an Irish Issuer and such Notes are Short-term Investments then they will be issued in accordance with the exemption granted by the Central Bank’s Implementation Notice for Credit Institutions (BSD S2/00 of 30 June 2002) issued under Section 8 (2) of the Central Bank Act, 1971 inserted by Section 31 of the Central Bank Act 1989, as amended by Section 70 (d) of the Central Bank Act, 1997.
As the Irish Issuer’s COMI is presumed to be Ireland, any main insolvency proceedings in respect of the Irish Issuer would fall within the jurisdiction of the courts of Ireland.
As the Irish Issuer has its registered office in Ireland, its directors are tax resident in Ireland, it is registered for tax in Ireland and it has retained an Irish corporate services provider the Irish Issuer does not believe that factors exist that would rebut the presumption that its COMI is located in Ireland, although this would ultimately be a matter for the relevant court to decide based on the circumstances existing at the time when it was asked to make that decision.
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The Irish Issuer, the directors of the Irish Issuer, a contingent, prospective or actual creditor of the Irish Issuer, or shareholders of the Irish Issuer holding, at the date of presentation of the petition, not less than one-tenth of the voting share capital of the Irish Issuer are each entitled to petition the court for the appointment of an examiner.
If, for any reason, an Irish Issuer is not or ceases to be entitled to the benefits of Section 110, then profits or losses could arise in such Issuer which could have tax effects not contemplated in the cashflows for the transaction and as such adversely affect the tax treatment of the Issuer and consequently the payments on the Notes.
A Note issued by an Irish Issuer may be regarded as property situate in Ireland (and hence Irish source income) on the grounds that a bearer security is deemed to be situate where it is physically located or a debt is deemed to be situate where the debtor resides.
Under Regulation (EU) No. 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast) (the “Recast EU Insolvency Regulation”), the Irish Issuer’s centre of main interest (“COMI”) is presumed to be the place of its registered office (i.e. Ireland) in the absence of proof to the contrary and provided that the Irish Issuer did not move its registered office within the 3 months prior to a request to open insolvency proceedings.