Vulture Funds Increase Irish Activity the Irish Independent Recently Gary Will Be Speaking at an ICMSA Highlighted an Increase Seminar in Portlaoise on 12 December
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ISSUE 46 | DECEMBER 2018 a newsletter from pkffpm accountants Vulture Funds Increase Irish Activity The Irish Independent recently Gary will be speaking at an ICMSA highlighted an increase seminar in Portlaoise on 12 December. in vulture fund activity in Gary Digney For further details of the meeting, which is the Republic of Ireland noting that Director & open to all farmers and advisors, contact judgments amounting to €32.7m were Personal ICMSA’s Limerick office or email info@ entered in one eight-day period alone Insolvency icmsa.ie at the end of September The judgments Practitioner were registered by Irish-based affiliates ICMSA of major funds CarVal, Goldman Sachs fund. Whatever rights the borrower had FREE SEMINAR BREXIT and Deutsche Bank. The registering of a with the original bank they still have with BRIEFING judgment allows a fund to take steps to the vulture fund. The legal process is also pursue the borrower’s assets to clear or unchanged and the code on the mortgage & TAX partially clear the debt. arrears still applies. PKF-FPM experience Client Matters (Issue 44) previously is that judges in the Circuit and High Court MATTERS reported that Permanent TSB and Ulster tend to favour borrowers over vulture FREE INSIDE Bank plan to sell up to 25,000 mortgages funds trying to repossess Irish citizens’ Farm Loan/Mortgage to vulture funds in a move mainly driven by principal residences,” Gary wrote. Sold to Vulture Funds? Brexit: the requirements of the European Central Gary says borrowers who are not in Bank for lenders to reduce the number default should not be disadvantaged when We Can Help... managing of loans and arrears on their balance their loans are transferred to a vulture DATE: 12th December 2018 at 8pm complexity sheet. PKF-FPM Director Gary Digney fund. VENUE: Killeshin Hotel, Portlaoise Pg2 explained that vulture funds must appoint “For borrowers who want to sell their SPEAKERS: a regulated entity to service the loans Gary Digney, Director, ACA, Insolvency Practitioner, PIP property and reach compromising residual Keith Farry, Barrister-At-Law they acquire which includes managing debt, dealing with a vulture fund means Pat McCormack, President of ICMSA, who will also chair the meeting. Entrepreneurs' the process with borrowers in financial The ICMSA invites all farmers and advisors to avail of this unique opportunity dealing with a motivated party who to hear experts answer issues that matter to all family farms in distress. relief changes difficulties and said that vulture funds can To book yourF REE Place contact: expects a debt write off. While it is true Margaret at ICSMA on 061-314677 present an opportunity for borrowers to that for some mortgage holders whose or [email protected] Pg4 achieve a long term, sustainable full and situation is irretrievable dealing with a final settlement. vulture fund may bring forward the day Ten ways to “The contractual position between the of reckoning, that day of reckoning was Resolve borrower and lender does not change going to arrive sooner rather than later in Mediation work smarter when the loan is acquired by a vulture any event,” Gary says. Pg5 Hat-trick for PKF-FPM at Prestigious British Accountancy Awards PKF-FPM scooped FPM’s success, Tax Director three of the most Paddy Harty said, “The British s o u g h t - a f t e r Accountancy Awards attract honours at the the very best in the industry British Accountancy Awards and it is an honour to be in London in September. selected as industry leaders The only Northern Ireland in our respective fields and practice to be short-listed recognised for delivering for the prestigious awards excellence." in 2018, PKF-FPM beat Director Teresa Campbell off strong competition to said the awards reflect the win both Mid-Tier Firm of collective passion of Team the Year and Tax Team of PKF-FPM. “Indeed such the Year while Managing accomplishments have Partner Feargal McCormack further energised the team was named Partner of the for continuous improvement Year. Representing PKF-FPM at the BAA Awards were (from left) to exceed client expectations, “Never before have three Caroline Preston, Paddy Harty, Teresa Campbell, Feargal delivering excellence in our categories been awarded to McCormack, Malachy McLernon and Lauren Quinn. industry.” one firm,” commented the judging panel who said the made 2018 “the most hotly a stronger shortlist than ever. surge and calibre of entries contested year to date” with Commenting on PKF- CONTINUED OVER >> Global Expertise with Local Knowledge 2 a newsletter from pkffpm accountants about us PKF-FPM Brexit - An Exercise in CORE VALUES • Passionately believe in caring for our clients, colleagues and Complexity Management community. Brexit will be "an exercise • Listen, understand and solve, in complexity management" to make it happen. for businesses on both • Invest in the Best! sides of the border, tax expert • Pushing out boundaries and Brian Keegan told attendees at creating opportunities. the annual PKF-FPM post-Budget • A culture of ethical business breakfast in October. The nuts and and trust. bolts of Philip Hammond's October • An ethos of positivity, Budget were dealt with by PKF- enthusiasm and fun! FPM directors Paddy Harty (income and capital tax budget outcomes), Malachy McLernon (business tax PKF-FPM implications), and Lowry Grant CORE FOCUS (Making Tax Digital) while Mr Keegan • Caring and proactivity are at concentrated on Brexit, offering the heart of everything we do; up advice and answers for the • We commit to helping you 200-strong audience. On the border, Mr Keegan pointed to Pictured at the PKF-FPM post-Budget breakfast were (from left) Brian Keegan, maximise your wealth and Paddy Harty, Irish News business editor Gary McDonald who chaired the event, lifestyle aspirations, through Niagara Falls and its location at a major Lowry Grant and Malachy McLernon. understanding you and your junction between the US and Canada. business; and "This is a border which, technologically, • We have a proven track is the most sophisticated that exists record in delivering simple anywhere in the world, between two of solutions to complex problems. the most advanced economies in the world, and yet they have queues upon queues upon queues, notwithstanding PKF-FPM that they have broad trade agreements. THREE UNIQUES When you look at those queues you (1) We ‘get’ you, and get things ask: how can anyone seriously suggest done. We foster a sense of that digitalisation or IT is going to fix the urgency, with a bias towards border ills Brexit is going to bring for us, passionate thoughtful action because it's not.” – (we’re business owners "Free movement of people is not What if the pallet is containing some sort ourselves). Mr Keegan said the withdrawal agreement being negotiated has nothing about individuals physically moving, of infestation of malignant worm that will (2) We’re different (“brave, bold to do with withdrawal or extension, but is but about their entitlement to access do damage? They're the kind of checks and gutsy”), we tell you what services and to access benefits and to we're going to have to deal with, and we think, rather than what you effectively to keep the UK de facto in the would like to hear. union until December 31 2020 for two access employment. that makes life very difficult. reasons — firstly because EU operates "And regarding the future "Indeed Brexit is going to be an (3) Acknowledged arrangement around goods, there's exercise in complexity management, independently at local, regional seven-year budgets and the current and national level as “best in one runs out on that date, so it keeps going to have to be a border somewhere and every time we kick over a stone class” with unique Cross Border the bookkeeping simpler; and also as well, and it might as well be in your we'll find another serious problem — expertise. because nobody is ready for the kind of warehouse or manufacturing plants, like the Open Skies Agreement looking checks and balances and controls that because somewhere there's going to at where planes can and can't fly, or unwinding 43 years of cooperation have have to be controls. Euratom, which impacts the transport of put in place. "Even if there are no customs tariffs, nuclear materials round health centres Mr Keegan said that regardless of there must be controls somewhere, so that cancer can be treated." talk around Chequers and backstops because the single market is about the "Inevitably there will have to be "there has to be a border somewhere". movement of standards. some form of extension and some "Where's the border for the free "For example, you might have a pallet form of future deal, but that will also movement of people? It's never going of manufactured goods, where there's mean that every single person in this to be down the road from Newry or already an arrangement where there room, whether you are an adviser or a at the airport — it's going to be with are no customs duties. But there'll still businessperson, is going to have to deal employers, in recruitment agencies, with have to be a check. For instance, what with much more complexity,” Mr Keegan social security, in the health service. if the pallet isn't up to safety standards? concluded. Hat-trick for PKF-FPM at British Accountancy Awards PAGE 1 CONTINUED... Consistently at the top of its game and recognised as Best year where the practice won Tax Team of the Year at the Irish in Class by its peers in both Britain and Ireland, 2018 has Accountancy Awards and was included on the Sunday Times been a phenomenal year for PKF-FPM.