Module 3 · Chapter 6
Twenty-One Days: Registration and Perfection
A charge binds the Company from signing. It binds a liquidator and other creditors only if it reaches Companies House in time. This chapter shows the count, the filing and the cost of missing it.
In this chapter
- How to count the 21 days, and what goes to Companies House
- What a late filing costs the Bank, and what it does not
- Why the Bank's own solicitors make the filing
6.1Perfection in one paragraph
Signing the Debenture created the Bank's security, and from that day it binds the Company. Perfection is the set of steps that makes the security good against everyone else too: a liquidator, an administrator and other creditors. Clause 5 lists three steps:
- a filing at Companies House within 21 days
- registration of the legal mortgage at HM Land Registry
- handing over the title documents and notice to the insurer, on the day of signing.
Clause 13 backs these steps: it lets the Bank sign any missing perfection document in the Company's name.
Key point
Creation binds the Company. Perfection binds everyone else. Of the three steps, only the Companies House filing has a deadline that a court alone can extend.
Also in this chapter
- Counting the 21 days
- What goes to Companies House
- What "void" means after day 21
- One missed filing loses every charge
- Who bears the risk of a late filing
- Notice to the insurer
- Your job
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