Section 115 of the Finance Act, 1986, is hereby amended by the substitution of the following subsections for subsection (1):
"(1) Subject to the other provisions of this section, where a person holds a fixed charge (being a fixed charge which is created on or after the passing of this Act) on the book debts of a company (within the meaning of the Companies Act, 1963), such person shall, if the company fails to pay any relevant amount for which it is liable, become liable to pay such relevant amount on due demand, and on neglect or refusal of payment may be proceeded against in like manner as any other defaulter:
Provided that -
(a) this section shall not apply -
(i) unless the holder of the fixed charge has been notified in writing by the Revenue Commissioners that a company has failed to pay a relevant amount for which it is liable and that, by reason of this section, the holder of the fixed charge -
(I) may become liable for payment of any relevant amount which the company subse