New Clause 336

Company Law Reform Bill [Lords] – in a Public Bill Committee at 1:45 pm on 20th July 2006.

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Consequence of failure to register charges created by a company (No. 2)

‘(1) If a company creates a charge to which section (Charges created by a company (No. 2)) applies, the charge is void (so far as any security on the company’s property or any part of it is conferred by the charge) against—

(a) the liquidator of the company,

(b) an administrator of the company, and

(c) any creditor of the company

unless that section is complied with.

(2) Subsection (1) is without prejudice to any contract or obligation for repayment of the money secured by the charge; and when a charge becomes void under this section the money secured by it immediately becomes payable.’.—[Margaret Hodge.]

Brought up, and added to the Bill.