§ Mr. Forthasked the Secretary of State for Trade and Industry if he has any plans for changing the present rules on the registration of company charges.
§ Mr. HowardYes. There is general agreement that the Companies Act provisions on registration of charges and the wider law of security over movable property are unsatisfactory. I have therefore asked Professor Aubrey Diamond to examine the need for reform and to make recommendation on the nature of any reforms required. In particular, he will consider whether there is still a case for a single system of registration applicable to all such interests on the lines proposed by the Crowther committee in 1971 and whether charges created by companies should be part of such a system or continue to be registered separately at the companies registration offices. I have asked Professor Diamond to report by the end of next year. Subject to his recommendations, the next stage will be to formulate detailed proposals for reform. We shall want to press ahead with this as quickly as possible but at this stage I cannot give any indication as to when legislation might be brought forward.