The company was a subsidiary of two American companies, but was registered in Scotland. It charged its assets, but the charge was not registered in Scotland. On the insolvency of the company, the respondent chargee claimed it was a fixed charge not requiring registration. The administrators asserted that the charge was a floating charge and void if not registered.
Held: The schemes for registration of charges in the Act applied throughout the United Kingdom, and were not separate, even though the application of the machinery differed in each jurisdiction. Here however the charge was a fixed one, and valid.
Mr Roger Kaye, QC
Times 22-Apr-2002, Gazette 16-May-2002
England and Wales
Updated: 27 June 2022; Ref: scu.170068