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Charge (Registration of charges (S80: Requirement (registered at Companies…
Charge
Registration of charges
S80: Requirement
- registered at Companies Registry within five weeks of creation
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- in the company's own register.
- if the charge includes land, at the Land Registry
Validity of charges
Unfair preference [S266]
- invalid if the fixed and floating charges are created within six months before commencement of winding up
- the company was insolvent at the time of the creation of the charge
- if any preference is given to an associate of the company, six month extends to two years.
[S267]
where a company is being wound up, a charge which, when created, was a floating charge ont he undertaking or property
Priority of charge
date of creation and type of charge is the determining factors (but date of registration is not conclusive)
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Floating charge
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Definition
- Charge over a class of assets, present or future
- The class of assets would be bought or sold or changed in the normal course of business
- The parties to the charge both imagine that the company's ordinary business will continue in the usual way and that the charged assets will continue to be dealt with by the company
[Buchler and another v Talbot and another]
[Re Spectrum Plus]
[Agnew & Bearsley v Commissioner of Inland Revenue]
[Smith (Administrator of Cosslett (Constructors) Ltd) v Bridgend Country Borough Council]