C1C2Part 25Company charges

Annotations:
Modifications etc. (not altering text)
C1

Pt. 25 excluded (17.2.2009 for certain purposes, otherwise 21.2.2009) by Banking Act 2001 (c. 1), s. 252(1) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch.

Chapter 2Companies registered in Scotland

The register of charges

C3887Entries of satisfaction and relief

1

Subsection (2) applies if a statement is delivered to the registrar verifying with respect to any registered charge—

a

that the debt for which the charge was given has been paid or satisfied in whole or in part, or

b

that part of the property charged has been released from the charge or has ceased to form part of the company's property.

2

If the charge is a floating charge, the statement must be accompanied by either—

a

a statement by the creditor entitled to the benefit of the charge, or a person authorised by him for the purpose, verifying that the statement mentioned in subsection (1) is correct, or

b

a direction obtained from the court, on the ground that the statement by the creditor mentioned in paragraph (a) could not be readily obtained, dispensing with the need for that statement.

3

The registrar may enter on the register a memorandum of satisfaction (in whole or in part) regarding the fact contained in the statement mentioned in subsection (1).

4

Where the registrar enters a memorandum of satisfaction in whole, he shall, if required, furnish the company with a copy of the memorandum.

5

Nothing in this section requires the company to submit particulars with respect to the entry in the register of a memorandum of satisfaction where the company, having created a floating charge over all or any part of its property, disposes of part of the property subject to the floating charge.