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This is Topic: Commercial Law
Following are the News Items published under this Topic.
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In March, the government published the Land and Conveyancing Law Reform (Review of Rent in Certain Cases) Bill 2010, the purpose of which is to provide for regulation concerning rent review of existing commercial leases.
The government had already dealt with rent reviews in Section 132 of the Land and Conveyancing Law Reform Act 2009, brought into effect on 28 February 2010. The 2009 Act banned future upward only rent review in leases made after that date. However, this had no effect on existing upward only rent review clauses.
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Regulations came into effect in August 2002 to provide for penalty interest on late payments made after 30 days in commercial transactions, save in cases where the parties in contract have agreed otherwise. From 1 January 2010 the new rate will be 8% per annum. This will be the set rate until 1 July 2010. The rate is linked to the ECB rate; therefore, it will change after 1 July if the ECB rate alters.
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Thursday, May 13, 2010 - 11:33
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The Law Society is considering banning solicitors from giving undertakings on commercial property deals.
Undertakings guarantee the lender good title and promise that the lender’s mortgage will take priority over other loans on the property. Solicitors are already discouraged from giving such assurances following a series of claims about multiple undertakings on the same properties.
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Nama has not allocated any money to cover the liquidation of developers next year in its business plan. The agency expects to spend €160m a year on liquidation expenses once it gets up and running, however its business plan does not include any liquidation expenses for 2010.
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Thursday, May 13, 2010 - 11:31
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A recent case between Pierse Contracting Limited (Pierse Ireland) and the English company Commercial Marine Piling Limited (CMP) demonstrates that a guarantee given by an Irish Company to an English company for the debts of another English company can be enforced in England, even if the parties did not agree on which courts would have jurisdiction in enforcement proceedings.
Pierse Ireland gave a guarantee for the debts of its English subsidiary, Pierse UK, to CMP. The guarantee was silent as to which laws were to govern the contract or which courts were to have jurisdiction in enforcement proceedings.
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