Security & Collateral · glossary
The steps after signing that make security good against people outside the deal, such as a liquidator. Every charge must be filed at Companies House within 21 days. Some assets need one step more: a land registration, the share papers, control of an account or a notice to the insurer. Debenture §5 · Chapter 1 · Chapter 5 · Chapter 6
Explained in Chapter 1, What Security Is For, of Security & Collateral.
Clause 5 deals with perfection, the steps after signing that make the security good against everyone else. The main step is filing the charge at Companies House within 21 days. A charge filed late is void against a liquidator or an administrator (experts who run a failed company), so the lender would lose it just when it needs it.Read Chapter 1, What Security Is For →
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