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Changes to Part 25 of the Companies Act 2006

Charges – Changes to Part 25 of the Companies Act 2006 (Companies and LLPs)

Subject to Parliamentary approval) will come into force on 6 April 2013. The regulations replace Part 25 of the Companies Act 2006.

The aims of the new provisions are to:

  • streamline procedures and reduce costs for those putting information on the public record, in particular by enabling electronic filing
  • reduce uncertainty as to what charges must be registered
  • replace two current schemes which depend on the company’s place of registration with a single scheme for all UK-registered companies
  • improve the quality of information about security given by companies
  • improve access to the instruments creating companies’ charges

The primary purpose of the draft regulations is to give effect to the Department’s policy of providing for a single scheme for registration, satisfaction or alteration of company charges irrespective of the place of incorporation of the company (as in current Part 25 of the Act). The changes will also be applied, with minor modifications, to limited liability partnerships by a separate statutory instrument.