Registration process
Section 23 – Application for registration
117.Subsection (1) enables the assignee, and only the assignee (or the assignee’s agent – see section 120(4)), to apply to the Keeper to register an assignation document in the RoA.
118.Subsection (2) requires the Keeper to deal with applications for registration of assignation documents in the order in which they are received. The effect is to protect the priority of registration of an assignation document (and therefore of ranking of claims in, for example, an insolvency).
119.Subsection (3) sets out that the Keeper must accept the application if it is submitted with a copy of the assignation document, contains all the information the Keeper requires to make up an entry, conforms to RoA Rules, and the fee due to the Keeper is – or will be – paid. Rules can be made about information which can be redacted in the copy of the assignation document which is submitted (see section 39(2)(d) and (e)).
120.Subsection (4) provides that the Keeper must reject an application if any of the requirements mentioned in subsection (3) are not satisfied.
Section 24 – Application for registration where claims assigned to different assignees
121.This section deals with the case where one assignation document assigns different claims to different assignees. It ensures that individual assignees will still retain control over registration as it relates to the claim assigned to them. It therefore provides that the application for registration will be made only in relation to the claim assigned to that individual.
122.Subsection (2) provides for how various terms in the Act are to be read in cases where an assignation document of this nature is being or has been registered.
Section 25 – Registration
123.Subsection (1) provides that the Keeper must, on accepting an application, make up and maintain the appropriate entry in the RoA, which includes allocating a registration number (as defined in section 120(1) of the Act).
124.Subsection (2) provides that an assignation document is taken to be registered on the date and at the time originally entered for it. In other words, even if the registration of an assignation document is ineffective and becomes effective only once it is corrected (see section 27(3)), the date and time of registration of the assignation document will still be the date and time of the initial (i.e. ineffective) registration. However, it is the time of effective registration that is critical for transfer of the claim (see section 3).
Section 26 – Verification statement
125.Subsection (1) provides that the Keeper must, after registering an assignation document, send a statement to the assignee (i.e. the applicant) and the assignor verifying what has been done – but only if the application contains email addresses for them. If an email address has not been included for either the assignor or the assignee then there is no obligation on the Keeper to send that person a statement. Subsection (2) makes provision about the content of the statement.
126.As the application will have been made by the assignee, it can be assumed that they will provide their correct email address. However, the correct email address may not be given for the assignor. In circumstances where the assignor does not receive a verification statement from the Keeper (for example, because no email address was provided by the assignee or the email address provided was incorrect) the assignor may, under subsection (3), request a copy of the verification statement from the assignee. Under subsection (4), the assignee must supply the copy within 21 days.
