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Revised system of registration of company charges comes into force
24 April 2013
The Companies Act 2006 (Amendment of Part 25) Regulations 2013 (SI 2013/600) came into force on April 6, 2013, to usher in a revised system of registration of charges by companies. It does not, however, introduce a new era that many had wanted—that of a US-style system of notice filing
We have a system which has effected amendments to the existing system which itself dates back, in some ways unchanged, to the Companies Act 1900, change was clearly overdue.
Failure to register the prescribed particulars of a charge under the former law rendered the company and every officer in default subject to a criminal offence (ss.860,878) and the charge was also invalid. The criminal sanction has now been removed so that the duty is only on the registrar of companies to register the charge under s.859A provided either the company or an interested person has delivered a ?statement of particulars? of the charge under s.859D to the registrar.
For more information visit:
http://www.companieshouse.gov.uk/pressDesk/news/part25CompaniesAct.shtml