Registration of charges at Companies House — a summary of the changes
After various consultations and draft versions of the proposed regulations, the new revised regime for the registration of charges is due to come into force on 6 April 2013. The Companies Act 2006 (Amendment of Part 25) Regulations 2013 were published in final form on 15 March 2013 and apply to UK-registered companies. The regulations dealing with UK LLPs have also now been published.
The revised regime will:
- create a single UK-wide regime;
- reduce uncertainty regarding what charges should be registered so that the requirement to register will apply to every charge or mortgage granted by a UK company or limited liability partnership (LLP) unless expressly excluded by the 2013 Regulations or any other statute;
- simplify the amount and quality of information needed on the Companies House forms by modifying what information should be provided in the statement of particulars;
- increase transparency by making the whole charging document available on the public register at Companies House (redaction of personal information allowed to protect against fraud);
- remove the criminal offence for non-registration – however, failure to register still invalidates the security against a liquidator, administrator and other creditor of the company/LLP;
- enable electronic registration of charges (although paper filing will still be possible).
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