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ARTICLE · 17 AUGUST 2017

True Sale Or Security Assignment?

Mason Hayes & Curran LLP
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The Bank of Ireland v Eteams (International) Limited has recently clarified Ireland's position on the test to determine if a transaction constitutes a true sale of book debts or instead amounts, in substance, to the creation of a mortgage and charge.

IrelandFinance and Banking
Mason Hayes & Curran
Mason Hayes & Curran
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The Governor and Company of the Bank of Ireland v Eteams (International) Limited (In Voluntary Liquidation) [2017] IEHC 393 (the “Case”) has recently clarified Ireland’s position on the test to determine if a transaction constitutes a true sale of book debts or instead amounts, in substance, to the creation of a mortgage and charge.

Background

The issue in this Case was whether an agreement (the “Agreement”) Eteams (International) Limited (the “Company”) entered into with Bank of Ireland (the “Bank”) was a debt purchase agreement, under which the bank acquired ownership of the Company’s book debts (the “Debts”) or if it was a loan agreement, under which the bank merely took a charge over those Debts.

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