Mortgages and Charges
Charges - Priority Regime
Details of mortgages or charges created by a company must be delivered to the CRO within 21 days either of the creation of the charge or of notice to create the charge. Failure to register the charge within 21 days has the effect of making the charge void against a liquidator of the company and any creditor of the company. 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
Judgment Mortgage
A creditor who has recovered judgment in the courts for a sum of money owed may convert the judgment into a mortgage affecting property owned by the debtor.
Satisfaction of a Charge
A charge can be satisfied either fully or partially
Details of the satisfaction of a charge should be completed on the following forms:
Form C6 - Full Satisfaction
Form C7 - Partial Satisfaction
Both the full and partial satisfaction of charges, C6 and C7, have filing fees of 15 euro each.
What is the priority order for charges?
The priority of charges created by a company will be determined by reference to the date of receipt by the Registrar of the prescribed particulars, that is to say, a charge the prescribed particulars in respect of which are received by the Registrar on a date that is earlier than that on which those in respect of another charge are received by the Registrar shall have priority over that other charge.
What if several charges are submitted on the same day for the same company and/or in respect of the same property?
Where the date of receipt by the Registrar of the prescribed particulars of the several charges is the same, priority is accorded to the charge received earliest in time on the date concerned by the Registrar.
Charge eForms C1, C1A, C1B must be completed online at https://core.cro.ie. Where ROS signatures are used and payment made by credit card/CRO account, the entire process can be completed straight away.
The Registrar cannot guarantee priority to a particular charge. Priority is attained from the date of receipt only.
How do I register a satisfaction of a charge?
The company would complete a form C6 for full satisfaction of a charge or C7 for partial satisfaction. A statement is made by a director and secretary of the company or by two directors regarding the satisfaction. Once this is received, a notice is issued to the chargee stating that unless an objection is received to the registration within 21 days, the satisfaction will be registered. Alternatively, the form C6 or C7 can be completed by the chargee. In such cases, no notification is necessary and the satisfaction is simply registered.