Floating charges—differences between Scots and English law
Floating charges—differences between Scots and English law

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • Floating charges—differences between Scots and English law
  • The floating charge
  • Form of security—debentures vs floating charges
  • Enforcement
  • Registration and amendments

STOP PRESS—Coronavirus (COVID-19) and registration of charges at Companies House: The content of this Practice Note is affected by the Companies etc (Filing Requirements) (Temporary Modifications) Regulations 2020, SI 2020/645 (the Regulations), which temporarily extend some deadlines for filing documents or notices with Companies House. In so far as it may affect the content below, the Regulations:

  1. extend the period for filing charges under section 859A of Companies Act 2006 (CA 2006) from 21 days to 31 days beginning with the day after the date of creation of the charge

  2. extend the period for registration of instruments of alteration of floating charges granted by Scottish companies under section 466 of the Companies Act 1985, and

  3. increase to 42 days the period for notification of the place where copies of instruments creating charges are kept under CA 2006, s 859Q

The temporary extension does not apply to periods for registration extended by an order of the court under CA 2006, s 859F.

The Regulations came into force on 27 June 2020 and expired on 5 April 2021.

The temporary extension applies to charges created between 6 June 2020 and 4 April 2021 (inclusive). The normal 21 day filing period applies to charges created on or after 5 April 2021. For further information, see Companies House guidance—1 July 2020 and Companies House guidance—25 March 2021.

Described once as a 'manifestation

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