HC Deb 26 October 1989 vol 158 cc1168-9

414.—(1) References in this Part to the date of creation of a charge by a company shall be construed as follows.

(2) A charge created under the law of England and Wales shall be taken to be created—

  1. (a) in the case of a charge created by an instrument in writing, when the instrument is executed by the company or, if its execution by the company is conditional, upon the conditions being fulfilled, and
  2. (b) in any other case, when an enforceable agreement is entered into by the company conferring a security interest intended to take effect forthwith or upon the company acquiring an interest in property subject to the charge.

(3) A charge created under the law of Scotland shall be taken to be created—

  1. (a) in the case of a floating charge, when the instrument creating the floating charge is executed by the company, and
  2. (b) in any other case, when the right of the person entitled to the benefit of the charge is constituted as a real right.

(4) Where a charge is created in the United Kingdom but comprises property outside the United Kingdom, any further proceedings necessary to make the charge valid or effectual under the law of the country where the property is situated shall be disregarded in ascertaining the date on which the charge is to be taken to be created.

    c1168
  1. Prescribed particulars and related expressions 175 words
    2. c1168
  2. Notice of matters disclosed on register 111 words
    3. cc1168-9
  3. Power of court to dispense with signature 204 words