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Taxation

Dillon Eustace is a leading financial services law firm with offices in Ireland and the Cayman Islands and representative offices in New York and Tokyo. Dillon Eustace originally developed its reputation as the market leader for Asset Management and Investment Funds in Ireland (where it has, year on year and overall, since the statistics began in the late nineties, represented more domiciled funds than any other Irish law firm (formerly Lipper/Fitzrovia and now Monterey) but quickly became one of Ireland’s leading law firms.

Dillon Eustace’s core practice areas comprise Financial Services, Banking and Capital Markets, Corporate, Dispute Resolution and Employment, Insurance, Litigation, Real Estate and Taxation,

The Firm has a dynamic team of lawyers providing a sophisticated and proactive service to clients. We work to develop a comprehensive understanding of our clients’ business needs and to provide them with a bespoke service which is focused on meeting their requirements in an effective, timely and cost efficient manner.

Overview of the Tax Practice

­Our tax practice was established in 2004 and quickly established itself as one of the leading tax practices in the country.  The practice has developed a dynamic team of tax professionals and lawyers to provide a sophisticated and proactive service. We work with our clients to develop a comprehensive understanding of their business needs and provide a bespoke service for each client and each transaction, which is focused on meeting our clients’ requirements in an effective, timely and cost efficient manner.

The team is multi-disciplinary and is comprised of a combination of tax, legal and accounting professionals with considerable experience handling matters for a diverse base of multinational and domestic corporations, financial institutions, investment funds and start-ups. The Tax Practice works on an integrated basis with teams in Financial Services, Banking and Capital Markets, Corporate and M&A, Real Estate and Insurance as well as having established relationships with leading tax lawyers in all major jurisdictions to provide a synchronized service on multi-jurisdictional transactions.

Our Tax Practice provides a comprehensive range of tax services to domestic and international clients across all areas of international financial services in particular in the areas of:

  • Asset Management & Investment Funds
  • Asset Finance & Leasing
  • Securitization & Structured Finance
  • Corporate Tax
  • Capital Markets
  • Real Estate
  • Distressed Asset Practice / Bank Deleveraging

Asset Management & Investment Funds

Asset Management & Investment Funds continues to be a significant area of expertise for the Tax team, where we advise international and domestic asset managers, banks, insurers, pension funds, supranational organisations, prime brokers and other counterparties, fund administrators and custodians, securities lending agents and others in relation to all aspects of asset management and investment funds. Our tax partners have unrivalled expertise in this area.

Asset Finance & Leasing

Our team advises on domestic and cross-border asset finance across a broad range of asset classes, with a particular focus on aircraft and ship finance. Ireland has been one of the preeminent jurisdictions for aircraft finance and leasing for almost 40 years. Our experience in this area includes acting for financiers and operating lessors on the acquisition, leasing and disposal of aircraft worldwide.

Securitization & Structured Finance

Since the earliest days of securitization in Ireland, the Firm has been involved in providing legal, tax and listing advice to issuers, arrangers, sponsors, originators, trustees and others in connection with a broad range of cross-border and local securitization, repackaging and other structured credit transactions, typically using Irish SPVs. The assets involved have been diverse and have included residential and commercial mortgages, airline ticket receivables, shipping receivables, credit derivatives, life insurance policies and non-performing loans.

Corporate Tax

We advise both international and Irish companies across all tax heads and industry sectors in respect of international tax and cross border planning, holding company structures, private equity structuring, inward investment, cross border leasing (including aircraft leasing), Mergers and Acquisitions, Corporate Reorganisations and Restructurings.

Capital Markets

We provide Irish legal and tax advice on a variety of debt issues, including MTN and CP programmes, high yield bonds, covered bonds and various structured debt issuances. The team works closely with other departments and Dillon Eustace was the first Irish law firm to establish a specialist debt-listing group.

Real Estate

Commercial property transactions have been an increasing focus of the Firm in recent times; particularly, in the context of advising from a legal and tax perspective, large institutional investors, real estate / private equity funds and others on distressed real estate-related transactions, including direct real estate acquisitions and real estate-backed loan purchases.

Distressed Asset Practice / Bank Deleveraging

The Firm is seen as having a leading distressed assets practice having advised many international household names in relation to such issues since the late 1990s. Ireland has long been a popular domicile through which to structure acquisitions and financings of distressed assets globally.  More recently, the Irish banking sector has undergone (and continues to undergo) significant change and, in this regard, the Firm has been to the forefront of the ongoing restructuring, recapitalization and de-leveraging of Irish banks.

Representative Committees

Active

  • UK Alternative Investment Management Association (AIMA)
  • Irish Debt Securities Association (ISDA)
  • Irish Funds (IF) (the tax department is represented on all 4 sub-committees)
  • Law Society of Ireland
  • Taxes Administration Liaison Committee (TALC)

Passive

  • International Bar Association
  • Chartered Accountants Ireland
  • Irish Tax Institute

Recent Representative Actions

  • Acted for a private equity fund in acquiring a chain or Irish and UK hotels and their subsequent restructuring.
  • Acted for a number of US Managers in the establishment of US Loan Origination structures.
  • Acted for Bermuda private equity fund in establishing an Irish holding company to acquire a US Insurance operation.
  • Acted for a family office in establishing an Irish SPV to acquire US Life Settlements.
  • Acted for a private equity fund in acquiring in excess of £2 billion of real estate loans from the Aviva group and the subsequent refinancing of said acquisition.
  • Acted for a private equity fund in acquiring a $1 Billon real estate business of a Spanish bank.
  • Acted for a large Bank in providing finance to an Irish SPV to acquire a portfolio of non-performing loans secured on Irish commercial and residential property, with a par value of circa €500 million.
  • Acted for a US company which is a leader in providing Information about Property/Casualty Insurance Risk on the acquisition of an Irish company which is a leading solutions provider to the Irish general insurance industry.
  • Acted for the client in connection with the provision of secured credit facilities to refinance a large portion of a significant retail property investment in Ireland and the associated "loan-on-loan" financing entered into by the relevant client vehicle.
  • Acted for a UK investment adviser focusing on the commercial real estate debt sector in Europe in the refinancing of a landmark hotel, entertainment and conference venue in Ireland.
  • Acted for a large London fixed income specialist asset manager on the establishment of an Irish SPV for the purchase of various UK Residential Mortgages in the UK.

Recent Endorsements

  • David Lawless is a leading authority on tax issues relating to financial services and structured finance. Interviewees note that he "has grown the practice and the quality of work it attracts. He is very well regarded in the market".  Chambers 2016
  • Sean Murray is a tax consultant who advises on a range of taxation issues involving financial services, real estate investment and private equity. Sources say: "I have been very impressed with his work. He is extremely clued-in”.  Chambers 2016
  • David Lawless – Leading Individual - Practice head David Lawless has ‘impressive technical ability’.  European Legal 500 – 2015
  • Sean Murray is recommended.  Europe Legal 500 – 2015

For a full list of publications, click here

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