The Gazette 1995

GAZETTE

JULY 1995

P R A C T I C E

N O T E S

proceeds of sale.

whether notice of the creation of the charge should be served on the Revenue Commissioners. The effect of such a notice will be to limit the secondary liability of the charge holder to the amount of VAT/PA Y E which the chargeor company has failed to pay after notification to the charge holder from the Revenue Commissioners of any liability arising. If such a notice is to be served it must be served within twenty one days of the date of creation of the charge and is effected by furnishing the Revenue Commissioners with a copy of the Form 47 in respect of the charge to the Office of the Collector General of the Revenue Commissioners at Sarsfield House, Limerick, Attn. Mr. Brian Jones. Company and Commercial Law Committee

Di s cha r ge of Ve ndo r s' Mo r t g a g es on Comp l e t i on of Sales The Conveyancing Committee recommends that where Vendors' Solicitors desire their clients to avoid the expense of bridging loan finance to provide funds to discharge any Mortgage affecting their title, they should insert a Special Condition in Contracts for Sale requiring that payment of the balance of the purchase money be provided by the Purchasers in the form of two Bank Drafts - one to effect redemption of the Mortgages affecting Vendor's title and the other covering the balance of the purchase price. It is not acceptable for the Vendor's solicitor to simply undertake to discharge the Mortgages from the

In this regard attention is again drawn to previous recommendations at pages 11.4 and 11.13 of the Conveyancing Handbook. Conveyancing Committee Fixed Ch a r ge on Book Deb ts - Notices to Revenue Commi s s i on e rs Arising from the amendment to Section 115 of the Finance Act, 1986 by Section 174 of the Finance Act, 1995 as summarised in the notes on the Finance Act included with this issue of the Gazette, practitioners should note the necessity when taking a fixed charge over book debts for a lender to consider

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