- The Companies Act 2006 (Amendment of Part 25) Regulations 2013 have been approved by Parliament and signed-off by the Minister on 14 March 2013. The regulations came into force on 6 April 2013 and will replace the existing Part 25 of the Companies Act 2006. The aim is to modernise and streamline the registration regime and also reduce costs.
- As stated in our previous client update (dated 26 February 2013), the new regime will include the ability to submit filings online. In order to file electronically, the lender's lawyers, lenders, or their in-house legal teams will need to apply for a ‘lender authentication code’.
- The process for applying for a 'lender authentication code' is open and we've found this to be relatively straightforward with codes available within a week. Application forms are available from the Companies House website.
- The Regulations will apply to all charges created on or after 6 April 2013 and new forms will need to be filed along with a certified copy of the entire security document. The new forms are now available on the Companies House website and appear to be user friendly. Names of forms have changed with form MR01 replacing the old MG01, which is likely to be the most commonly used form.
- Companies House has provided some further guidelines on what information may be redacted from a security document (which you will recall will, after 6 April 2013, be publicly available). This will include:
personal information (other than an individual's name). Helpful guidance on what constitutes 'personal information' is available from the Information Commissioners Office website.
a number or other identifier of a bank or securities account of a company or individual; and
a signature (but not the signature date).
Don't worry; paper filing will still be available after 6 April 2013 as a fallback! But please note, paper filing will cost more - £13 as opposed to £10 for electronic filing.