The Department for Business, Innovation and Skills (‘BIS’) has published (10 August 2011) the Government’s latest proposals for revising the existing regime, contained in the Companies Act 2006, relating to the registration of security created by companies and limited liability partnerships.
The latest proposals include details of:
- the logistics for the electronic filing of security;
- the new system which will allow for the filing of brief particulars of security together with a copy, instead of the original, of the security instrument;
- the requirement that all security created by a company will be registrable, with only limited exceptions; and
- the safeguards to be put in place to prevent the fraudulent filing of releases of security.
Comments were requested by 30 September 2011. The Government aims to publish draft amending regulations in early 2012, with a view to the changes coming into force on 1 October 2012.
BIS Consultation document available at: http://www.bis.gov.uk/assets/biscore/business-law/docs/r/11-1108-revised-scheme-registration-of-charges-part-25.pdf