Insolvency Update: Now You've Bought It, Can You Realise It?

There have been a number of recent challenges to the ability of acquirers of loans to enforce the associated security. A recent Supreme Court judgment has clarified the procedural steps that the acquirer of such loans should take to enable it to enforce security and confirmed that the borrower does not benefit from any defects in such steps. This should assist acquirers in realising value.

Outright sales of loans by banks (as opposed to securitisation) are an established feature of the Irish financial landscape. The assignment of security over registered land forms an integral part of most such transactions.

Freeman & Freeman v Bank of Scotland plc & Ors

A recent Supreme Court decision in Freeman & Freeman v Bank of Scotland plc & Ors. ¹ has confirmed that an assignee of security over registered land needs to be registered as owner of the security, before it, or a receiver appointed by it, is able to convey good title to land to a purchaser. However, the case