HC Deb 26 October 1989 vol 158 c1169

419.—(1) In this Part— chargee" means the person for the time being entitled to exercise the security rights conferred by the charge; issue of debentures" means a group of debentures, or an amount of debenture stock, secured by the same charge; and series of debentures" means a group of debentures each containing or giving by reference to another instrument a charge to the benefit of which the holders of debentures of the series are entitled pari passu.

(2) References in this Part to the creation of a charge included the variation of a charge which is not registrable so as to include property by virtue of which it becomes registrable.

The provisions of section 414 (construction of references to date of creation of charge) apply in such a case with any necessary modifications.

(3) References in this Part to the date of acquisition of property by a company are—

  1. (a) in England and Wales, to the date on which the acquisition is completed, and
  2. (b) in Scotland, to the date on which the transaction is settled.

(4) In the application of this Part to a floating charge created under the law of Scotland, references to crystallisation shall be construed as references to the attachment of the charge.

(5) References in this Part to the beginning of insolvency proceedings are to—

  1. (a) the presentation of a petition on which an administration order or winding-up order is made, or
  2. (b) the passing of a resolution for voluntary winding up.