Vat Registration and Bonds

The Revenue Commissioners have started using Section 23A which was introduced in the 1992 Finance Act.  It's objective was for the Revenue to be able to seek security from a Trader for any VAT that might become due.  The security is in the form of a Bond which should be purchased from a Financial Institution. They are only supposed to be sought when it is clear that such action is for the protecion of Revenue. eg. Phoenix cases, cases with no establishment/ principals in the State.