Company security interests
Following on from a consultation paper (ISBN 0117302627) published in September 2004, this report by the Law Commission sets out its proposals for reform of the system for registering mortgages and charges over property owned by companies. Proposals include a new scheme based on electronic notice filing to replace the current paper-based system; removal of the formal 21-day time limit for registration and the period of 'invisibility'; extension of the list of registrable charges; clearer priority rules; automatic forwarding of information by the Land Registry to Companies House about charges over registered land owned by companies; the sales of receivables (sums owed to a company by its various debtors) to be brought within the scheme; and changes to registration of charges created by companies registered outside Britain over property in England and Wales.
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