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Reforming the Company Charge Register in Ireland: Insights from Dr. Noel McGrath's Review

This article discusses Dr. Noel McGrath's insights on the reform of the Company Charge Register in Ireland, drawing on the framework established by the Company Law Review Group Report (2004). Key changes include a presumption of registrability for all mortgages and charges, a requirement to submit particulars to the Registrar within 21 days, and the abolition of criminal sanctions. The article also examines the registration system's procedures, the importance of fixed and floating charges for prioritization, and the handling of negative pledge clauses within the updated regulatory framework.

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Reforming the Company Charge Register in Ireland: Insights from Dr. Noel McGrath's Review

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  1. Ireland Dr Noel McGrath Sutherland School of Law, University College Dublin

  2. The Reform Process In Ireland Company Charge Register along the lines of pre-2013 English law. Company Law Review Group Report (2004)

  3. The New Scheme • All mortgages and charges are presumed registrable. • Obligation to deliver particulars to Registrar within 21 days • Criminal sanctions abolished. • Extension of time provisions retained. • Particulars: • Date of creation; • Date and time of registration; • Description of property charged; • Details of person entitled to the charge.

  4. Registration System • One stage procedure. • Two stage procedure: • Deliver a notice of intention to register; • If charge created within 21 days, then deliver particulars of the charge; • Date of delivery of notice is the relevant date for priority purposes.

  5. Certificate of Registration Certificate of Registration retained in modified form. Certificate not conclusive as to the description of property charged.

  6. Priority Date and time of registration replace date of creation for priority purposes. Date of registration does not impact on any priority rule which is dependent on notice. Fixed/Floating charge distinction remains important for priority purposes.

  7. Negative Pledge Clauses • Current law is that the register does not provide constructive notice of the existence of a negative pledge. • Proposal: • Registrar is prohibited from entering notice containing a negative pledge (some practical problems here) • The fact that the Registrar has received particulars containing a negative pledge has no legal effect.

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