The Irish Independent has reported that a record number of litigants will seek to have cases heard this week in the Commercial Court, which was set up five years ago to fast track multi-million euro business disputes.
This special court, which became operational in January 2004, heralded a new approach to commercial litigation in Ireland. It was set up to send a message to the world that Ireland is a good place to do business and resolve costly disputes
Among the applications will be attempts to sue Dublin-based Thema International Fund plc, which invested with disgraced US "Ponzi Prince" Bernard Madoff.
The Independant has reported that the Irish arm of banking giant HSBC is facing another court action here arising from the bankruptcy of alleged $50bn fraudster Bernard Madoff and his companies.
Kalix Fund Ltd, registered in the British Virgin Islands, is suing HSBC Institutional Trust Services (Ireland) Ltd, Grand Canal Square, Dublin, for $35m given by Kalix for investment purposes to a sub-fund of Thema International Fund plc, and later allegedly passed on to Madoff companies by the HSBC company.
The Financial Times has reported that Ireland, easily the best performing eurozone economy since the birth of the single currency, this week became the first in the 15-country region to fall into recession.
As I already said, a financial center cannot base a sustainable growth on tax advantages to attract companies.
Which financial center will be next to face reality? I am afraid Luxembourg as the development model has not been changed and is still promoted.