Mortgages, C1, C1a, C1b, Charges, New Priority Regime.

Charges - New Priority Regime

The Companies Act 2014 introduces a new priority regime for charges, and a new set of processes for registration which will take effect from its commencement date of 1 June 2015.

Section 412 (3) provides that the priority will be determined by the date and time of receipt by the Registrar of a fully filed charge submission. The date of creation of the deed of charge will no longer determine its priority.  If a company fails to comply with the requirement to deliver to the CRO the charge will be void against the liquidator and any creditor of the company

Section 409 introduces new filing procedures, including a new two-stage procedure. Section 409 (9) provides that the Registrar will not accept deeds or supplemental documents.

Mandatory E-filing with ROS signatures

In order to establish certainty on the date and time for the purposes of priority, and visibility of charge submissions on the Register, e-filing with a ROS signature has been mandated by Order of the Minister in accordance with Section 897 of the Companies Act 2014. When charge submissions are e-filed and electronically signed, the date and time for the purposes of priority automatically established.

Forms C1, C1A and C1B and F8, F8A and F8B are now available for online submission with a ROS signature.

Please see video below  for help on efiling a C1 eForm

http://youtu.be/x4zV0MNQjvA 

One Stage Procedure

Under the one stage procedure, and e-filed and ROS signed C1, filed within 21 days of creation, will receive priority from the e-filing date. Under the one stage procedure, signatures on behalf of both parties will be required on the C1. A different signatory is required for each party. The full name of each signatory must be provided on the C1. The name of the signatory must be verified by the ROS Cert or Sub-Cert. Once the second ROS Cert is applied, the C1 is submitted and the date and time for the purposes of priority is automatically established.

Two Stage Procedure

Under the two stage procedure, an e-filed and ROS signed C1A-notice of intention to create a charge, followed within 21 days by an e-filed and ROS signed C1B-confirmation of creation of the charge, will receive priority from the date and time of the e-filed C1A. Under the two stage procedure, both parties may sign the C1A, and the C1B, however the signing requirement is that if either party has not signed the first stage(C1A), then they must sign the second stage (C1B). A different signatory is required for each party. The full name of each signatory must be provided on the C1A and the C1B. The name of the signatory must be verified by the ROS Cert or Sub-Cert. When the C1B is ROS signed and submitted, the date and time for the purposes of priority is determined by the C1A filing

External Companies

The procedures and forms outlined above refer to Irish registered companies. External companies are subject to the same procedures, and the prescribed forms in respect of companies incorporated outside the State are F8, F8A, and F8B.

 

The following is a link to Revenue website

 http://www.revenue.ie/en/online/ros/index.html