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

Avoidance of certain charges

C3889Charges void unless registered

1

If a company creates a charge to which section 878 applies, the charge is void (so far as any security on the company's property or any part of it is conferred by the charge) against—

a

the liquidator of the company,

b

an administrator of the company, and

c

any creditor of the company

unless that section is complied with.

2

Subsection (1) is without prejudice to any contract or obligation for repayment of the money secured by the charge; and when a charge becomes void under this section the money secured by it immediately becomes payable.