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Good news for professional insolvency and legal practitioners acting for financial institutions on the appointment of receivers. The property team examine this positive development. The Property Registration Authority ("the Authority") has recently announced an important change in its practice relating to the requirement to produce the original deed of appointment. The Land Registry practice usually requires the production of originals deeds and documents that ground applications for registration to include first registration. However in order to facilitate practitioners, the Authority will no longer require production of the original deed of appointment of a receiver on the lodgement of a transfer on sale executed by a receiver. It is now sufficient for a certified copy of the deed of appointment to be lodged with a transfer (sale) by a receiver. The change in practice only relates to evidence of the deed of appointment. The Authority will still need to be satisfied that:
- the power of appointment was properly exercised;
- the receiver was properly appointed;
- the receiver has the power to sell the property; and
- the receiver has the power of attorney to sell the property on behalf of the borrower.
As noted above, the Authority will not proceed with the registration of a transfer from a receiver in any case where the original deed of appointment or a certified copy thereof is not lodged with the application. For more information contact one of McDowell Purcell's Property Partners Thomas O'Malley - Partner E: tomalley@mcdowellpurcell.ie / DD: 01 8280622 Breen Purcell - Partner E: bpurcell@mcdowellpurcell.ie / DD: 01 8280617