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ARTICLE · 26 AUGUST 2015

Crystallisation Of Floating Charges

Reddy Charlton Solicitors
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Charge holders should exercise caution before any attempt is made to crystallise a floating charge.

IrelandInsolvency/Bankruptcy/Re-Structuring
Roisin Bennett
Roisin Bennett

Supreme Court Decision in the 'Belgard Motors' case

This month, the Supreme Court in a judgment delivered in the case of J.D. Brian Limited (in liquidation) and related companies considered an appeal by the Official Liquidator to those companies to set aside declarations made by the High Court in 2011. Since that decision there had been uncertainty about the status of floating charges as an effective means of security. Clarification of the issue will be welcomed by charge holders seeking to rely on floating charges. Laffoy J in her judgment also mentioned areas of caution for charge holders when exercising its right of crystallisation of a floating charge.

Background

In 2001, in the High Court, Ms Justice Finlay Geoghegan had determined:-

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