Irish Supreme Court strengthens lenders security
The inside story
Warren Baxter discusses how the courts have dramatically strengthened lenders' security
"Ireland’s banks received a major boost from the Supreme Court in its recent decision in the Belgard Motors case."
The court ruled that Bank of Ireland had successfully managed to crystallise its floating charge against the company, into a fixed charge. This has allowed the bank to gain priority over the Belgard Motors’ preferential creditors, such as the Revenue Commissioners, in relation to receiving the proceeds of the company’s assets.