ARTICLE · 14 AUGUST 1995

Recent Developments in relation to Fixed Charges over Book Debts

European Federal Credit Bank Limited

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IrelandEmployment and HR

Johnny Johnson

Section 115 of the Finance Act, 1986 ("Section 115") entitles the Irish Revenue Commissioners to serve a notice ("Notice") on the holder ("Lender") of a fixed charge over book debts (debts which are due to the company in the ordinary course of its business) of a company ("Company") specifying monies owed by the Company to the Revenue Commissioners in respect of PAYE and VAT ("Relevant Taxation Amounts") and, following service of such a Notice, the Lender is obliged to pay over to the Revenue Commissioners up to the amount specified in the Notice, out of amounts received by the Lender from the proceeds of the book debts in respect of monies owing to it by the Company subsequent to service of the Notice.

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