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Registration of charges: Difference between revisions
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Amwelladmin (talk | contribs) (Created page with " ===UK=== Subject to specified exceptions, a UK entity must register non-possessory {{tag|security}} (for example, a floating charge) it grants in favour of any creditor...") |
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===UK=== | ===UK=== | ||
Subject to specified exceptions, a UK entity must register non-possessory {{tag|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. | Subject to specified exceptions<ref>one of which is the [[financial collateral arrangement]] under the [[Financial Collateral Regulations]].</ref>, a UK entity must register non-possessory {{tag|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 thbird 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 charge physically holds the asset, since the charger in that case isn't free to deal with it. | Why? Because it continues to hold onto the secured asset, a thbird 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 charge physically holds the asset, since the charger in that case isn't free to deal with it. | ||
{{charges in Ireland}} | {{charges in Ireland}} | ||
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