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Guide to merging financial businesses

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2Contents

Introduction 3

SchemeofArrangement 4

Cross-BorderMerger 6

PrivateCompanyMerger 9

PLCMerger 12

InsurancePortfolioTransfer 15

Statutoryschemefortransferofbankingbusiness 17

CompaniesAct2014 20

ComparativeAnalysisTable 23

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3

InthisguidewesummarisethekeyfeaturesofthedifferenttypesofmergerwhichcanbeimplementedunderIrishlegislation.Theseproceduresdifferfromthetwomostcommonwaysinwhichbusinessescometogether-acquisitionofthesharesorassetsofonecompanybyanother-inonekeyrespect.Theycanallowthepartiestomergetheassetsand/orliabilitiesoftwoseparateentitiesontoonebalancesheet,withouttheneedtonovateand/orassigncontractsfromoneentitytotheother.Inpractice,thiscanbeaverysignificantlogisticalbenefitinusingtheseprocedures.Theextenttowhichthatfacilityisavailabledependsonthetypeofmergerinvolved.

Decidingwhichoftheseproceduresissuitableinthecircumstances,orwhetheracombinationoftwoofthemshouldbeused,requiresacarefulassessmentoftheassetstobemerged,thepotentialimpactofthelawofjurisdictionsoutsideIreland,thelikelytimescalesandtheimpacton,andlikelyreactionof,thirdparties.AnassessmentoftheimpactonemployeesandthepotentialimpactofTUPEwillalsoneedtobeconsidered.

Wehaveconsiderableexperienceadvisingonthesealternatives.WewerethefirstlawfirminIrelandtoadviseontheuseofSchemesofArrangementtomergebusinessesinvolvingmultiplethirdpartycontracts.WealsodraftedthelegislationtoprovideforCross-BorderMergersandhaveimplementedmoreCross-BorderMergersthananyotherIrishlawfirm,includingimplementing“back-to-back”mergers.

TheCompaniesAct2014(whichcameintoforceon1June2015)simplifiedcertainaspectsofmergingIrishbusinessesandintroducednewprocedureswhichmaynowbefollowedtoimplementmergersanddivisions.

Wehopeyouwillfindthisguidehelpfulandwouldbehappytohearfromyouifyouhaveanyqueries.

Introduction

Tim Scanlon PARTNERANDHEADOFCORPORATEGROUPANDFINANCIALINSTITUTIONSGROUP

E [email protected]

T +35312322183

Joe Beashel PARTNERANDHEADOFTHEREGULATORYRISKMANAGEMENTANDCOMPLIANCETEAM

[email protected]

T +35312322101

Darren Maher PARTNERANDHEADOFCORPORATEINSURANCE

[email protected]

T +35312322398

SchemeofArrangement

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5

Process

ThisisastatutoryprocedureunderSection450ofthe2014Act.

ASchemecanbeusedtoimplementthemergeroftwocompanies.Allorpartoftheassetsandliabilities(includingcontractswiththirdparties)ofatransferorcompany(the“Transferor”)canbetransferredtoatransfereecompany(the“Transferee”)byCourtOrder.Thisobviatestheneedforindividualassignments/novationsofcontracts.

Approvalofthe“Scheme”isrequiredatmeetingsofrelevantshareholders/creditorsconvenedbythedirectorsoftheTransferoror,ifthedirectorsdonotexercisethispower,theHighCourt(uponanapplicationtoitbycertainpersonssuchasashareholderorcreditor).

Whereamajorityinnumberrepresenting75%invalueofthosevotingatthemeetingsapprovetheScheme,theCourtcansubsequentlyorderthattheSchemebebinding-evenondissenting,absentoruntraceablemembersorcreditors.DissentingmembersandcreditorswillhaveanopportunitytoobjectatthehearingatwhichtheOrderissought.

Anotificationto,ortheapprovalof,theCentralBankmayberequiredandanyrelevantregulatoryissuesinjurisdictionsoutsideIrelandneedtobeaddressed.

TheTransferormayapplytotheCourtforacancellationofitsexistingsharecapitalandforitsdissolutionwithoutneedingtogothroughawindingupprocess.Alternatively,theSchemecanbeeffectedasatransferorpartialtransferofbusinesssuchthattheTransferorisnotdissolvedandmayremaininexistenceorcommenceavoluntarywindingupprocedure.

Points to Note

TheSchememaynotbelegallyeffectiveinthecaseofcontractswhicharenotgovernedbyIrishlawif,undertherelevantgoverninglaw,theSchemewouldnotberecognised.Stepsmayneedtobetaken,dependingontherelevantgoverninglaw,inordertoassignornovatethesecontractsoutsidetheSchemeprocess.SimilarlyaSchememaynotbeeffectivetotransferassetsoftheTransferorlocatedoutsideIreland.

ChangeofControlprovisionsincontractsneedtobereviewedtodeterminewhethertheSchemewilltriggerarighttoterminate,astheCourtOrderwillnotoverridethoseterminationprovisions.

TherequirementforCourtapprovalinordertomaketheSchemebindingmeansthereisalessflexibletimetableandtheprocesswillbeinthepublicdomain.However,thisinflexibilityhasbeenmitigatedbythe2014Actasonlyonecourtapplicationisnowrequired,providedthedirectorsexercisetheirpowertoconvenetherelevantshareholder/creditormeetings.UnderthepriorCompaniesActs,atleasttwocourtapplicationswerenecessaryinordertobringaSchemeintoeffect.

IfaninsurancebusinessisbeingmergedunderaSchemethenaseparatePortfolioTransferisrequired.ThetwoCourtprocessesfortheSchemeandforthePortfolioTransferwillrunintandem.

SchemeofArrangement

Cross-borderMerger

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7Cross-borderMerger

Process

TheEuropeanCommunities(Cross-BorderMergers)Regulations2008(the“2008Regulations”)provideforCross-BorderMergersbetweenIrishlimitedliabilitycompaniesandlimitedliabilitycompaniesinotherEEAMemberStates.WeadvisedtheGovernmentonthedraftingofthe2008Regulations.

UnderaCross-BorderMerger,alloftheassetsandliabilities(includingcontracts)ofoneormoreTransferorCompaniesareautomaticallytransferredtoaSuccessorCompanybywayofuniversalsuccessionandeachoftheTransferorCompaniesisthendissolvedwithoutgoingintoliquidation.The2008Regulationsprovidespecificallyformergersbetweenparentcompanyandsubsidiary,aswellasbetweensistercompaniesandunrelatedcompanies.

TheproceduretobefollowedinordertoeffectaCross-BorderMergerinvolves:

•thepreparationofcertaindocumentsbyeachpartytotheCross-BorderMerger,includingthecommondrafttermsoftheCross-BorderMerger;

•theapprovaloftheCross-BorderMergerbythemembersofeverymergingcompany;

•theapplicationbyeveryIrishmergingcompanytotheHighCourttoconfirmthatthevariousrequirementsunderthe2008Regulationshavebeencompliedwith;and

•wheretheSuccessorCompanyisanIrishcompany,anapplicationtotheHighCourtforacourtordertoapprovetheCross-BorderMerger.


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8Cross-borderMerger

Points to Note

AnadvantagetotheCross-BorderMergeroveraSchemeisthatitwillberecognisedthroughouttheEU/EEAandsoforeignlawgovernedcontractsareonlypotentiallyproblematicifthegoverninglawjurisdictionisnotanEU/EEAmember.

ThesameChangeofControlissuesariseaswithaScheme.

Inthecaseofamergerinvolvinginsurancebusinesses,aseparatePortfolioTransfermayberequiredbutinpracticethetwoCourtprocessesfortheCross-BorderMergerandthePortfolioTransfercanberunintandem.

AkeypracticaldifferencebetweenaCross-BorderMergerandaSchemeisthat,inaCross-BorderMerger,thetwoentitiesinvolvedmustbeindifferentEU/EEAmemberstates.ConsequentlytomergetwoIrishcompaniesusingCross-BorderMergersa“backtobackmerger”involvingathirdcompanyinanotherEU/EEAmemberstatesjurisdictionwouldberequired.The2014ActintroducedanewformofmergerbetweentwoprivatecompaniesincorporatedinIreland.

PartialtransfersarenotachievableunderaCross-BorderMerger,whereastheyareunderaScheme.

AstheTransferordissolvesautomaticallyapre-mergerreorganisationmayberequiredinordertotransferassetsand/orliabilitiesoftheTransferorelsewherewithintheGroup,whereitisnotintendedthatsuchassetsorliabilitiesaretotransferaspartoftheCross-BorderMerger.

TheprocessalsoallowsforemployeeparticipationrightswhicharenotafeatureofSchemesorPrivateCompanyorPLCMergers.

TheprocesstoimplementaCross-BorderMergeris,asageneralcomment,morestreamlinedthantheprocessforaScheme.

PrivateCompanyMerger

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10PrivateCompanyMerger

The2014Actprovides,forthefirsttimeunderIrishlaw,foranewformofmergerthatcanbeeffectedbetweenprivatecompaniesincorporatedinIreland(“PrivateCompanyMerger”).Theprocedureisonlyavailablewherenoneofthemergingcompaniesareaplcandone,atleast,ofsuchcompaniesisaprivatecompanylimitedbyshares.

TheprocesstobefollowedinimplementingaPrivateCompanyMergerisverysimilartotheCross-BorderMergerprocess,astherelevantprovisionsofthe2014Acthavebeenmodelledonthe2008Regulations.

AlloftheassetsandliabilitiesofoneormoreTransferorCompaniescanbetransferredtoaSuccessorCompany;theTransferorCompaniesarethendissolvedwithoutgoingintoliquidation.

Inbroadterms,themergermaytakeeffectasfollows:

(a)thedirectorsofboththeTransferorandTransfereepreparetherelevantmergerdocumentationwhichmustbefiledintheCompaniesRegistrationOffice(“CRO”)andpublishedintheCROGazetteandonenationalnewspaper;

(b)aftera30dayperiodhaselapsed,thecommondrafttermsofmergermustbeapprovedbyaspecialresolutionpassedatageneralmeetingofeachofthemergingcompanies;and

(c)theTransferorandTransfereemaythenmakeajointapplicationtotheCourtforanorderconfirmingthemerger.

Asanalternativetotheprocessabove,the2014Acthasintroducedasimplifiedprocesswhichcanbefollowedbycompaniestoimplementcertainactivities(whichwouldotherwisebesubjecttorestrictionsunderthe2014Act),knownasthesummaryapprovalprocedure(“SAP”).TheSAPmaybeusedtoimplementamergerandinvolvesthefollowingsteps:

(a)adeclarationofsolvencythatcomplieswithSection206ofthe2014Acttobeswornbythedirectors/amajorityofdirectorsofeachofthemergingcompanies;

(b)thedeclarationreferredtoat(a)abovemustbeaccompaniedbyadocumentpreparedbythedirectors/majorityofdirectorsofeachoftheTransferorandTransfereeconfirmingcertainparticularswithrespecttothemerger;and

(c)aunanimousshareholderresolutionapprovingthemerger.

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11PrivateCompanyMerger

Points to Note

AsthePrivateCompanyMergerisanewprocedure,thereislimitedprecedentinIrelandwithrespecttosuchmergerstodate.

TheavailabilityoftheSAPforthepurposesofaPrivateCompanyMergerisusefulasitremovescourtinvolvementwhichcanbecostlyandtimeconsuming.TheCourtprocesswillremainrelevantforPLCMergersassuchcompaniescannotavailoftheSAPtoeffectamerger.

AstheTransferordissolvesautomatically,apre-mergerreorganisationmayberequiredinordertotransferassetsand/orliabilitiesoftheTransferorelsewherewithintheGroupwhereitisnotintendedthatsuchassetsorliabilitiesaretotransferaspartofthemerger.

NoemployeeparticipationrightsariseunderaPrivateCompanyMerger(bycontrastwithaCross-BorderMerger).

APrivateCompanyMergermaynotbelegallyeffectiveinthecaseofcontractswhicharenotgovernedbyIrishlaw.Dependingontherelevantgoverninglaw,itmaybenecessarytoassignornovatecertaincontractsoutsidethemergerprocess.Similarly,themergermaynotbeeffectivetotransferassetsoftheTransferorlocatedoutsideofIreland.ThesameChangeofControlissuesariseaswithaSchemeandaCross-BorderMerger.

PartialtransfersarenotachievableunderaPrivateCompanyMerger.The2014Actdoeshoweverprovidefordivisionsofprivatecompaniesandasubsequentmergerprocessortransactioncouldbeconductedwiththerelevantpartofthedividedentity.Anotificationto,ortheapprovalof,theCentralBankmayberequiredandanyrelevantregulatoryissuesinjurisdictionsoutsideIrelandneedtobeaddressed.

PLCMerger

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13PLCMerger

Process

The2014ActintroducesaprocessforthemergerofpubliclimitedcompaniesregisteredinIreland(“PLCMerger”),whichreplacesthepreviousregimegoverningPLCMergersundertheEuropeanCommunities(MergersandDivisionofCompanies)Regulations1987.Thismechanismisavailableunderthe2014Act,providedatleastoneofthemergingcompaniesisaplc.

APLCMergerisverysimilartoaCross-BorderMerger,astherelevantprovisionsofthe2014Acthavebeenmodelledonthe2008Regulations.

InordertoimplementaPLCMergerthedirectorsofboththeTransferorandTransfereemustpreparetherelevantmergerdocumentationwhichmustbefiledintheCROandbepublishedintheCROGazette.

Aftera30dayperiodhaselapsed,thedrafttermsofmergermustbeapprovedbyaspecialresolutionpassedatageneralmeetingofeachofthemergingcompanies.TheTransferorandTransfereemaythenmakeajointapplicationtotheCourtforanorderconfirmingthePLCMerger.

TheCourtmaymakeanorderconfirmingthePLCMergerprovidedtherequirementsofthe2014Acthavebeencompliedwithandproperprovisionhasbeenmadeforanydissentingcreditorsorshareholders.Holdersofsecuritiesotherthansharesmust,incertaincircumstances,begiventhesameinterestsintheTransferee.TheorderoftheCourtwillcausealltheassetsandliabilitiesoftheTransferorCompanytotransfertotheTransfereeCompanyinaccordancewiththedrafttermsofmergerasapprovedbytheCourt.TheTransferorisdissolvedonthemergerbecomingeffective.


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14PLCMerger

Points to Note

AsthePLCMergerisanewprocedure,thereislimitedprecedentinIrelandwithrespecttosuchmergersunderthe2014Acttodate.

AstheTransferordissolvesautomatically,apre-mergerreorganisationmayberequiredinordertotransferassetsand/orliabilitiesoftheTransferorelsewherewithintheGroupwhereitisnotintendedthatsuchassetsorliabilitiesaretotransferaspartofthemerger.

NoemployeeparticipationrightsariseunderaPLCMerger(bycontrastwithaCross-BorderMerger).AswithaSchemeandthePrivateCompanyMerger,aPLCMergermaynotbeeffectiveforthepurposesofnon-Irishlawgovernedcontractsand/orthetransferofassetsoutsideofIreland.ThesameChangeofControlissuesalsoariseaswithaScheme,aCross-BorderMergerandaPrivateCompanyMerger.

PartialtransfersarenotachievableunderaPLCMerger.

InsurancePortfolioTransfer

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Process

Aportfoliotransfer(“PortfolioTransfer”)involvesthetransferoftheinsuranceassetsandliabilities(oraportionthereof)ofoneauthorisedinsurer(the“Transferor”)toanotherauthorisedinsurer(the“Transferee”)andisaprocesswhichisrecognisedthroughouttheEU/EEA.

InordertotransferinsurancebusinesswhichhasbeenconcludedinIreland,section13oftheAssuranceCompaniesAct1909andsection36oftheInsuranceAct1989requirethatanapplicationforcourtsanctionismadebywayofpetitiontotheIrishHighCourt.Inaddition,theEuropeanUnion(InsuranceandReinsurance)Regulations2015alsorequirethattheIrishHighCourtsanctionsanyschemeofassignmentortransferofinsurancebusinessconcludedinIreland.

InordertoobtaintheapprovaloftheHighCourt,certainconditionsarerequiredtobefulfilledincludingthefollowing:

•theconsentoftheCentralBankmustbeobtained.TheCentralBankwillinturnliaisewithanyotherrelevantregulatoryauthorities(includingtheregulatoryauthorityresponsibleforsupervisingtheTransferee);

•policyholdernotifications(includinganindependentexpertreport,wherenecessary)musthavebeenmadeintheapprovedformat;and

•anypublicationrequirementsimposedmusthavebeensatisfied.

TheinsurancebusinessoftheTransferorisconsolidatedintotheinsurancebusinessoftheTransferee,withouttheTransfereehavingtoacquirethecorporateentityoftheTransferor.

ItispossibleaspartofaPortfolioTransfertoobtainanancillaryorderfromtheIrishHighCourtundersection36ofthe1989Act(“Section36”)whicheffectsthetransferofnon-insuranceassetsandliabilitiesoftheTransferortotheTransferee.

Points to Note

Adisadvantageisthatwherethenon-insuranceassetsandliabilitiesoftheTransferorarelocatedinEU/EEAMemberStatesoutsideIrelandorwherecontractstowhichtheTransferorisapartyaregovernedbythelawofanEU/EEAMemberStateotherthanIreland,thereissomedoubtastotheeffectivenessofanordergrantedunderSection36totransfersuchassetsandliabilities.RecentpracticeinIrelandthereforehasbeentoeffectthetransferofinsuranceassetsandliabilitiesbywayofaPortfolioTransferandthenon-insuranceassetsandliabilitiesbywayofaCross-BorderMerger.


Statutoryschemefortransferofbankingbusiness

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18

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18Statutoryschemefortransferofbankingbusiness

Process

ThetransferofassetsandliabilitiesrelatingtoabankingbusinessfromoneIrishlicensedbank(ora“passportedbranch”ofanEUCreditInstitution)toanotherIrishlicensedbank(ora“passportedbranch”ofanEUCreditInstitution)maybeeffectedbywayofastatutoryschemeoftransferassetoutinPartIIIoftheCentralBankAct1971(the“1971Act”).

Thepartiesmustsubmitaschemeforthetransfer(“BankSchemeofTransfer”)totheMinisterforFinance(the“Minister”)forhisapproval.TheBankSchemeofTransfershouldbesubmittednotlessthanfourmonthspriortotheproposedtransferdate.

TheMinister,afterconsultationwiththeCentralBank,willeitherapproveordeclinetoapprovetheproposedBankSchemeofTransferbyordernotlessthantwomonthsbeforethetransferdate.

ThestepstoeffectaBankSchemeofTransferareasfollows:

•ABankSchemeofTransferisdrafted,togetherwitharelatedtransferagreement;

•TheCentralBankandtheDepartmentofFinance“pre-clear”thedraftBankSchemeofTransferinadvance(thisreviewgenerallytakesaboutonemonth);

•TheBankSchemeofTransferandexecutedtransferagreementmustbesubmittedtotheMinisterforFinanceatleastfourmonthspriortotheproposedtransferdate;

•TheMinister,afterconsultationwiththeCentralBank,willeitherapproveordeclinetoapprovetheproposedBankSchemeofTransferbyorder(effectedpursuanttoaStatutoryInstrument)notlessthantwomonthspriortotheproposedtransferdate;and

•FollowingtheapprovaloftheBankSchemeofTransferbytheMinister,noticeoftheBankSchemeofTransfermustbepublishedinatleastonedailynewspaperatleastonemonthpriortotheproposedtransferdate.

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19

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19Statutoryschemefortransferofbankingbusiness

Points to Note

OneadvantageofaBankSchemeofTransferisthatanypotentialissueswillbeidentifiedinthepre-clearancephaseandcanberemediedpriortotheformalsubmissionoftheBankSchemeofTransfertotheMinister.Theriskofissuesemergingwhichmayaffectthetimetableisreduced.

TheBankSchemeofTransfermaynotbelegallyeffectiveinthecaseofcontractswhicharenotgovernedbyIrishlawif,undertherelevantgoverninglaw,theBankSchemeofTransferwouldnotberecognised.Stepsmayneedtobetaken,dependingontherelevantgoverninglaw,inordertoassignornovatethesecontractsoutsidetheBankSchemeofTransferprocess.Similarly,aBankSchemeofTransfermaynotbeeffectivetotransferassetslocatedoutsideIreland.

ThereisnoCourtprocess,whichreducescostsandtherelatedimpactontiming.

Adisadvantageisthetimelineassociatedwiththisprocess.Documentationmustbefinalisedatleastfivemonthspriortotheproposedtransferdate.

ThereissomedebateastotheextentofassetswhichmaybetransferredunderaBankSchemeofTransfer,however,theDepartmentofFinanceandtheCentralBankhaveapprovedBankSchemesofTransferwheretheassetsandbusinessesincludedwerenotspecificallyreferencedinthe1971Act.

The1971ActhasbeenamendedtoprovidespecificallyforBankSchemesofTransferswhich,intheopinionoftheMinister,areintendedto“preserveorrestorethefinancialpositionofthetransferorortransferee”.Theprocessunderthe1971Acthasbeenadaptedtoapplyinthatsituation.ThechangeswereintroducedundertheCreditInstitutions(Stabilisation)Act2010andwerepartofthemeasurestodealwiththeIrishbankingcrisis.

CompaniesAct2014

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21

InadditiontothemechanismsformergingfinancialbusinessesdescribedpreviouslyinthisGuide,the2014Actincludesthefollowingprocedureswhichmaybeusefulwhenimplementingsuchtransactionsorre-organisations.

Divisions of Private Companies

The2014Actprovidesforthedivisionofprivatecompanies.Ina“divisionbyacquisition”twoormorecompaniesacquirebetweenthemalltheassetsandliabilitiesofanothercompanyinexchangeforsharesinthosecompanieswithorwithoutanaccompanyingcashpayment.Thetransferringcompanyisdissolvedwithoutgoingintoliquidation.Ina“divisionbyformationofnewcompanies”,thesameprocessisfollowedsavethattheacquiringcompaniesarenewlyformed.

Thedivisionprocessissimilartothemergerprocessunderthe2014Act,howevertheSAPwhichisavailableforthepurposesofmergingIrishprivatecompanies,maynotbeemployedforthepurposesofadivisionofacompany.

Commondrafttermsofdivisionand,incertaincases,adirectors'explanatoryreportandanexpert'sreporttoshareholdersmustbeprovided.EachcompanyinvolvedinthedivisionmustpassspecialresolutionsapprovingthedivisionandthedivisionmustthenalsobeconfirmedbytheHighCourt.

Share Capital Reduction

WhenimplementingthedifferenttypesofmergerreferredtointhisGuide,itmaybedesirableornecessarytoreduceacompany'ssharecapital.UnderthepriorCompaniesActs,acapitalreductionrequiredashareholderresolutionwhichwasconfirmedbyCourtorder.The2014Actintroducedasimplifiedprocessforcompanies(otherthanplcs)toeffectacapitalreductionnamely,theSAP.

The2014ActalsomodifiedtheCourtprocessbyshiftingthetimingoftheadvertisementofthereduction.

TheCourtprocessremainsrelevantforplcsassuchcompanieswillnotbeabletoavailoftheSAPtoeffectacapitalreductionanditstillopentoallcompaniestofollowtheCourtprocessinsteadofavailingoftheSAP(ifpreferable).

UsingtheSAPtoimplementacapitalreductionrequires:

(a) adeclarationofsolvencyinrespectofthecompanytobeswornbyitsdirectors/amajorityofitsdirectors;

(b) areportofapersonwhoisqualifiedtobethecompany'sstatutoryauditorwhichwouldstatewhether,inthatperson'sopinion,thedirectors'declarationisnotunreasonable;and

(c) theapprovalofaspecialresolutionofshareholders(75%threshold).

CompaniesAct2014

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22

Variation of Capital on Reorganisation

The2014Actincludesprovisionswherebyacompanymaytransferordisposeofassetsand/orliabilitiesorundertakingstoatransfereecompanyinexchangeforsecuritiesinthetransfereecompanybeingallottedtomembersofthecompanyoritsholdingcompany(ratherthanthecompanyitself).Suchatransactionwaspreviouslyregardedasadistributionwhichwasrequiredtobesupportedbydistributablereserves.Ifsuchreserveswereunavailablethenthetransactionconstitutedaformofcapitalreduction.Aswithacapitalreduction,suchavariationiscapableofbeingimplementedbyusingtheSAPasoutlinedabove(unlesstherelevantcompanyisaplc)orbyfollowingtheCourtprocesswhichisidenticaltotheCourtprocessinrespectofacapitalreduction.

CompaniesAct2014

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23ComparativeAnalysisTable

SchemeCross-BorderMerger

PrivateCompanyMerger

Division(PrivateCompany)

PLCMerger


ReinsurancePortfolioTransfer

BankSchemeof Transfer

5 36613078.1

Legallyeffective throughoutEU/EEA.

Notnecessarily.DueDiligencerequired.





Yes.

Yes.

Yes.

Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes.

Yes. Yes. Yes. Yes.

Yes. Yes. Yes.No. No. No. No.

No. No.

Yes.

Yes butsomequestionmarks overIrish process.

PartialTransferspossible.

CourtApplicationrequired.

Only ifSAP notavailed of.

Effectiveto mergeany typeof asset.

Yes,apart frominsurancebusiness.





Onlyinsurancebusiness

Onlyreinsurancebusiness.

Some doubtabout theambit of this.

Can Changeof Controlclauses betriggered?

03.0

3.16

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