Companies House: Difference between revisions
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{{a|security|}}The place where one was once dispatched to file charges executed by UK companies and, more [[Tedious|tiresomely]], charges executed by ''non''-UK companies, who weren't obliged to register them n the first place, but thought [[Slavenburg|one should try in any case]]. | {{a|security|}}The place where one was once dispatched to file charges executed by UK companies and, more [[Tedious|tiresomely]], charges executed by ''non''-UK companies, who weren't obliged to register them n the first place, but thought [[Slavenburg|one should try in any case]]. | ||
{{charges in the | {{charges in the uk}} | ||
{{sa}} | {{sa}} | ||
*[[Slavenburg]] | *[[Slavenburg]] | ||
{{ref}} | {{ref}} | ||
Latest revision as of 13:42, 25 November 2019
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A word about credit risk mitigation
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The place where one was once dispatched to file charges executed by UK companies and, more tiresomely, charges executed by non-UK companies, who weren't obliged to register them n the first place, but thought one should try in any case.
Registering charges in the UK
Subject to specified exceptions[1], a UK entity must register non-possessory security (for example, a floating charge) it grants in favour of any creditor) at Companies House within 21 days of creating the security, or it will be void on insolvency and against other creditors.
Why?
Because it continues to hold onto the secured asset, a third party dealing with it (who might wish to take security over it) needs to know that it is impressed with a security interest. Not so important when the chargee physically holds the asset — known to fans as a bailment arrangement — since the chargor in that case isn’t free to deal with it.
For foreign companies with dealings, and assets in the UK, but which are not incorporated here? No charge filing necessary, but you may enjoy winding up the juniormost clerk in the office of an afternoon by sending her down to Companies House to file a Slavenburg registration for larks anyway. Long since a dead letter, but we older campaigners actually used to have to do this for real. Fabulous fun.
See also
References
- ↑ one of which is the financial collateral arrangement under the Financial Collateral Regulations.