Document background
The Notice of Assignment of Accounts Receivable is a fundamental document in Irish commercial practice, used when a business or individual transfers their right to receive payment from debtors to another party. This transfer might occur in various contexts, such as factoring arrangements, security for loans, or business restructuring. The notice must comply with Irish law, particularly Section 136 of the Conveyancing Act 1881, which requires written notice to the debtor for the assignment to be legally effective. The document typically includes details of the original debt, the parties involved, new payment instructions, and often requires debtor acknowledgment. It's particularly important in Ireland's active financial services sector and is commonly used in both domestic and cross-border transactions.
