Advent Legal Indemnities
Advent Legal Indemnities specialises in all Legal Contingency risks. Our experienced staff can discuss your requirements on a technical level, advise on the required product and arrange cover with minimum delay.
Defective Title Insurance
What is defective title insurance and when is it required?
Defective Title insurance, otherwise known as Title Insurance or Legal Indemnity Insurance is protection against financial loss resulting from challenges or defects in the title to real estate.
Legal indemnity insurance reduces the risk in property transaction and offers protection to owners, occupiers, developers, and lenders against known title defects identified during the property due diligence process, as well as those which cannot be identified.
Common risks for which we can provide solutions include:
- Lost Title Deeds Cover
- Absence of easement for Access and services
- Adverse possession
- Restrictive Covenants – both known and unknown
- Third Party Rights
- Leasehold risks
- Planning risks
- Other defects in title
What is an Administration Bond and why is it required?
An Administration Bond is a Bond that is posted on behalf of an administrator of an estate to provide assurance that they will conduct their duties according to the provisions of the will and/or the legal requirements of the jurisdiction. The Bond provides a financial guarantee to the High Court to ensure that a deceased person’s estate is properly administered in accordance with the law. It is usually required in cases where:
- The deceased has died intestate (Did not make a will)
- Left a will which is defective or
- Named executors who refuse the appointment or are now deceased
- Solicitor, executors, and beneficiaries may request a bond as comfort
Lost Shares Indemnities
Why is a Lost Shares indemnity required?
If the registered owner of shares loses their certificate of ownership or if it is accidentally destroyed, they must give an undertaking to the issuing company and/or the registrar that the certificate has been lost and has not been pledged or assigned before the Company Registrar will issue a replacement certificate.
The undertaking also requires the share owner or executor to indemnify the registrar against any loss arising out of the issue of a duplicate certificate. To minimise the risk to the Registrar a bank or insurance company is required (jointly and severally) to join in the undertaking as a guarantor.Make an enquiry
Non-Resident Directors Bond
What is a Section 137 Bond?
Section 137(1) of the Companies Act, 2014 states that if an Irish Company does not have at least one Director who is resident in the European Economic Area (EEA), a Bond must be taken out.
The Non-Resident Director’s Bond exempts companies registered in the Republic of Ireland from the requirement to have a director who is resident in the EEA (European Union plus Iceland, Norway and Liechtenstein).
Outline of Cover:
The Bond, in favour of the Revenue, bonds the company for a sum of €25,000.00 and is in place for a period of 2 years and its purpose is to cover the following:
- Any fine imposed on the Company in respect of offences under the companies Acts 1963 to 2013 e.g. failure to file Annual Returns and Audited Accounts on time.
- A fine or failure to supply certain information to the Revenue Commissioners – mainly information required on the Form CRO 11F
- Any penalty which the company has been liable to pay under S1071 or S1073 of the Taxes Consolidation Act 1997
- Any expenses incurred in recovering the fines and penalties mentioned above