While all records of all a company's debentures need to be kept by the company, debentures secured by a "charge" must additionally be registered under the Companies Act 2006 section 860 with Companies House,[53] along with any charge on land, negotiable instruments, uncalled shares, book debts and floating charges, among other things. The purpose of registration is chiefly to publicise which creditors take priority, so that creditors can assess a company's risk profile when making lending decisions. The sanction for failure to register is that the charge becomes void, and unenforceable. This does......
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exclusively to Kreglinger in return for a £10,000 loan secured by a floating charge would persist for five years even
In commercial practice the term "debenture" typically refers to the document that evidences a secured debt, although in law the definition may also cover unsecured debts (like any "IOU").[46] The legal definition is relevant for certain tax statutes, so for instance in British India Steam Navigation Co v IRC[47] Lindley J held that a simple "acknowledgement of indebtedness" was a debenture, which meant that a paper on which directors promised to pay the holder £100 in 1882 and 5% interest each half year was enough, and as a result subject to pay duty under the Stamp Act 1870. The definition depends......
queue, such as a retention of title clause or a Quistclose trust
See also: Netting and Set-off (law)Secured lendingMain articles: UK banking law, Banking law, and Security interestThe
Bank of England (est 1694) is the lender to all other banks, at an
interest rate set by the Monetary Policy Committee under the Bank of
England Act 1998. When lending on money to businesses at a higher
interest rate, banks will contract for fixed and floating charges to
decrease their risk and stabilise profits.While UK insolvency law
fixes a priority regime, and within each class of creditor distribution
of assets is proportional or pari passu, creditors can "jump up"......
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