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The Overseas Companies (Execution of Documents and Registration of Charges) (Amendment) Regulations 2011
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- UK Statutory Instruments
- 2011 No. 2194
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations
These Regulations apply to overseas companies as defined in section 1044 of the Companies Act 2006 (c.46). The Regulations amend the Companies (Execution of Documents and Registration of Charges) Regulations 2009 (S.I. 2009/1917) (“the principal regulations”).
Regulation 2(3) removes the requirements in regulations 9 to 22 of the principal regulations for the registration with the registrar of companies of charges created by registered overseas companies over property of the company situated in the United Kingdom.
The amendments made by regulations 2(4) and 2(7) are consequential on the effects of regulation 2(3).
Regulation 2(5) amends regulation 24 of the principal regulations to specify the type of property in the United Kingdom in respect of which a charge has to be entered on the register. It introduces a time limit within which the entry on the register must be made. Regulation 2(5)(c) inserts supplementary provisions which reflect sections 861 and 879 of the Companies Act 2006. Regulation 2(6) amends the period of time within which the company must inform the registrar of the location for inspection of the documents and register. Regulation 2(8) permits inspection by electronic means where this is agreed between the company and person requesting inspection.
Regulation 2(9) removes the requirement to deliver a translation of the document of charge to the registrar.
Regulation 3 is a transitional provision.
An Impact Assessment in respect of these Regulations has been produced and copies are available from the Company Law and Governance Directorate, Department for Business, Innovation and Skills, 1 Victoria Street, London SW1H 0ET or on www.bis.gov.uk .
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