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Transaction Avoidance in Insolvencies$
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Rebecca Parry, James Ayliffe, Sharif Shivji, Hamish Anderson, and William Trower

Print publication date: 2018

Print ISBN-13: 9780198793403

Published to Oxford Scholarship Online: March 2021

DOI: 10.1093/oso/9780198793403.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 January 2022

Avoidance of Unregistered Company Charges (Companies Act 2006, Section 859H)

Avoidance of Unregistered Company Charges (Companies Act 2006, Section 859H)

Chapter:
(p.387) 16 Avoidance of Unregistered Company Charges (Companies Act 2006, Section 859H)
Source:
Transaction Avoidance in Insolvencies
Author(s):

Rebecca Parry

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198793403.003.0020

The presence of a charge over a company’s property will reduce the likelihood of an unsecured creditor obtaining payment, or at least a substantial dividend, in the insolvency of the company. The prudent unsecured creditor will bear this in mind in assessing whether to advance credit to a company, and at what level. For this reason a system of charges registration has long been employed, initially with a separate scheme for England and Wales and another for Scotland, in order that unsecured creditors can be aware of the presence of charges. This system has recently been revised and simplified and a single scheme now applies in the UK with effect from 6 April 2016. Charges created by UK companies prior to that date remain subject to the previous regime.

Keywords:   acceleration, charge holder, charges requiring registration, invalidity against a liquidator, invalidity against an administrator, late registration, registration requirement, secured creditors

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