Part 2SFloating charges

Modifications etc. (not altering text)

C2Pt. 2 applied (prosp.) by 1967 c. 48, s. 3(1) (as substituted by Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp. 3), ss. 49(1), 227 (with s. 223))

Prospective

Related further provisionS

48Formalities as to documentsS

(1)In section 6 (registration of documents) of the Requirements of Writing (Scotland) Act 1995 (c. 7), after subsection (1)(a), insert—

“(aa)to register a document in the Register of Floating Charges;”.

(2)In section 46 (extract decree of reduction to be recorded) of the Conveyancing (Scotland) Act 1924 (c. 27)—

(a)in subsection (2), for the words “This section” substitute “ Subsection (1) above ”; and

(b)after subsection (2), insert—

“(3)This section shall apply in relation to a document registered in the Register of Floating Charges as it applies in relation to a deed or other document pertaining to a heritable security which is recorded in the Register of Sasines (and the references to recording are to be read accordingly).”.

(3)In section 8 (rectification of defectively expressed documents) of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1985 (c. 73), after subsection (5), insert—

“(5A)Subsection (5) above applies in relation to document registered in the Register of Floating Charges as it applies in relation to a document recorded in the Register of Sasines (and the references to recording are to be read accordingly).”.

49Industrial and provident societiesS

(1)For [F1section 62 (floating charges created by Scottish societies) of the Co-operative and Community Benefit Societies Act 2014] (c. 48) substitute—

[F262“Floating charges: Scotland

(1) Part 2 of the Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3) (“the 2007 Act”) applies to a registered society as it applies to an incorporated company.

(2)Subsection (3) applies where any assets of a registered society are subject to—

(a)a floating charge created under Part 2 of the 2007 Act (as applied by this section), and

(b)an agricultural charge created under Part 2 of the Agricultural Credits (Scotland) Act 1929.

(3)For the purposes of determining the relative ranking of those charges, the following provisions of the 2007 Act apply as if the agricultural charge were a floating charge created under Part 2 of that Act on the date of creation of the agricultural charge—

  • section 40(1) to (3) (including as subject to section 41(1) to (4)),

  • section 45(3)(c).”].

(2)Section [F363] (filing of information relating to charges) of that Act is repealed.

(3)In section [F464 (notification of charges etc: Scotland)] of that Act—

[F5(a)for paragraph (a) of subsection (1) substitute—

“(a)the giving to the FCA of notice of any security, except a floating charge, granted by a registered society over any of its assets;”]

(b)the references to section [F663] of that Act are to be treated as references to that section as it had effect immediately before its repeal by subsection (2) above.

Textual Amendments