Companies Act 1985

469 Mode of appointment by holder of charge

(1) The appointment of a receiver by the holder of the floating charge under section 467(1) shall be by means of a validly executed instrument in writing (referred to as the " instrument of appointment"), a copy (certified in the prescribed manner to be a correct copy) whereof shall be delivered by or on behalf of the person making the appointment to the registrar of companies for registration within 7 days of its execution and shall be accompanied by a notice in the prescribed form.

(2) If any person without reasonable excuse makes default in complying with the requirements of subsection (1), he is liable to a fine and, for continued contravention, to a daily default fine.

(3) The instrument of appointment is validly executed—

(a) by a company, if it is executed in accordance with the provisions of section 36 of this Act as if it were a contract; and

(b) by any other person, if it is executed in the manner required or permitted by the law of Scotland in the case of an attested deed.

(4) The instrument may be executed on behalf of the holder of the floating charge by virtue of which the receiver is to be appointed—

(a) by any person duly authorised in writing by the holder to execute the instrument; and

(b) in the case of an appointment of a receiver by the holders of a series of secured debentures, by any person authorised by resolution of the debenture-holders to execute the instrument.

(5) On receipt of the certified copy of the instrument of appointment in accordance with subsection (1) of this section, the registrar shall, on payment of the prescribed fee, enter the particulars of the appointment in the register of charges.

(6) The receiver is to be regarded as having been appointed on the date of the execution of the instrument of his appointment.

(7) On the appointment of a receiver under this section, the floating charge by virtue of which he was appointed attaches to the property then subject to the charge; and such attachment has effect as if the charge was a fixed security over the property to which it has attached.