Company Law by Ridley Ann. Shepherd Chris. & Chris Shepherd

Author:Ridley, Ann.,Shepherd, Chris. & Chris Shepherd [Ann Ridley]
Language: eng
Format: epub
ISBN: 9781317643753
Publisher: Taylor & Francis (CAM)

◗ 7.5 Reform

1 The current law on registration of charges, as set out in the CA 2006, has been the subject of criticism for some time, and a consultation on the registration of charges created by companies and limited liability partnerships was issued in May 2010.

2 This resulted in a new, simplified system of registration as outlined above at 7.4.2, which came into force on 6 April 2013 and is now contained in CA 2006, Part 25, Chapter A1 (ss 859A–859Q).

3 The reforms do not address the ‘invisbility problem’. This occurs because the order of priority is determined by the date the charge is created and not the date of registration. This means that a search of the register will not reveal charges that have been created but have yet to be registered.

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