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Solicitors Undertakings and Commercial Property Transactions

September 2010
Stephen Chessher and Michelle Kilroy

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.

Location: Ireland

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