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Template:Charges in ireland: Difference between revisions
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===Registering [[charge]]s in {{t|Ireland}}=== | ===Registering [[charge]]s of [[securities]] and [[cash]] in {{t|Ireland}}=== | ||
You are having commercial relations with an Irish espievie. You want it to grant you security. Do you need to register your charge? | |||
:(a) [[cash]]<ref>I know, I know. You can’t take [[security]] over [[cash]]. But if you try, then even if you could, you couldn’t, unless you registered your attempt. But since you can’t ... I’ll get my coat.</ref> | |||
:(b) | Your starting point would be well, since {{t|Ireland}} is still a member of the [[EU]], and an enthusiastic one at that, and as such is obliged to implement the [[Financial Collateral Directive]] into domestic law. Since that happy statute has done away with the [[Tedious|tiresome]] yet strangely exhilarating business of having to register charges with the domestic agency responsible for monitoring those things things in your member state, the answer, on a commonsense application of principles of European Law, ought to be “no”. | ||
And, indeed the Irish ''Financial Collateral Arrangement Regulations'', as incorporated into the Irish [[Companies Act 2014 (Ireland)|Companies Act 2014]] provide that certain types of charges do not actually count as “[[charge]]s” for the purposes of Section [http://www.irishstatutebook.ie/eli/2014/act/38/section/408/enacted/en/html 408(1)] of the Irish [[Companies Act 2014 (Ireland)|Companies Act 2014]] and therefore do not need to be registered under Section [http://www.irishstatutebook.ie/eli/2014/act/38/section/409/enacted/en/html 409]. | |||
These include [[mortgage]]s and [[charge]]s created over an interest in: | |||
:(a) [[cash]];<ref>I know, I know. You can’t take [[security]] over [[cash]]. But if you try, then even if you could, you couldn’t, unless you registered your attempt. But since you can’t ... I’ll get my coat.</ref> | |||
:(b) [[deposit]]s and [[money]] credited to bank account; | |||
:(c) [[share]]s, [[bond]]s or [[Debt securities|debt instruments]]; | :(c) [[share]]s, [[bond]]s or [[Debt securities|debt instruments]]; | ||
:(d) money market | :(d) [[money market fund]]s or [[collective investment scheme]] units; or | ||
:(e) claims and rights (such as | :(e) claims and rights (such as [[dividend]]s or [[interest]]) over any of the above. | ||
''But''. | |||
That isn't necessarily how the [[Central Bank of Ireland]] sees it. Matheson warns<ref>[https://www.matheson.com/images/uploads/publications/Companies_Act_2014_Registration_and_Priority_of_Charges_June_2015.doc.pdf “The Companies Act 2014: Registration and Priority of Charges”]</ref> that the registrar tends to take a conservative approach to excluding charges from the registration requirement on account of the ''[[Financial Collateral Arrangement Regulations]]'', so you may still find counsel for Irish [[espievie]]s insisting on the pantomime of registering charges with the CBI, notwithstanding the Emerald Isle’s continued membership of the [[European Union]], and implementation of its buzz-killing [[Financial Collateral Directive]], thanks to some law changes in 2015.<ref>“... Charges over all categories of assets are now registerable save for certain specific exclusions (including, for example, a charge created over an interest in cash or in shares in an Irish company). Thus, particulars of every charge created by a company over any property need to be delivered to the CRO, save for charges over non-registerable assets.” — [https://www.lawsociety.ie/Solicitors/Practising/Practice-Notes/Priority-and-registration-of-charges/#.XdusMtWwmiM Irish Law Society bulletin].</ref><br> | |||