Restructuring And Insolvency

What forms of security can be granted over immovable and movable property? What formalities are required and what is the impact if such formalities are not complied with?

There are a number of different types of security available in Ireland which may be taken over immovable and movable property:

Immovable: The most common forms of security over immovable property are legal mortgages and fixed charges. When creating a mortgage, the title to the property will be transferred to the creditor subject to a right of retransfer once the liabilities attached to the mortgage have been discharged. A fixed charge differs from a mortgage as it does not involve the transfer of legal title. Instead, it operates as a contractual or statutory entitlement to the proceeds of an asset once certain obligations are discharged. A fixed charge can only be created over an ascertainable asset and the charge-holder will continue to have some degree of control over the asset, for example