Solicitors Undertakings and Commercial Property TransactionsSeptember 2010
We wrote last year about changes to the Irish Minimum Terms for solicitors' professional indemnity insurance for the year commencing 1 December 2009.
The Law Society has now gone one step further and (subject to a de minimis exception) the provision of undertakings to lenders in commercial property transactions will in future be prohibited.
The new prohibition is contained in the Solicitors (Professional Practice, Conduct and Discipline – Commercial Property Transactions) Regulations 2010 (SI no 366 of 2010) which come into force on 1 December 2010, to coincide with next renewal.
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