Avoidance of certain chargesE+W+S+N.I.
889Charges void unless registeredE+W+S+N.I.
(1)If a company creates a charge to which section 878 applies, the charge is void (so far as any security on the company's property or any part of it is conferred by the charge) against—
(a)the liquidator of the company,
(b)an administrator of the company, and
(c)any creditor of the company
unless that section is complied with.
(2)Subsection (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 section the money secured by it immediately becomes payable.
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