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19.—(1) If a company creates a charge requiring registration under this Part, the charge is void (so far as any security on the company’s property or undertaking is conferred by it) against—
(a)a liquidator of the company,
(b)an administrator of the company, and
(c)a creditor of the company,
if regulation 10 (duty to deliver particulars of charge etc for registration) is not complied with.
(2) Failure to comply with—
(a)regulation 14(4) (special rules for debentures: duty to send particulars of each issue of debentures), or
(b)regulation 15 (special rules for debentures: additional registration requirement for commission etc),
does not affect the validity of the debentures issued.
(3) Paragraph (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 regulation, the money secured by it immediately becomes payable.
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