TOM SOLICITORS

ENewsletter

Volume 2 Issue 1

Q1 2016

Corporate Structure
Employment Review
Transactional Services
Due Diligence Review
Financial Transactions
WWW.TOMSOLICITORS.COM
CONTACT US: 0818 286 116
EMAIL: INFO@TOMSOLICITORS.COM

TOM Solicitors Always Practical Advice

Message from Managing Partner

Let me begin by sending best wishes to you all for 2016. It promises to be an
interesting year as we look back at the events of 1916 and forward to the
32nd Dil.

VIEW
PROFILE

Thomas OMahoney
Managing Partner

OUR SERVICES

COMPANY STRUCTURE &

INCORPORATION

EMPLOYMENT LAW

CORPORATE GOVERNANCE STRUCTURE

BANKING

FINANCIAL RESTRUCTURING

FINANCIAL SERVICES & REGULATION

LOAN & CREDIT FACILITIES

CONTRACT LAW

PROPERTY LAW

LITIGATION

WILLS & PROBATE

All indications suggest that 2016 will be another year of steady growth and
TOM Solicitors have been extremely busy in the initial period of 2016. Weve
launched a new website and are delighted to announce that TOM Solicitors
have been added to the legal panels for both Permanent TSB and Allied Irish
Bank (AIB). Naturally, we are delighted our firm has been recognised by two
pillar Irish lending institutions. This is a fantastic achievement that will
hopefully lead to significant efficiencies in the services we can provide for our
clients and also serve to build our firms reputation within the financial sector.

TOM Solicitors has joined forces with Clio Connect in the establishment of an
efficient Practice Management System. This integration allows for seamless
and transparent interactions between the firm and our clients.
Over the past number of months we have seen a surge by lending institutions
enforcing their security on family homes & PDHs. Our office has been
working with high volume clients in order to establish new channels of
communications with relevant banks and asset management companies in
order to find resolutions. To date, there appears no cohesive plan adopted by
lending institutions to tackle mortgage arrears at residential level. Each case
appears subjective in nature! However, we are finding that lenders are
engaging with borrowers and we would encourage borrowers to engage or
(in certain cases) re-engage with lenders to seek resolutions on their arrears
situation. Our office is assisting borrowers at all levels to address mortgage
arrears difficulties!
2016 promises to be interesting year for small and medium business. While
the government has provided certain incentives to SMEs and small growth
business, one wonders will same be enough to see a substantial increase in
small business growth for rural areas?
As like many of our clients, we too look forward to an exciting 2016!
With friendly thanks and best wishes,

____________________
Thomas OMahoney
Managing Partner TOM Solicitors

WWW.TOMSOLICITORS.COM
CONTACT US: 0818 286 116
EMAIL: INFO@TOMSOLICITORS.COM

TOM Solicitors Always Practical Advice

Our solutions are geared toward client need

Supreme Court interprets close of business as being 4pm

FIRM NEWS

The Supreme Court has found that a Receiver was

validly appointed, after upholding the trial judges
finding that the close of business had been correctly
interpreted by the bank as being 4pm. The Supreme
Court found that the trial judge had been correct in
finding that close of business meant by 4pm that day,
as that was the end of the banking day. The Court
noted that the end of the banking business day is the
point in time when the relevant bank ceases to do banking business with its
customers. In the matter before the Court, the trial judge found, in the case of IBRC,
the end of banking business occurred at 4pm on Friday, 17th February, 2012.
The second issue before the Court was in relation to when a Receiver could validly be
appointed? The Supreme Court noted that one might ask why should IBRC have to
wait a minute, as distinct, from, say, a nanosecond, which I understand means one
thousand millionth of a second, before exercising its power? That rather facetious
question does not have to be answered because once the deadline is reached and the
prerequisite is satisfied by non-receipt by IBRC of the payment demanded, the
power to enforce the security is exercisable.
Accordingly, the appeal that the Receiver was not validly appointed was rejected by
the Court. The Supreme Court found that the trial judge was correct in interpreting
by close of business as meaning by 4pm. The proper interpretation of the
preposition by in the phrase is that it indicates the deadline for receipt by IBRC of
the payment demanded. The deadline occurred at 4pm, whereupon IBRC was
entitled to enforce its security. The appeal was therefore dismissed!!!

Are Irish Borrowers ignoring huge savings to be made by NOT

switching their mortgage?
Check out our link to the CPC calculator
and see what savings you can make to
your mortgage by considering switching.
Switching
difficult!!!

your

mortgage

is

not

Many borrowers in Ireland have had their mortgage for a number of years but have
never checked to see if they could get a better deal in the current market. Many have
had difficulties obtaining a mortgage to begin with! They believe that switching their
mortgage will be just as difficult as acquiring it day one, and therefore, dont even
consider switching. To ignore the options available would be to cut off the nose to
spite the face!
The reality is this! If borrowers are on variable-rates or coming to the end of fixedrate mortgages they could potentially make savings by switching their mortgage.
Note our example based on current lending rates and offers available on the market:
John has a remaining balance on his mortgage of 250k. His house is
worth 350k. The remaining term on his mortgage is 25 years. His current
monthly payment is 1,300 on a variable interest rate.
Based on current lending rates, John could potentially save 121 a month
or 36,440 over the lifetime of his mortgage if he switched.

WWW.TOMSOLICITORS.COM
CONTACT US: 0818 286 116

In general, borrowers are not availing of the options currently available to them to
switch their mortgage. The savings to an average mortgage are significant over the
lifetime of the mortgage term. Worth considering??? Contact Us

TOM Solicitors Always Practical Advice

STORY FROM ACROSS THE

WATER
ATTORNEY ASLEEP FOR MOST OF THE TRIAL
An appeal court in the US overturned a man's
conviction for prostitution and drug trafficking
offences because his attorney was asleep for most of
the trial.
Nicholas Ragin, who was sentenced to 30 years in
prison in 2006, accused his court appointed attorney
Nikita V. Mackey of ineffective counsel.
In a post-trial sworn affidavit, he said: "Counsel fell
asleep twice during trial, which more than shows his
lack of interest and dedication to my case."
Witnesses said Mr Mackey slept "almost every day
morning and evening" for around half an hour each
time.
In a written decision, appeal judges observed: "There
were no witnesses that testified that Mackey was
not asleep - not even Mackey."
They ruled that "a defendant is deprived of his Sixth
Amendment right to counsel when counsel sleeps
during a substantial portion of the defendant's trial".
US Attorney Jill Westmoreland Rose has confirmed
that she is "committed to retrying Mr Ragin for the
crimes he committed".

Article taken from Irish Legal News dated

FIRM UPDATE
TOM Solicitors joins Banking Panels

TOM Solicitors were entered onto the legal panels of both Permanent TSB and
Allied Irish Banks in early 2016. This marks a significant step towards
establishing the firms reputation with household named banks in the Irish
market and further establishing our firms brand within the financial sector.
Over the coming year ahead we hope that joining such distinguished panels will
lead to further success within the financial sector.

TOM Solicitors partners with Clio Connect

TOM Solicitors have partnered with Clio Connect allowing for seamless
integration of our previous practice management system. Partnering with Clio
Connect allows for greater client interaction and confidentiality. Through the
integration of the Clio platform we have the ability to interact with our clients
and our clients have the ability to see their case progress on a live basis. It
allows for transparency in relation to client billing and documentation but
allows for greater interaction on a secure platform between our office and our
clients.
Existing clients click here to visit Clio Client Portal

TOM Solicitors launches new website

TOM Solicitors are delighted to announce the launching of the firms new
website. The website provides existing clients and prospective clients with a
view of our firms services and allows them to keep up to date on changes within
specific legal sectors. We invite our clients to view our website on a continual
basis for interesting articles and updates throughout the year!
Please click here to view our website

TOM Solicitors Always Practical Advice

WANT MORE INFORMATION?

Contact US

Our role is to provide our clients with affordable legal

services.
Our services are adapted to save clients time and our
solutions are geared to allowing clients to make
fundamental decisions regarding legal issues.
We understand that legal costs are ever-increasing for
clients. However, flaws in corporate structure, no
documentation for material contracts or lack of a noncompete agreements for key employees can pose a
greater risk to your business than many overheads on
your profit & loss account.

CONTACT US ON THE DETAILS BELOW IF YOU WANT

TO DISCUSS HOW WE CAN HELP IMPROVE YOUR
SITUATION!

TOM Solicitors Always Practical Advice

TOM SOLICITORS
Main Street, Ardfinnan,
Clonmel, Co. Tipperary
0818 286 116
info@tomsolicitors.com
www.tomsolicitors.com