New regime for registration of charges

From 6th April 2013 the scheme for the registration of charges created by companies is to be replaced.

The Companies Act 2006 (Amendment of Part 25) Regulations 2013 (Regulations) will come into force and will amend Part 25 of the Companies Act 2006.

The main points to note regarding the new regime are:

– there will be a single scheme for registration of company charges which applies to any company registered in the UK, regardless of where the company was incorporated (there will no longer be separate filing requirements for charges created over companies registered in Scotland);

– there will no longer be a criminal offence for failing to register a charge;

– anyone registering particulars of a charge will need to send a certified copy of the instrument creating the charge to the Registrar. A copy of the instrument will be held on the public record and will be available to download;

– the 21-day limit for filing the particulars of a property acquired which is subject to a charge has been removed; and

– Companies House will introduce new, simplified forms for companies and for LLPs, and for the first time there will be separate forms for registration of a charge which is created by an instrument and those created where there is no instrument.

The new requirements for registration will apply to any charges created on or after 6 April 2013.

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