UK: the new regime for the registration of company charges

The Companies Act 2006 (Amendment of Part 25) Regulations 2013 were made on 12 March and come into force on 6 April 2013. The Regulations bring about the introduction of a new regime for the registration of company charges. The provisions of Chapters 1 and 2 of Part 25 of the Companies Act 2006 are to be repealed and replaced by a new Chapter A1 of Part 25 which sets out a single scheme applying to companies irrespective of their place of registration in the UK. Further information is available in the accompanying explanatory memorandum available here (pdf).

UK: registration of company charges - update on new regime

Companies House has provided further information about the introduction of the new system for the registration of company charges due to be introduced in April this year: see here. The changes will be brought about by the Companies Act 2006 (Amendment of Part 25) Regulations 2013, making changes to Part 25 ("Company charges") of the Companies Act 2006.

UK: the registration of charges by companies and LLPs - consultation on draft legislation

The Department for Business, Innovation and Skills is seeking final views on draft legislation to reform the current system for the registration of charges by companies and limited liability partnerships: see here. Updated explanatory notes, which also contain several questions for consultation, are available here (pdf). The draft of the Companies Act 2006 (Amendment of Part 25) Regulations 2012 is available here (pdf) and the draft of the Limited Liability Partnerships (Application of Companies Act 2006) (Amendment) Regulations 2012 is available here (pdf).

UK: the Overseas Companies (Execution of Documents and Registration of Charges) (Amendment) Regulations 2011

The Overseas Companies (Execution of Documents and Registration of Charges) (Amendment) Regulations 2011 were laid before Parliament on 7 September and come into force on 1 October: see here or here (pdf). An explanatory memorandum is available here (pdf). One of the purposes of the Regulations is to remove the requirement imposed on certain overseas companies to register with the Registrar of Companies any charge created over UK property. Further guidance has been published by Companies House: see here.

UK: reforming the scheme for the registration of charges created by companies and limited liability partnerships

The Department for Business, Innovation and Skills has published for consultation further details of the revised scheme for the registration of charges created by companies and limited liability partnerships: see here (pdf). Responses are sought by 30 September 2011. The Government's intention is to publish draft Regulations in early 2012 with the amendments to Part 25 (Company Charges) of the Companies Act (2006) coming into force on 1 October 2012.

BVI: FSC consults on Business Companies Act changes

The British Virgin Islands Financial Services Commission is proposing changes to the Business Companies Act 2004 following recommendations made by a company law advisory committee. A draft of the BVI Business Companies (Amendment) Act 2011 and the BVI Companies Regulations 2011 have been published for comment: see, respectively, here (pdf) and here (pdf). Explanatory notes are available here (pdf). The changes cover, amongst other things, company names, the duties of alternate directors, the registration of charges and the creation of a new type of company: the not for profit company.

UK: the registration of charges - issues to be resolved before preparation of draft regulations

Earlier this month the Department for Business, Innovation and Skills published a document seeking views on some issues to be resolved before it prepares draft regulations in respect of the proposed reforms of the registration of charges regime: see here (pdf).

UK: company law reform - what next?

Following the publication yesterday (see here) of the results of an evaluation of the Companies Act (2006) carried out on behalf of the Department for Business, Innovation and Skills, the Government has outlined its future priorities with regard to company law. These include proposals to modernise and simplify the current system for the registration of company charges (details of which have already been published: see here), as well as a review of whether a new corporate form for single person businesses would reduce costs for entrepreneurs. For further information see here.

UK: Government proposals for registration of charges by companies and LLPs

Earlier this year the Department for Business, Innovation and Skills published a consultation paper seeking views on proposals for the reform of the legal framework governing the registration of charges by companies and limited liability partnerships (see here, pdf). The consultation closed in June and responses were subsequently published (see here, pdf). The Government has, this week, published its proposals (see here, pdf) together with an impact assessment (see here, pdf).

The Government proposes to introduce a single UK-wide scheme which will apply to all companies incorporated under the Companies Act 2006 (or preceding Companies Acts) and unregistered companies and limited liability partnerships (but not overseas companies). The Government proposes that the requirement to register should apply to every charge or mortgage granted by a company registered in the United Kingdom over any of its property (wherever situated) unless expressly excluded by Regulations under the Companies Act or any other statute. The criminal sanction, in Section 860 of the 2006 Act, for failure to register a charge will be abolished. There will be no change to the sanction of invalidity: if the charge is not registered within 21 days of its creation, it will be void (so far as any security on the company's property or any part of it is conferred by the charge) against the liquidator, an administrator and any creditor of the company (see Section 874 of the 2006 Act).  Electronic registration of charges will be permitted.

UK: registration of company charges - responses to BIS consultation published

Earlier this year the Department for Business, Innovation and Skills published a consultation paper seeking views on proposals for the reform of the legal framework governing the registration of charges by companies and limited liability partnerships: see here (pdf). A summary of the responses received was published yesterday: see here (pdf).

UK: BIS consultation on registration of charges

The Department for Business, Innovation and Skills has, at last, published a consultation paper seeking views on proposals for the reform of the legal framework governing the registration of charges by companies and limited liability partnerships: see here (pdf). Responses can be made online here.