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Change of Company Status Description on the Register

From Wednesday 22 March use of the following Company Status Description on the Register is discontinued:-

Receivership

“Receivership” means that Form E8 (Notice of Appointment of Receiver) per S436 CA 2014 has been filed with the CRO in respect of part or all of the property of the company, which property may or may not be beneficially owned by the company. Please refer to the relevant E8 form(s) for further information.

The Status Description above is being replaced with the Status Description “Normal”.

Receiver/Liquidator

With effect from the same date the Status Description “Receiver/Liquidator” is being replaced with the Status Description “Liquidation”

Companies in respect of which a Form E8 (Notice of Appointment of Receiver) has been filed have a Note on the company record which indicates as follows:-

“Form E8 (Notice of Appointment of Receiver) per S436 CA 2014 has been filed with the CRO in respect of part or all of the property of the company, which property may or may not be beneficially owned by the company. Please refer to the relevant E8 Form(s) for further information.”

The status description of all such companies is changed to “normal”.

These changes to the Register are to give effect to an Order of the Court as a result of litigation brought by a company, Independent Trustee Company Limited (“ITC”) to prevent the Registrar from registering the Notice of Appointment of a Receiver and altering the status of ITC from “normal” to “Receivership”. ITC further sought a declaration that provisions of the Companies Acts relating to notification of the appointment of a receiver should not apply to it because it was a trustee company and had no beneficial interest in the property over which the receiver was appointed. The company’s claims were dismissed by Justice Hunt in his Judgment of 16 January 2015. 

http://www.courts.ie/Judgments.nsf/09859e7a3f34669680256ef3004a27de/aecf5fde9de1a09980257dd6003cde80?OpenDocument

The company appealed to the Court of Appeal. The Court of Appeal, in its Judgment dated 21 October 2016, upheld the ITC’s appeal in part. The Court found that the Registrar is entitled to register the E8 received in respect of the receivers appointed but the Registrar is not permitted to change the status of ITC from “normal” to “receivership”. The Court found the designation of “receivership” implied incorrectly that there has been a change in the corporate status of a company by reason of the appointment of a receiver to a part of the property of ITC. The Court upheld the Registrar’s authority to summarise in a clear way the fact of notifications including that of the appointment of a receiver to all or part of the property of a company (including that of which it is the legal owner and holds on trust) and in the summary to direct a person to the form of notification for the relevant details.

http://www.courts.ie/Judgments.nsf/09859e7a3f34669680256ef3004a27de/8966c4ce28b2406d8025804b004bd803?OpenDocument

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