Section 860 Charges created by a companyI1C1
United Kingdom
A company that creates a charge to which this section applies must deliver the prescribed particulars of the charge, together with the instrument (if any) by which the charge is created or evidenced, to the registrar for registration before the end of the period allowed for registration.
Registration of a charge to which this section applies may instead be effected on the application of a person interested in it.
Where registration is effected on the application of some person other than the company, that person is entitled to recover from the company the amount of any fees properly paid by him to the registrar on registration.
If a company fails to comply with subsection (1), an offence is committed by—
the company, and
every officer of it who is in default.
A person guilty of an offence under this section is liable—
on conviction on indictment, to a fine;
on summary conviction, to a fine not exceeding the statutory maximum.
Subsection (4) does not apply if registration of the charge has been effected on the application of some other person.
This section applies to the following charges—
a charge on land or any interest in land, other than a charge for any rent or other periodical sum issuing out of land,
a charge created or evidenced by an instrument which, if executed by an individual, would require registration as a bill of sale,
a charge for the purposes of securing any issue of debentures,
a charge on uncalled share capital of the company,
a charge on calls made but not paid,
a charge on book debts of the company,
a floating charge on the company's property or undertaking,
a charge on a ship or aircraft, or any share in a ship,
a charge on goodwill or on any intellectual property.
Annotations
Modifications
- C1
Ss. 860-862 applied (with modifications) (1.10.2009) by The Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009 (S.I. 2009/1804), regs. 2, 32 (with Sch. 1 paras. 16. 17, 34, 35)
Commencement
- I1
S. 860 wholly in force at 1.10.2009; s. 860 not in force at Royal Assent, see s. 1300; s. 860 in force for specified purposes at 20.1.2007 by S.I. 2006/3428, art. 3(3) (subject to art. 5, Sch. 1 and with arts. 6, 8, Sch. 5); s. 860 otherwise in force at 1.10.2009 by S.I. 2008/2860, art. 3(n) (with arts. 5, 7, 8, Sch. 2) (as amended by S.I. 2009/1802, art. 18)
Notes on Part 25
Modifications
- C1
Pt. 25 modified (10.1.2015) by The Building Societies (Bail-in) Order 2014 (S.I. 2014/3344), arts. 1, 3(3)
- C2
Pt. 25 modified (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 28(3)
- C3
Pt. 25 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 155(1)(2) (with regs. 161, 189)
- C4
Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))
- C5
Pt. 25 excluded (17.2.2009 for certain purposes, otherwise 21.2.2009) by Banking Act 2001 (c. 1), s. 252(1) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch.
- C6
Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2
Notes on Chapter 1
Textual amendments
- F1
Pt. 25 Chs. 1, 2 repealed (6.4.2013) by The Companies Act 2006 (Amendment of Part 25) Regulations 2013 (S.I. 2013/600), regs. 1, 3