The Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009

Entries of satisfaction and release

21.—(1) This regulation applies if a statement is delivered to the registrar verifying with respect to a registered charge—

(a) that the debt for which the charge was given has been paid or satisfied in whole or in part, or

(b) that part of the property or undertaking charged has been released from the charge or has ceased to form part of the company’s property or undertaking.

(2) If the charge is a floating charge created under the law of Scotland, the statement must be accompanied by either—

(a) a statement by the creditor entitled to the benefit of the charge, or a person authorised by the creditor for that purpose, verifying that the statement mentioned in paragraph (1) is correct, or

(b) a direction obtained from the court, on the ground that the statement by the creditor mentioned in sub-paragraph (a) could not be readily obtained, dispensing with the need for that statement.

(3) The registrar may enter on the register a memorandum of satisfaction in whole or in part, or of the fact that part of the property or undertaking has been released from the charge or has ceased to form part of the company’s property or undertaking (as the case may be).

(4) Where the registrar enters a memorandum of satisfaction in whole, the registrar must if required send the company a copy of it.

(5) Nothing in this regulation requires the company to submit particulars with respect to the entry in the register of a memorandum of satisfaction where the company, having created a floating charge under the law of Scotland over all or any part of its property, disposes of part of the property subject to the floating charge.