Maples Group > Dublin, Ireland > Firm Profile

Maples Group
75 ST STEPHEN'S GREEN
DUBLIN 2
Ireland

Ireland > Banking and finance Tier 1

Maples Group continues to be a frequent counsel to lenders and borrowers, with a notable upswing in pandemic-related engagements from the retail and hospitality industries. Real estate investment, development and acquisition finance grew for the firm towards the end of 2020 and into 2021, along with Covid-19 Guarantee Scheme mandates. Fund financing remains a key forte for the firm in Dublin with the firm representing a series of major fund borrowers. It has also maintained solid connections to Ireland’s pillar banks. Elizabeth Bradley is an established name in the market, frequently advising on a wide range of financing products and loan portfolio sales. Sarah Francis continues to cement her standing in new money lending, restructurings and loan portfolio transactions, while Alma O’Sullivan is another emerging talent. Vanessa Lawlor and Nichola O’Reilly were promoted to of counsel in 2021 and 2022, respectively.

Practice head(s):

Alma O’Sullivan; Elizabeth Bradley; Sarah Francis

Other key lawyers:

Vanessa Lawlor; Nichola O’Reilly

Key clients

Allied Irish Bank, plc.

The Governor and Company of the Bank of Ireland

Ulster Bank Ireland DAC

Real Estate Loan Management

Madison International Realty

Marathon Asset Management, LP

Goldman Sachs International

Urban Volt Limited

Natixis

Fortress Investment Corp LLC

Tristan Capital Partners LLP

Nuritas Limited

Lloyds Bank plc

HSBC Bank plc

Bain Capital Credit

Barclays Bank PLC

Legal & General Assurance Society

New Fortress Energy

National Westminster Bank Plc

Teamwork Holdings Limited

Santander UK plc

Ireland > Investment funds Tier 1

Maples Group is a global titan in the investment funds arena and through its substantial Dublin presence it has become a recognised leader in the Irish market. The funds and investment management group features 17 partners and some over 50 investment funds specialists. It is at the forefront of key industry trends such as ESG and sustainable finance, and the revised Irish Investment Limited Partnership (ILP) structure. The firm is a leader in private equity and private credit funds, and advised Bain Capital Credit on the authorisation of Bain Capital Special Situations Europe II ILP by the Central Bank of Ireland, the first ILP authorised by the Central Bank under the new Investment ILP Act. Peter Stapleton leads the Dublin team, which includes senior names Stephen Carty and John Gallagher, who are noted for regulatory matters, along with Eimear O’Dwyer and ESG funds expert Ian Conlon.

Practice head(s):

Peter Stapleton

Other key lawyers:

Stephen Carty; Adam Donohue; Ian Conlon; Eimear O’Dwyer; John Gallagher; Deirdre McIlvenna; Philip Keegan; Lorna Smith; Aaron Mulcahy; Ronan Cremin; Niamh O’Shea

Testimonials

‘To me, what sets Maples apart is their strength in depth and their dedication to understanding our business. They are the outstanding market leader in Irish investment funds.’

‘Peter Stapleton is unquestionably a market leader in Irish investment funds. He is widely regarded as the best funds and investment management lawyer in Ireland and is trusted and respected by industry peers, the Central Bank and Irish Government.’

‘John Gallagher has a deep knowledge about the Irish funds and the regulatory environment. John provides us with excellent insights on a consistent basis.’

‘Stephen Carty, the head of Financial Services Regulatory, is very knowledgeable on the technical aspects of MiFID and navigating the PRISM regime. Lorna Smith has recently joined the team and brings a wealth of experience on the insurance and credit servicing side.’

‘Ian Conlon is exceptional, he has incredible knowledge of the ESG and sustainable investment space.’

‘Eimear O’Dwyer is excellent, extremely practical and thoroughly focussed on delivering for our business.’

‘Adam Donoghue is very strong on the private equity side. He led the team on the first ILP launched earlier this year.’

‘The Maples partners are all extremely knowledgeable and experienced investment funds and regulatory lawyers. They are supported by an exceptional group of bright, commercially focussed associates. I would see them as being quite a progressive firm, there is always a good blend of gender diversity amongst their teams and they are the only Irish law firm to have scale overseas with dedicated Irish funds teams based in North America, UK and Asian markets. I am also very impressed with the Maples technology offering, they seem ahead of their peers on that front and increasingly think of a “full service” offering to their funds clients.’

Key clients

Amundi

Russell Investments

Neuberger Berman

HarbourVest Partners

Sagard Holdings

TPG Global

Brilliance Asset Management

Kohlberg Kravis Roberts & Co (“KKR”)

Blantyre Capital

8F Aquaculture ICAV

Kontiki Capital Management

Bain Capital Credit

Marshall Wace

Blackstone Group

Man Group

CVC Capital Partners

Starz Real Estate

Domain Capital Group

Marathon Asset Management

Artisan Partners

Deutsche Bank

Insight Investment

Tudor Capital

Nippon Value Investors

BennBridge Capital

Citigroup

Credit Suisse

Morgan Stanley

Goldman Sachs

Banco Santander International

IPM Informed Portfolio Management AB

Arctic Fund Management

Earnest Partners

AXA Investment Managers Paris

SMT Capital

Invesco

MontLake

Guggenheim Partners

Portolan Capital Management

StepStone Global

Marcho Partners

Qube Research & Technologies

IAM Investments

Waterfall Asset Management

Troy Asset Management

Jupiter

Northern Trust Asset Management

Coronation Fund Managers

Selwood Asset Management LLP

Winton Capital

Sanderson Asset Management LLP

Nomura Investment Solutions plc

Innocap Investment Management Inc.

Sanlam Investment Management Holdings

Sector Asset Management

Avestus Capital Partners

Kepos Capital

Cardinal Capital Group

36 South Capital Advisors

Lansdowne Partners

Invest AD

7IM

Aksia

AKO Capital

Emso Asset Management

Metlife Investment Management

AllianceBernstein LP

Troy Asset Management

Greencoat Capital

BC Partners

Algebris Investments

Shenkman Capital

Eminence Capital

Work highlights

  • Acted as lead counsel for the SFDR implementation project for the Neuberger Berman Group, across both their retail and private equity business.
  • Advised Bain on the first ILP authorised by the Central Bank of Ireland under the new Investment Limited Partnership (Amendment) Act 2020.
  • Advised Amundi, Europe’s largest asset manager, on a significant regulatory conversion to restructure its Irish investment management business as a ‘super-ManCo’.

Ireland > Asset finance Tier 2

Maples Group brings an additional international dimension to the aviation finance segment in Ireland, thanks to its strong asset finance expertise in London, Singapore and other key centres. The firm has an impressive client base of airlines, lenders, lessors and investors. Mary O’Neill is an experienced professional in asset–backed securitisations, portfolio asset sales and purchases, and operating and finance lease structures. She frequently works alongside London partner Donna Ager , who brings further international and Irish law expertise to the Dublin practice.

Practice head(s):

Donna Ager; James Kinsley

Other key lawyers:

Mary O’Neill

Testimonials

‘The team is responsive and “knows its topic”.’

‘Mary O’Neill is very approachable and is very responsive on matters of Irish Law.’

‘The Maples Ireland team are very responsive. We work with them for many clients on aviation finance, leasing and trading transactions.’

‘Donna Ager – heads the team, very commercial and straight talking. Experienced in Aviation Finance.’

Mary O Neill – also excellent, very personable and well liked by clients. Runs an efficient team.’

Key clients

Amedeo

Altavair

ABL Aviation

Avolon

Accipiter

Air Asia

Bain Capital

Cross Ocean Partners

Deucalion (MLFG)

Deutsche Bank

Goshawk

Guggenheim

Airbus Financial Services

Avolon Aerospace

Novus Aviation

DVB Bank

Falko

Dubai Aerospace Enterprise (DAE) Ltd.

Investec Bank

Infinity Transportation

Elix Aviation Capital

JP Morgan

China Exlm

Santander Bank SA

SMBC Aviation Capital

Societe Generale

Sky Leasing

KKR

PIMCO

Flight Lease

Waterfall Asset Management

Volofin

Work highlights

  • Advised Avolon and the issuer group on all Irish and Cayman law aspects of a $620m asset-backed securitisation.
  • Advised Bain Capital Credit, in partnership with Windward Aircraft Management Company Limited as asset manager, on the acquisition of a portfolio of four aircraft, on lease to four different operating lessees.
  • Acted as Irish counsel and Cayman counsel to Sky Leasing on a newly formed aircraft finance and leasing structure for the initial acquisition and leasing 11 new and used aircraft.

Ireland > Capital markets Tier 2

Maples Group is a notable player in the CLO market, recognised for its role as regular counsel to collateral manager clients. The Dublin team is also able to rely on the support and expertise within the wider firm, particularly in understanding both US and European CLO markets. In the repackaging sphere, the firm advises a number of global banks in connection with Irish products. It is also acknowledged for its expertise in combining DCM and investment fund technologies for global asset and specialist investment managers to create specialist Irish SPV issuer platforms. The ECM team is best known for cross-border transactions, including SPAC IPOs. Stephen McLoughlin has become a prominent figure in the Irish structured finance market, including in CLO, RMBS and other securitisation structures. Callaghan Kennedy is another key partner in CLOs and other asset-backed securitisations, while Patrick Quinlan is a senior practitioner in the ECM field. Structured finance expert Nichola O’Reilly made of counsel in 2022.

Practice head(s):

Stephen McLoughlin

Testimonials

‘The team is deep and has a longstanding experience in all areas of capital markets including particularly European CLOs. They have a great US CLO practice out of Cayman and their Dublin office complements this well for the European CLO practice. Outside of CLOs, where they are pre-eminent, they have an excellent general structured finance and financing practice.’

‘We work with Stephen McLoughlin and Cal Kennedy. Both are excellent, extremely responsive and know both the technical law and their markets extremely well. They are great fun to deal with and don’t take silly points, having an excellent judgement as to what is important on a deal that comes from seeing such a large swathe of their market.’

Key clients

Liberty Global

Carlson Travel

Cabot Financial UK

Goldman Sachs International

Citibank

Barclays Capital

Mizuho International

Bank of America Merrill Lynch

Morgan Stanley

HPS Investment Partners LLC

Fair Oaks Capital Limited

TwentyFour Asset Management LLP

Cabot Financial UK

BlueBay Asset Management LLP

Spire Partners

North Wall Capital

Capital Four Management

Nomura International plc

Guggenheim Partners Europe Limited

Goldentree Loan Management LP

CIFC

Invesco Senior Secured Management Inc

Angelo Gordon

Palmer Square Capital

Natwest Markets plc

Voya Investment Management

Neuberger Berman

Draper Esprit Plc

J&E Davy

Guggenheim

HSBC

Elliott Management

Senvest

Work highlights

  • Advised on the tap issuance of $90m senior secured notes due 2027, providing finance to Liberty Communications PR Holdings effected by way of a private placement with specific investors, and a new issuance of $820m secured notes due 2029 by LCPR Senior Secured Financing.
  • Acted as Irish counsel to both Splitit Treasury Europe Designated Activity Company and Goldman Sachs Bank USA on a $150m receivables funding facility for Splitit Payments Limited.
  • Advised Palmer Square Capital Management in relation to the issue of €356m tranched CLO notes which were listed on the Global Exchange Market of the Euronext Dublin by Palmer Square European CLO 2021-2 Designated Activity Company.

Ireland > Commercial, corporate and M&A Tier 2

Maples Group has an outstanding record in domestic and cross-border M&A, most notably in the healthcare and technology sectors. The firm is also a burgeoning force in private equity and venture capital investments. Colm Rafferty co-heads the Dublin corporate group, with a notably strong record in technology deals, including private equity and venture capital investments. Head of the equity capital markets team, Patrick Quinlan is another leading practitioner in the team, noted for both public and private M&A, and the practice’s senior ranks were strengthened in March 2022 with the promotions of Morgan Pierse to partner and William Darmody to of counsel. Former Dublin-based global head of the corporate group Edward Miller has retired from the firm.

Practice head(s):

Colm Rafferty

Testimonials

‘Specialised in fundraising and M&A activity. Deep knowledge and provide practical and commercial advice.’

Key clients

Access Control Real Estate

Advanced Manufacturing Control Systems

Air Transat

Airsynergy

Altify (previously called The Target Account Selling Group)

Altocloud

Anuland

Apollo

Arachas

Argos Soditic

Arista Networks

Asavie

Assa Abloy

Avolon

Beats Medical

BidX1

Bio-Medical Research (t/a Slendertone)

Bizimply

Boxever

Buymie Technologies

BGF

Brightflag

Cainthus

Cantor Fitzgerald

Carav Holdings

Cardinal Carlyle

Carroll’s Meats

Cashel Fund plc

Cimpress

CityJet

Cityswifter

Clavis Insight

Clean Communications Limited

Conrad Hotel

Core Computer Consultants Limited

CoreHR

Credit Suisse

CurrencyFair

Decawave

Digital Marketing Institute

DoTERRA

Draper Esprit

Emerald Airlines

Equity Zen

Euroforest

Fieldaware Group Limited

Firmwave

First Analysis

Firwave

FLYEfit

Fundrecs

Gael Form Limited

GC Aesthetics

Greenfield Global

Greyhound Waste + Recycling

GW Plastics

Gym Plus Coffee

Harkness Screens

Home Store + More

Houghton Mifflin Harcourt

iHeed Health Training Limited

Innovative Interfaces

Integrity 360

Irish Relocation Services

J&E Davy

Jobbio

JustEat.com

Kaspersky

Linked P2P

Lioncourt Capital

Marathon Asset Management

MBK Partners

Meetingsbooker

MML Growth Capital Partners

Moneygram

Myntum Limited

National Treasury Management Agency/Ireland Strategic Fund

Nektr Technologies

Neogen

Nimbus Investments

Northwell health,inc.

Novaerus

Nuritas

Oaktree/Lioncor

Ogalas

Paradice Investment Management LLC

Pharmapod

PMD Solutions

PQ Bypass

Procorre

Prodigy Learning

ProTek Medical Limited

Quest Software

Quinn industrial holdings

RediResi

Revelate Capital

Rockall Technologies

Rubicoin

Safefood 360

Scandinavian Tobacco Group A/S

Scopely , inc.

Senvest

Shaw Academy

Shenzhen Wongtee International Enterprise Corporation

Sky Aviation Leasing

Smith and Williamson

Sony

Space Property Investment Holdings Limited

Starboard Value

ST Engineering

Strategic Capital Investment fund plc

Susquehanna Growth Equity

Synova Capital

Sysnet

Taoglas

Technopath

Techno-path Manufacturing Limited

The Websummit

Thinksmarter

Upland Software

Urban Volt

Vela Games

Version 1

Waterfall Asset Management

Webio

Welltel

Wia Technologies

Wychwood Capital Partners

Your Smile Direct

Spotlight Orla Care

Work highlights

  • Advised Taxamo on its acquisition by US company Vertex.
  • Advised Boxever on the Irish corporate legal aspects of its sale to Sitecore.
  • Advised Oaktree Capital on a transaction relating to the acquisition of 80% of NAMA’s interest in the Irish Glass Bottle Plant site in Poolbeg, Dublin 4 by way of a subscription for shares in the ultimate holding company of the site by an Oaktree vehicle.

Ireland > Construction Tier 2

The construction team at Maples Group advises the full range of parties in the construction sector on both contentious and non-contentious work. The team is active in the rapidly growing private rental and logistics infrastructure sectors, and is also involved in major mixed-use developments. In addition to handling the negotiation and drafting of construction documents, the team represents developers, contractors and suppliers in high-profile adjudication and litigation, including acting in High Court cases. Practice head Mary Dunne leads the team’s advisory work; Kevin Harnett has now left the firm.

Practice head(s):

Mary Dunne

Key clients

Abestos Capital Partners

Allied Irish Banks

AMP Capital Investors UK Limited

Apollo Management International LLP

Ardmac Limited

Ashurst LLP

Avestus

BAM Contracting Limited

Bank of Ireland

Caffe Nero Ireland Limited

Cairn Homes Plc

Cardinal Capital Group Limited

CareChoice Group Limited

Chandos Investments Plc

Clúid Housing Association

Collen Construction Limited

Construction Industry Federation

Deutsche Bank

Deutsche Borse AG

Deutsche Hypothekenbank

Duggan Brothers (Contractors) Limited

Durkan New Homes Unlimited Company

Eagle Horizons Limited

Earlsfort Centre Hotel Proprietors Limited

EGIS Lagan Services Limited No

Ennis Property Finance DAC

Ferrovial Agroman (Ireland) Limited

G. & T. Crampton

Gas Networks Ireland

Goldman Sachs

Grant Thornton Limited

Green Reit PLC

Greenfield Global Limited

Grid Network Services Ireland

GW Plastics Limited

Hines

Irish Asphalt Limited

Irish Water

JJ Rhatigan

John Paul Construction Limited

John Sisk (Holdings) Limited

JSL Group (Stewart Construction)

K&J Townmore Construction Limited

Kane Group Building Services Limited

Kerrigan Sheanon Newman

Kohlberg Kravis Roberts & Co.

Lagan Clare Joint Venture

Lagan Holdings

Laing O’Rourke Ireland Limited

Lugus Capital Advisors

Macquarie

Marathon Asset Management

Marchford Limited

Marlet

McKeon Group

Michael Slattery & Associates

Midland Construction & Engineering Limited

MMD Construction Limited

Multi Ireland

Murphy International Limited

Mythen Construction

New Century Engineering Limited

Newmarket RVAM No 2 Limited

Oaktree Capital Management Limited

Obrascon Huarte Lain SA

Passage Healthcare

PJ Hegarty & Sons

Precision Construction Limited

Regan Civil Engineering Limited

Sisk Steconfer JV

Somague Engenharia SA

St Stephen’s Green Funds ICAV

Tifco Limited

Townlink Construction Limited

Transdev Ireland

Transport Infrastructure Ireland

Tristan Capital Partners LLP

Ulster Bank

Vision Contracting Limited

Walls Construction Limited

Wills Bros Civil Engineering Limited

Zhol Sapa LLP

BCP Asset Management

Dublin Aerospace Limited

Hogan Lovells (Paris) Limited

Revelate Capital Limited

Sanigest International

TJ O’Connor & Associates

Twin Point Capital

Muckle LLP

Quinn Industrial Holdings DAC

Palm Capital Partners

Rhatigan OHL Limited

Alucraft Limited

Henderson Park

Work highlights

  • Advised Tristan Capital Partners on the acquisition and development of multiple high-profile private rental sector apartment schemes.
  • Advised Avestus on the acquisition of numerous apartment schemes spread across Co Dublin.
  • Advised Oaktree Capital in relation to the acquisition of Nama’s interest in the Irish Glass Bottle plant site in Poolbeg, Dublin.

Ireland > Dispute resolution Tier 2

Maples Group has evolved its practice to centre on financial services and banking disputes, commercial real estate litigation, and regulatory investigations and enforcement. In the financial services segment, the firm is noted for cross-border tax disputes. Brian Clarke is a senior disputes practitioner with an impressive record in Commercial Court cases and arbitrations. Alan O’Sullivan is an experienced figure in banking litigation, commercial litigation, lending enforcement and contentious insolvency. Eugene McCormick, who is also experienced in insolvency matters, was promoted to partner in March 2022.

Practice head(s):

Robin McDonnell

Other key lawyers:

Key clients

Michael McAteer & Paul McCann of Grant Thornton, Joint Administrators of Quinn Insurance Limited (“QIL”)

The joint liquidators (Paul McCann and Michael McAteer of Grant Thornton) of the Treasury Holdings Group

KC Capital Property Group DAC

Belfry Investment Funds

Energoinvest Reach Active Limited (“ERA”)

Pepper Finance Corporation (Ireland) DAC

The Caffé Nero Group

Everyday Finance DAC

RediResi Isen Limited

LRC Group

Ireland > Insolvency and corporate restructuring Tier 2

Maples Group has a broad-based practice with a fine reputation in representing receivers and liquidators in headline insolvencies and in advising private equity firms in relation to the acquisitions of distressed loans. It also frequently advises a number of major lenders and creditors in this area. Robin McDonnell leads the dispute resolution and insolvency team and has extensive experience in compulsory and voluntary liquidations, examinerships, receiverships, schemes of arrangement and bankruptcies. Recently promoted partner Karole Cuddihy is a restructuring and insolvency specialist.

Practice head(s):

Robin McDonnell

Other key lawyers:

Key clients

Michael McAteer and Paul McCann of Grant Thornton, in their capacity as the Joint Official Liquidators of Treasury Holdings and 15 related companies

Pepper Asset Servicing

Myles Kirby

Freddie White of Grant Thornton, in his capacity as the Liquidator of Enterprise Insurance Company

Allied Irish Banks, p.l.c.

Official Committee of Unsecured Creditors of Mallinckrodt plc

Ireland > Real estate Tier 2

In the real estate space, Maples Group is highly rated for its work acting for investment funds and asset managers. In addition to advising on acquisitions and disposals, including handling the financing of deals, the team provides assistance with landlord and tenant matters. The practice is active across a range of asset classes, including greenfield development sites, commercial units, residential apartments and office space. Diarmuid Mawe leads the team. Other key contacts include Craig Kenny, who specialises in the commercial property sector.

Practice head(s):

Diarmuid Mawe

Other key lawyers:

Testimonials

‘Maples have a great international platform and range of services.’

‘Craig Kenny is a very good mix of legal detail and commerciality. He is personable and engaged, and prices work competively.’

‘Speed and attention to detail.’

‘Diarmuid Mawe is easy to work with and the service we get is 100%.’

‘Excellent response times and quality of advice.’

‘Diarmuid Mawe is top class.’

‘First class on real estate – highly responsive, excellent, commercially orientated advice, sensible on fees.’

‘Diarmuid Mawe is a top-quality real estate lawyer in all respects.’

Key clients

Marathon Asset Management LLP

Glenveagh Properties plc

Tristian Capital Partners

AIB

Aviva Ireland

Archer Hotel Group

Signature Capital

Irish Life Assurance plc

Green Property

Falcon Asset Management

Orange Capital Partners

Quadoro Investment GmbH

Grafton Group

BNP Paribas REIM

Lioncor Developments

Deutsche Borse

Catella

Avestus Capital Partners

Henderson Park

Goldman Sachs

Marlet Property Group

Savills Investment Management

Work highlights

  • Advising Goldman Sachs on all landlord and tenant matters at the Blanchardstown Centre, Blanchardstown, Dublin, Ireland’s largest shopping centre and retail park development, including negotiating significant new leases.
  • Advising BNP Paribas REIM on the acquisition, development and leasing of a new state-of-the-art logistics facility at Kingswood Business Park, Dublin.
  • Advised Allied Irish Banks plc in relation to the refinancing of the O’Flynn Group’s significant Irish real estate portfolio, which involved the re-taking of security across the entire portfolio.

Ireland > Tax Tier 2

Maples Group is particularly well known for its expertise in funds and CLO-related tax matters, along with its steady flow of corporate tax engagements. It is also a growing force in tax controversy and litigation, and continues to offer a compelling cross-border and multi-jurisdictional service. Department head Andrew Quinn has an established record in the CLO and broader financing segment and William Fogarty is active in real estate and debt structuring, while Lynn Cramer provides additional senior-level experience, particularly in the investment funds and private equity fields.

Practice head(s):

Andrew Quinn

Other key lawyers:

William Fogarty; Lynn Cramer; Grainne O’ Loughlin

Testimonials

‘The quality of its people. They are extremely professional and apart from their obvious technical knowledge they are capable of exercising a high degree of judgement as circumstances require’

The Maples team in Ireland is knowledgeable, responsive and engaging; it is a privilege and a pleasure to work with them. They combine technical excellence with commercial acumen.

‘They provide a high level of client service , always ensuring that client deadlines can be met regardless of the inconvenience to themselves The stand out individuals are William Fogarty and Grainne O’ Loughlin.’

‘Will Fogarty and Lynn Cramer are both outstanding. They have helped out in complex areas for sophisticated clients. They are unafraid of technical challenges while also being pragmatic and commercial. The whole team is of a similar calibre.’

‘Will Fogarty is the complete package. Smart, practical, knowledgeable, responsive, and experienced.’

Key clients

HPS Partners

Apollo Global Management

Blackstone/GSO

Morgan Stanley

Marathon Asset Management

Allied Irish Bank plc

Bain Capital

Avestus Capital Partners

Waterfall Asset Management

Oaktree Capital

Guggenheim Investment Partners

Cardinal Capital Group

Official Committee of Creditors of Mallinckrodt plc

Erisbeg Partners

Quadoro Doric

CVC Credit Partners

Pimco

Susquehanna

Goldman Sachs International

Mizuho International plc

Jefferies International Limited

ING Bank N.V.

Liberty Global

BlueBay Asset Management LLP

Spire Partners

Carlson Travel

Capital Four Management

Nomura International plc

Goldentree Loan Management LP

CIFC

Invesco Senior Secured Management Inc

Angelo Gordon

Palmer Square Capital

Natwest Markets plc

Voya Investment Management

Neuberger Berman

Sixth Street Partners

Muzinich

Falko Regional Aircraft Limited

Arena Partners

Work highlights

  • Advised Oaktree Capital LP on the acquisition of a significant Irish real estate opportunity, Poolbeg Strategic Development Zone, as part of a joint venture with the National Asset Management Agency and the Ronan Group.
  • Advised Susquehanna International Group in recent tax litigation cases stated to the High Court, in particular, successfully advised on a motion for the Group Relief Case to be entered into the Irish Commercial Court.
  • Acted as Irish tax and legal counsel to both Splitit Treasury Europe Designated Activity Company and Goldman Sachs Bank USA on a $150m receivables funding facility for Splitit Payments Limited, a global payment solutions provider.

Ireland > Projects and PPP Tier 3

Maples Group leverages its expertise in the banking and funds space to advise on the financing of projects, particularly those developed under a PPP model. The team also assists funds and developers with the planning, design and construction of care homes, residential properties and commercial developments. Practice head Mary Dunne has more than 25 years’ experience in this area, specialising in finance and PPP work.

Practice head(s):

Mary Dunne

Key clients

Allied Irish Banks plc

AMP Capital Investors UK Limited

Apollo

Ashursts

Bain Capital

BAM

BNP Paribas Real Estate Investment Management

Cardinal

Cardinal Capital Group

Eagle Horizons

Ervia

Fortress

Gas Networks Ireland

Hines

Irish Water

JB Barry and Partners Limited

KKR

Korea Development Bank

Korea Development Bank

Macquarie No Marlet

Palm Capital Partners

Passage Healthcare

Rhatigan/OHL consortium

Royal Haskoning of the Netherlands (RHDHV S.A.R.L)

Sanigest Internacional

Singlepoint

Tifco

TJ O’Connor and Associates

Transdev

Tristan Capital Partners

Twin Point Capital

UrbanVolt

Version 1 Limited

Work highlights

  • Advising Twin Point Capital, as one of the sponsors, on the rollout of broadband throughout Ireland, one of the country’s largest infrastructure projects to date.
  • Advising Macquarie and its funders on social housing PPP projects and the Community Nursing Units PPP project currently in procurement.
  • Advising Fortress on the development of Ireland’s first LNG terminal.

Ireland > Employment Tier 4

Maples Group has extensive experience in advising domestic and international clients on all aspects of Irish employment law including high-stakes contentious matters, benefits, incentives and immigration. It represents clients in high-value corporate transactions, complex High Court proceedings, WRC claims, business-critical workplace investigations and financial services regulatory matters. The team is led by Karen Killalea, who has established a reputation for handling contractual matters, sensitive investigations, TUPE, restructuring and senior executive dismissals. Ciara Ni Longaigh provides additional support at the associate level.

Practice head(s):

Testimonials

‘Very strong subject knowledge, very responsive when we have a query.’

‘Easy to deal with, translate legal matters into easy to understand business (and everyday) language. Very competent with the subject matter. Provide a balanced view on options when the issue being considered is not straightforward.’

Key clients

Cardinal Capital Group

Remitly Europe Limited

Taoglas Limited

Colas Contracting Limited

Falcon AM Limited

Work highlights

  • Advised Cardinal Capital Group on the employment aspects of a share purchase transaction whereby Cardinal Capital acquired Mowlam Healthcare.
  • Advised Colas Contracting Limited on agency worker and contractor models in Ireland, the current SEO structures, health and safety matters.

Ireland > Information technology

Since Claire Morrissey joined the firm in October 2020 from A&L Goodbody LLP, Maples Group has developed a practice advising clients on corporate, commercial and data protection matters in the IT space.

The Maples Group, through its a leading international law firm Maples and Calder, advises global financial, institutional, business and private clients on the laws of the British Virgin Islands, the Cayman Islands, Ireland, Jersey and Luxembourg. With offices in key jurisdictions around the world, the Maples Group has specific strengths in areas of corporate commercial, finance, investment funds, litigation and trusts. Maintaining relationships with leading legal counsel, the Group leverages this local expertise to deliver an integrated service offering for global business initiatives.

DepartmentNameEmailTelephone
Managing Partner Peter Stapletonpeter.stapleton@maples.com+353 1 6192024
Head of Employment Karen Killaleakaren.killalea@maples.com+353 1 619 2037
Asset finance/aviation Donna Agerdonna.ager@maples.com+44 20 74661712
Asset finance/aviation Mary O'Neillmary.o'neill@maples.com+353 1 619 2105
Head of Dispute Resolution & Insolvency Robin McDonnellrobin.mcdonnell@maples.com+353 1 6192726
Commercial Litigation & Dispute resolution Alan O'Sullivanalan.o'sullivan@maples.com+353 1 619
Dispute resolution Brian Clarkebrian.clarke@maples.com+353 1 619 2042
Commercial litigation/dispute resolution Kevin Harnettkevin.harnett@maples.com+353 1 619 2036
Projects & Construction Mary Dunnemary.dunne@maples.com+353 1 619 2021
Corporate Patrick Quinlanpatrick.quinlan@maples.com+353 1 619 2028
Corporate Colm Raffertycolm.rafferty@maples.com+353 1 619 2058
Head of Finance Stephen McLoughlinstephen.mcloughlin@maples.com+353 1 619 2736
Structured Finance / Debt Capital Markets Callaghan Kennedycallaghan.kennedy@maples.com+353 1 619 2716
Banking and Finance Sarah Francissarah.francis@maples.com+353 1 619 2753
Banking and Finance Elizabeth Bradleyelizabeth.bradley@maples.com+353 1 619 2737
Banking and Finance Alma O'Sullivanalma.o'sullivan@maples.com+353 1 619 2055
Tax Lynn Cramerlynn.cramer@maples.com+353 1 619 20 66
Financial Services Regulatory Stephen Cartystephen.carty@maples.com+353 1 619 2023
Financial Services Regulatory Lorna Smithlorna.smith@maples.com+353 1 619 2125
Investment Funds Deidre McIlvennadeirdre.mcIlvenna@maples.com+353 1 619 2064
Co-Head Investment Funds Adam Donoghueadam.donoghue@maples.com+44 30 7466 1711
Co-Head Investment Funds Eimear O'Dwyereimear.o'dwyer@maples.com+353 1 619 2065
Investment Funds Ian Conlonian.conlon@maples.com+353 1 619 2714
Investment Funds John Gallagherjohn.gallagher@maples.com+353 1 619 2073
Listing services Ciaran Cotterciaran.cotter@maples.com+353 1 619 2033
Property Diarmuid Mawediarmuid.mawe@maples.com+353 1 619 2050
Property Craig Kennycraig.kenny@maples.com+353 1 619 2765
Tax Andrew Quinnandrew.quinn@maples.com+353 1 619 2038
Tax William Fogartywilliam.fogarty@maples.com+353 1 619 2730
Tax Lynn Cramerlynn.cramer@maples.com+353 1 619 2066
Tax David Burkedavid.burke@maples.com+353 1 619 2779
Investment Funds Aaron Mulcahyaaron.mulcahy@maples.com+353 1 619 2104
Investment Funds Philip Keeganphilip.keegan@maples.com+353 1 619 2122
Investment Funds Niamh O'Sheaniamh.o'shea@maples.com+353 1 619 2722
Investment Funds Ronan Creminronan.cremin@maples.com+353 1 619 2756
Data, Commercial & Technology Claire Morrisseyclaire.morrissey@maples.com+353 1 619 2113
PhotoNamePositionProfile
Ms Donna Ager  photo Ms Donna Ager Donna is head of Maples and Calder’s European Aviation team and is…
Ms Elizabeth Bradley  photo Ms Elizabeth Bradley Elizabeth is a partner of Maples and Calder’s Banking and Finance team…
Mr Stephen Carty  photo Mr Stephen Carty Stephen is a partner of Maples and Calder’s Funds & Investment Management team in…
Mr Brian Clarke  photo Mr Brian Clarke Brian is a partner of Maples and Calder’s Dispute Resolution & Insolvency…
Mr Ian Conlon  photo Mr Ian Conlon Ian is a partner of Maples and Calder’s Funds & Investment Management team…
Lynn Cramer photo Lynn CramerLynn is a partner of Maples and Calder’s Tax team in the…
Karole Cuddihy photo Karole CuddihyKarole is a partner of Maples and Calder’s Dispute Resolution & Insolvency…
Mr Adam Donoghue  photo Mr Adam Donoghue Adam is a partner of Maples and Calder’s Funds & Investment Management…
Ms Mary Dunne  photo Ms Mary Dunne Mary is a partner in Maples and Calder’s Projects & Construction team…
Mr William Fogarty  photo Mr William Fogarty William is a partner of Maples and Calder’s Tax team in the…
Ms Sarah Francis  photo Ms Sarah Francis Sarah is a partner of Maples and Calder’s Banking team in the…
Mr John Gallagher  photo Mr John Gallagher John is a partner of Maples and Calder’s Funds & Investment Management team…
Mr Callaghan Kennedy  photo Mr Callaghan Kennedy Callaghan is a partner of Maples and Calder’s Finance team in the…
Mr Craig Kenny  photo Mr Craig Kenny Partner
Mr Karen Killalea  photo Mr Karen Killalea Karen is head of Maples and Calder’s Employment team in the Maples…
Vanessa Lawlor photo Vanessa LawlorVanessa is of counsel of Maples and Calder’s Banking and Finance team…
Mr Diarmuid Mawe  photo Mr Diarmuid Mawe Diarmuid is head of the Dublin Commercial Property team at Maples and…
Mr Robin McDonnell  photo Mr Robin McDonnell Robin is head of the Dublin Dispute Resolution & Insolvency team at…
Mr Stephen McLoughlin  photo Mr Stephen McLoughlin Stephen is head of the Dublin Finance team at Maples and Calder,…
Claire Morrissey photo Claire MorrisseyClaire is head of Maples and Calder’s Data, Commercial & Technology team…
Ms Eimear O'Dwyer photo Ms Eimear O'DwyerEimear is a partner of Maples and Calder’s Funds & Investment Management…
Ms Mary O'Neill photo Ms Mary O'NeillMary is a partner of Maples and Calder’s Asset Finance team in…
Ms Alma O'Sullivan photo Ms Alma O'SullivanAlma is a partner of Maples and Calder’s Banking team in the…
Mr Alan O'Sullivan photo Mr Alan O'SullivanAlan is a partner in the firm’s Commercial Litigation and Dispute Resolution…
Ms Nichola O’Reilly photo Ms Nichola O’ReillyNichola has experience covering a broad range of debt capital markets and…
Mr Patrick Quinlan  photo Mr Patrick Quinlan Patrick is a partner in Maples and Calder’s Corporate team in the…
Mr Andrew Quinn  photo Mr Andrew Quinn Andrew is head of Maples and Calder’s Tax team and is based…
Mr Colm Rafferty  photo Mr Colm Rafferty Colm is co-head of Maples and Calder’s Corporate team in the Maples…
Mr Peter Stapleton  photo Mr Peter Stapleton Peter heads Maples and Calder’s Funds & Investment Management team in the Maples…
Cantonese
English
French
German
Greek
Hindi
Italian
Japanese
Mandarin
Polish
Portuguese
Punjabi
Russian
Spanish
Swedish
Other Offices : London
Other Offices : Jersey
Other Offices : Luxembourg
Other Offices : Cayman Islands
Other Offices : British Virgin Islands
Other Offices : Dubai
Other Offices : Hong Kong
Other Offices : Sinagpore
Contact : Jonathan Green, Global Managing Partner

Banking and finance law in Ireland and the outlook for 2021

2020 was set to be another year of growth and of increased interest in developing areas such as green loans and fund finance, as lawyers and other finance professionals eagerly awaited to see how Ireland could capitalise on the fallout from Brexit.

No one could have predicted Covid-19 and the huge impact it would have on global markets and life more generally. While initially the pandemic created huge volatility and uncertainly, on the whole, financial markets and transaction volumes (in certain sectors, at least) proved incredibly robust in 2020.

Now, as vaccination rates across the world continue to rise and as lockdown restrictions are lifted, it will be interesting to see if there will be a return to ‘business as usual’ or whether Covid-19 has changed the market irreversibly.

The following is an overview of the banking and finance market in Ireland and the outlook for 2021.

Covid-19

Any commentary on finance law in Ireland would be not be complete without an examination of the effects of the pandemic on the day-to-day work of the legal profession. Overnight we saw an immediate switch from transaction execution to negotiation of payment deferrals and waiver of covenant breaches as businesses of all sizes and across most sectors struggled with their cash flow.

Elizabeth Bradley, Banking partner, Maples Group

Unsurprisingly, as the pandemic deepened, businesses who could not adapt or refinance had no option but to seek corporate restructuring. Many sought the short term protection of examinership, while many more ceased operating completely. There were 575 corporate insolvencies in 2020, an increase of just 1% from 2019, and figures for Q1 2021 are down 30% on the same period last year. These figures likely do not tell the whole picture however, with rating agencies forecasting an increase in non-performing loans for 2021 and the true scale of the problem likely only to be revealed as the Government phases out their pandemic-related supports.

The pandemic created new opportunities for lawyers as the Government stepped in to stabilise the economy offering a range of financial supports to businesses. The largest state-backed loan guarantee scheme in the history of the Irish state, the Covid-19 Credit Guarantee Scheme (the Scheme), offers an 80% guarantee to facilitate up to €2bn in lending to participating small and medium sized enterprises.

Though participation in the Scheme was initially limited to just the three ‘Pillar Banks’ (Allied Irish Banks plc, Ulster Bank Ireland DAC and Bank of Ireland), time has seen further participation from a broad range of lenders including credit unions and ‘alternate lenders’. With the Scheme extended until the end of 2021, the Government expects even more alternate lenders to sign up in the coming months. Lawyers had to quickly familiarise themselves with the intricacies of the Scheme in order to provide legal advice to both applicant lenders under the Scheme and underwriters of loans / peer-to-peer lenders.

Mark Murran, Banking associate, Maples Group

Certain sectors of the economy were more insulated from Covid-19 than others and the Maples Group’s banking and finance team were, during 2020, involved in a number of re-financings for the Irish pillar banks and international lenders, particularly in the IT and pharma sectors, where borrowers were able to take equity off the table.

Consequently, there were less ‘new money’ lending deals during this time and where there were, they were more in the nature of revolvers in order to provide a level of protection given the uncertain times. However by Q4 of 2020 we saw a return to lending activity in the Irish market, which has continued to gain pace into Q1 and Q2 of 2021. The Maples Group’s banking and finance team have been involved in new financings in, amongst others, the real estate investment sector as well as in the development finance space and, in particular, the leveraged corporate space. The latter has experienced high volumes of activity since the beginning of 2021, likely due to pent-up investor appetite to invest capital and take advantage of new opportunities arising as a result of Covid-19.

Funds financing

Both funds and finance lawyers alike have been closely watching the progress of the long awaited reforms to the Investment Limited Partnership Act 1994 (the 1994 Act) since its introduction. The reforms were intended to align the Irish investment limited partnership (ILP) more closely with the well-established limited partnership structures in other international funds domiciles such as the Cayman Islands and Luxembourg.

Covid-19, together with a change in Government delayed the enactment of the Investment Limited Partnership (Amendment) Act, 2020 (the 2020 Act) which was eventually signed into law on 23 December 2020 with all of its provisions having commenced by 1 March 2021. The 2020 Act amended the 1994 Act in a number of important ways that are expected to make the ILP a very compelling regulated EU fund vehicle for private equity / credit, sustainable investments and other closed-ended alternative funds.

The ability to establish ILPs as umbrella funds, with segregated liability between sub-funds and to migrate partnerships into and out of Ireland on a statutory basis together with the clarification of rights and obligations of limited partners are just some of the important reforms which it is hoped will increase the attraction of ILPs in Ireland to international managers and investors.

The Maples Group advised on the first ‘new ILP’ to receive authorisation from the Central Bank of Ireland under the 2020 Act. This brings the total number of ILPs registered in Ireland to date to seven, the other six being registered under the 1994 Act, just serving to highlight the flawed nature of the 1994 Act and the importance of the reforms contained in the 2020 Act.

We expect the numbers of new ILPs to increase during the year and while we do not expect the implementation of the 2020 Act to change the financial landscape overnight, it is worth contrasting the introduction of the updated ILP with that of the Irish Collective Asset-management Vehicle (ICAV) in the Irish market some five years ago. Though we expect the overall number of ILPs will be less than ICAVs (because of the broader range of product categories and asset classes that an ICAV can accommodate), we anticipate that ILPs will have a proportionally bigger impact and create much more downstream work for a range of legal and other professionals across the corporate, tax and finance sectors.

This is welcome news to legal practitioners as, though funds finance work in Ireland has remained somewhat insulated from the effects of the pandemic generally, the 2020 Act sets the foundations for continued growth in this space in the future. With Ireland having positioned itself as one of the major players in the creation and management of investment funds worldwide and with the benefit of the 2020 Act, we expect to see ILPs increasingly involved in fund financing transactions.

Environmental, social, and corporate governance (ESG)

Reinforced by the impact of the Covid-19, 2020 saw the EU continue to push towards a harmonised framework for sustainable finance. The EU Regulation on the Establishment of a Framework to Facilitate Sustainable Investment (which is more commonly referred to as the Taxonomy Regulation), adopted in June 2020, sets out an EU-wide classification system and provides a common method for investors to identify environmentally sustainable economic activities and encourage private investment in those activities.

The Taxonomy Regulation forms part of the EU’s Sustainable Finance Action Plan which also includes the Sustainability Disclosures Regulation and the Low Carbon Regulation. These new initiatives will require large listed companies, banks and insurance companies to publish information on how, and to what extent, their activities align with those considered environmentally sustainable in the EU taxonomy. In order for an economic activity to qualify as environmentally sustainable, it has to substantively contribute to at least one of the six environmental objectives set out in the Taxonomy Regulation.

Investors are increasingly looking to align their investment decisions with their personal priorities. Investors are now not only focused on financial returns but also on non-financial outcomes. Asset managers are embracing ESG in order to align stakeholders’ interests and avoid short-term investments and results, in favour of long-term incentives aligning investment practices with social responsibilities and principles in order to meet investor demands.

The move towards sustainable finance in Ireland is particularly important in light of Project Ireland 2040 which sets out the Government’s long-term strategy for developing Ireland’s infrastructure over the next 20 years, including an investment package of €116bn in the years to 2027 with climate change objectives to fundamentally shape public capital investment choices across a range of sectoral areas. The National Treasury Management Agency has raised in excess €5bn through their Irish Sovereign Green Bonds since their initial issue in October 2018.

Irish pillar banks Allied Irish Banks plc and Bank of Ireland have, in recent times, issued their first ‘Green Bonds’ raising €1bn and €750m respectively. The proceeds of these Green Bonds are to be exclusively applied to the finance or re-finance of new and/or existing projects that will promote progress on environmentally sustainable activities. In fact our banking and finance team, supported by our property and construction teams, acted on one of these green financings recently.

Brexit

With a Brexit deal being struck with not a minute to spare, the transition period ended at 23:00 on 31 December 2020 and the United Kingdom officially left the European Union. Many were looking forward to putting the protracted break up behind them, however the financial services sector did not feature heavily in the negotiation and the last minute deal only references it in a minor way.

The UK and EU Trade and Cooperation Agreement (the TCA) which was signed on 30 December 2020 and entered into force 1 May 2021 was sparse on details when it came to financial services. The TCA had no provisions for passporting or an equivalence framework. However, both sides entered into a Joint Declaration on Financial Services Regulatory Cooperation at the same time as concluding the TCA, where they agreed to finalise the terms of a Memorandum of Understanding (the MOU) by the end of March which would lay the foundations for continued negotiation and cooperation between the UK and the EU. The text of the MOU was agreed on 26 March 2021 and though not available for public scrutiny or yet signed by the parties, it is a welcome step in the right direction signalling a strong intention for collaboration in 2021.

On the ground we have seen an influx of financial services firms to Dublin with Barclays, Bank of America and BNY Mellon all having announced investments in Ireland which are connected to Brexit. As many as ten UK and international law firms have followed, opening offices in the Irish capital or stating their intention to do so. This is in clear contrast to the years immediately following the Brexit referendum where the Law Society of Ireland saw a huge increase in the number of Brexit refugee solicitors enrolling but not practicing in Ireland.

It is estimated that the total number of job relocations across the financial services sector from the UK since the referendum is almost 7,600, with Dublin being the most popular destination in Europe. No doubt there are more jobs to come and the presence of international banks, assets managers and insurers in Ireland is set to drive competition and propel Ireland to new levels of economic activity.

Outlook for 2021 and beyond

Though we don’t have a crystal ball, we have seen a very strong start to the year and forecast continued growth throughout 2021. The economic impact of Covid-19 will not be truly understood until later this year when lockdown restrictions are lifted in Ireland and the very last person is vaccinated. How long any hangover might last is unclear, but what we can say is that, Ireland is poised to take advantage of every opportunity that presents itself and it’s highly skilled and hardworking labour force, including its finance lawyers, are more than up to the challenge.