A revised regime for the registration of company and LLP charges comes into force on 6 April 2013. It will apply to charges created on or after that date. The changes are contained in The Companies Act 2006 (Amendment of Part 25) Regulations 2013.

The main change is that chapters 1 and 2 of Part 25 of the Companies Act 2006 are replaced with a new chapter A1 containing sections 859A to 859Q. Key changes and some practical points to note are:

  • there will now be one UK-wide regime for registration (subject to an exception in respect of alterations to Scottish floating charges). In essence, the same regime will also apply to LLPs
  • a certified copy of the instrument creating the charge will have to be provided to the Registrar (if filing electronically, this will need to be in PDF form with a maximum file size of 10 MB). Once filed, the document will be publicly available. However, the following information may be removed:
    • personal information relating to an individual (other than their name)
    • the number or other identifier of a bank or securities’ account,
    • signatures.
  • companies will no longer need to maintain a register of charges but they will have to keep copies of instruments creating and amending charges available for inspection. Copy documents may be in the same form as that delivered for registration
  • rather than setting out a list of registerable charges (as is currently the case), the new regime applies to all charges except the following:
    • a charge in favour of a landlord on a cash deposit given as a security in connection with a lease of land
    • a charge created by a Lloyd's member to secure its obligations in connection with its Lloyd's underwriting business
    • a charge excluded to any other statute.
  • to be registered, charges still have to be filed within 21 days, although this limit is removed in respect of filing particulars of a property acquired which is subject to a charge
  • the criminal offence for failure to register a charge is removed
  • charges will be allocated a 12 digit Unique Reference Code (URC). The URC will be displayed on the certificate of registration and will need to be supplied if the charge is subsequently satisfied or amended
  • there will be new forms for companies and for LLPs (some of which it will be possible to file electronically). There will be separate forms for registration of a charge which is created by an instrument and those created where there is no instrument. The new forms will require less information than currently.