IBRC (in special liquidation): execution of vacates/releases/discharges
The Conveyancing Committee has received several queries from solicitors about what they should expect IBRC (in special liquidation) to provide in terms of deeds of release/discharge/vacates, including in terms of how those documents should be executed. Following enquires made by the committee with IBRC, the following has been confirmed to the committee:
IBRC has a process in place for dealing with requests for discharges / releases / vacates, etc, and it also has a process in place for having such documents sealed by the special liquidator:
- If there is a straight discharge of a mortgage/full redemption relating to unregistered title, a solicitor should write in to IBRC in the usual way requesting a vacate.
- If the property concerned has registered title, IBRC will issue an e-discharge in the usual way.
- If what is involved is a partial release, a borrower鈥檚 solicitor would need to liaise with the relevant business division at IBRC, for example, in a restructuring of borrowings case, and so on, as these matters are dealt with on a case-by-case basis.
The execution block that solicitors should expect to see in the above sealed documents is:
The COMMON SEAL of IRISH BANK RESOLUTION CORPORATION LIMITED (IN SPECIAL LIQUIDATION) was affixed to this DEED and this DEED was DELIVERED
__________________________________
[Kieran Wallace]/or [Eamon Richardson]
As special liquidator
If practitioners are experiencing any difficulties with obtaining sealed releases, discharges, or vacates, they should advise the committee.