Seán Sherlock (Cork East, Labour) | Oireachtas source

I move amendment No. 152:

In page 383, lines 23 and 24, to delete all words from and including “after” in line 23 down to and including “creditor,” in line 24 and substitute the following:

“after giving notice to the person who, for the time being, stands registered as the person entitled to such charge or to the judgment creditor,”.

The purpose of this amendment is to allow notice of satisfaction of a charge to be served upon the person when registered as entitled to the charge where the Companies Registration Office has been statutorily notified that there has been a change of lender. As the Bill stands, the notice of satisfaction of a charge must be given to the person to whom the charge was "originally given". This is inappropriate given that updating of the register will be allowed under section 410(8) of the Bill.

It is more appropriate for the notice of satisfaction of charge to be served on the person then registered as entitled to the charge as if there has been a charge, the original holder will no longer have an interest.

Amendment agreed to.

See this speech in context