Document charges meaning

This checklist sets out the factors to consider when a company is proposing to grant a floating charge. This checklist proceeds on the basis that an English or Welsh company will grant a floating charge to a lender situated in England or Wales. The company granting the floating charge is the ‘chargor’. The entity receiving the floating charge is the ‘chargee’. The document recording the floating charge is the ‘security document’. For detailed guidance on the nature of floating charges and how they differ from fixed charges, see Practice Note: Fixed and floating charges. For the advantages and disadvantages of taking a floating charge, see Practice Note: Floating charges—advantages and disadvantages. For in-depth considerations when taking a floating charge, see Practice Note: Floating charges. A floating charge may form part of the security package created by a debenture—see Practice Note: Key features of debentures. Debentures typically also include other security interests, such as mortgages, assignments and fixed charges. A floating...

What is form MR01 (Particulars of a charge) and when do you use one? A charge granted by a company registered in the UK must be filed at Companies House unless an exception in section 859A(6) of the Companies Act 2006 (CA 2006) applies (see: Which company charges are registrable at Companies House?). Missing the filing window can have serious consequences, so it is essential to complete registration within the required period. Form MR01 (Particulars of a charge) is the Companies House document used to record a company charge where the charge is: created, or evidenced, by an instrument dated on or after 6 April 2013 made by a UK-registered company If a company charge is not created or evidenced by an instrument, you should instead use form MR08 (Particulars of a charge where there is no instrument) to register it at Companies House. For details of other Companies House forms for registering company charges, see: ...

This checklist sets out the requirements for the content of schemes’ annual reports and accounts under the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734. For fuller guidance on the duty on occupational pension schemes to produce annual reports and accounts, see Practice Note: Pension scheme annual reports and accounts. Requirement to prepare and disclose a pension scheme annual report Trustees of an occupational pension scheme meeting the conditions in the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734, Sch 1, Para 1 must produce an annual report no later than seven months following the close of each scheme year. For further details, see: Disclosure requirements for occupational and personal pension schemes—the 2013 disclosure regulations—Scope of the 2013 Disclosure Regulations. The annual report must be provided to any relevant person (that is, a member, prospective member, their spouse or civil partner, a beneficiary or a recognised trade union) who: requests the document within five years...

In this issue Security Sustainable finance Debt capital markets Derivatives Regulation for derivatives lawyers Claims and remedies Daily and weekly news alerts Updated Practice Notes Useful information Security HM Land Registry has revised Practice Guide 29—Registration of legal charges and deeds of variation of charge. An update to section 4 now explains how to remove a note recorded in the charges register pursuant to section 859H of the Companies Act 2006. See: LNB News 06/05/2025 2. Source: Registration of legal charges and deeds of variation of charge (PG29). Sustainable finance The European Commission has opened a call for evidence to review the Sustainable Finance Disclosures Regulation (EU) 2019/2088 (EU SFDR). The initiative targets unnecessary burdens by simplifying and streamlining obligations, including easing environmental, social and governance reporting for financial market participants so they can focus on information most relevant to investors. Responses are requested by 30 May 2025, and the feedback will guide...

Current position Regarding certain affected security, we note an entry now visible in the filings section of the Companies House register stating that material once regarded as part of the register is no longer treated as such by the registrar. Although the charges register has also been updated—so the relevant registered security once more appears as outstanding—there is no clear connection drawn between that note, the amendments to the charges register, and the earlier incorrect submission (evidence of which has likewise been removed). To any third party—even directors of the relevant company or the security holder—it is not immediately clear what this new entry pertains to unless they were already aware that the unauthorised filing had been accepted. Since the issue was identified, the registrar has made no public statement about the incident, leaving uncertainty over what actually occurred, why it occurred, and how many companies have been impacted. Equally, there is no firm certainty in relation to the...

In this issue: Public company takeovers (Offers) Corporate governance Banking and finance for corporate lawyers Daily and weekly news alerts New and updated content Dates for your diary Trackers Latest Q&As Useful information Public company takeovers (Offers) The Takeover Panel publishes three new Panel Statements The Takeover Panel (the Panel) has released three further Panel Statements. PS 2024/8 confirms two fresh appointments to the Panel; PS 2024/9 records the removal of the Pensions and Lifetimes Savings Association (PLSA) as a body entitled to nominate a Panel member; and PS 2024/10 makes minor tweaks to the Takeover Code (the Code) provisions on document charges. See: LNB News 18/04/2024 42. Takeover Panel publishes consultation on scope of Takeover Code application The Code Committee of the Takeover Panel has opened a consultation proposing a new framework designed to narrow which companies fall within the Takeover Code. The intention is to refocus the Code’s application on...

Loan market and developments Overview Broadly, Scotland’s loan market mirrors that of England. Financial services regulation operates on a UK‑wide basis; a substantial body of legislation governing companies and other corporate vehicles (including corporate insolvency) likewise applies across the UK; and all Scottish clearing banks conduct business in every UK jurisdiction, as do their counterparts across the UK. In practical terms, this means English law governed loan documents typically require minimal amendment for UK cross‑border lending transactions. There are, however, some differences in terminology and certain statutory variations that must be allowed for; beyond those matters, an English law loan document and a Scots law loan document are closely aligned. It is commonplace, for example, for English law loan agreements to be deployed in Scottish lending transactions. The principal divergences between the jurisdictions arise in relation to property law and to the law concerning rights in security, where Scots law and English law are notably distinct. Lending Is it necessary to secure any consents or licences to...

This How to guide sets the groundwork for drafting and negotiating a security document. It links to helpful precedents and highlights key drafting and negotiation points. Practice Note: Introductory guide to security in a lending transaction gives a fuller overview of taking and perfecting security, covering types of security, perfection and priority. Practice Note: Debenture drafting and negotiation guide provides detailed guidance on drafting and negotiating a debenture. Parties The parties to a security document in a bilateral transaction will be: the security provider(s)—eg the borrower(s) under the facility agreement or a third party, such as group company guarantors or a parent company, or both; and the lender The parties to a security document in a syndicated transaction will be: the security provider(s)—the borrower(s) under the facility agreement or a third party, such as the group company guarantors or a parent company, or both; and the security agent, acting as trustee and security agent for the lenders...

NOTE—to verify whether notification thresholds in Colombia and globally are met, see further: Where to Notify for guidance. 1. There have been recent developments regarding the Colombian merger control regime. What are the main points of interest and are any further updates/developments expected in the coming year? Are there any other hot merger control issues in Colombia? The latest change affecting the Colombian merger control framework was Law 2010 of December 2019. Through this statute, Congress authorised the Superintendence of Industry and Commerce (Superintendencia de Industria y Comercio, SIC), the national competition authority, to levy a filing fee for merger review. Acting on this mandate, the SIC calibrated the fee according to the type of submission and created distinct charges for Phase 1 and Phase 2 clearance applications. In 2021, the SIC refreshed its procedural guidance for merger review via Resolution 2751 of 2021. That revision largely mirrored the earlier regime in Resolution 10930 of 2015, save for the express incorporation of the filing fee obligation. In 2022,...

Panel 11 (transfer of whole)/panel 12 (transfer of part)—Additional provisions Definitions: Documents are those in Schedule 1; Leases those in Schedule 2 (including any supplemental or collateral documents, or documents entered into under their terms); Occupational Leases those in Schedule 3 (including any such documents entered into under their terms). Transfer: The Property passes subject to, and where relevant with the benefit of, matters in the Conveyance, Documents and Occupational Leases. Indemnity covenant: option one. By way of indemnity only, the Transferee will observe and perform the covenants, conditions and other matters in: the property, proprietorship and charges registers of the title(s) in panel 1; the Documents or the Conveyance; the Leases; and the Occupational Leases; and will indemnify the Transferor and their estate against all actions, proceedings, damages, costs, claims and expenses for any future breach, non‑observance or non‑performance, and under any authorised guarantee agreement in clause [number] of [document] dated [date] between [parties]. Indemnity covenant: option two. By way of indemnity only,...

Part 1, interpretation and limitation of liability Unless the context requires otherwise, these articles use terms defined in the Companies Act 2006 (and any amending or subordinate legislation) and within these articles. Defined terms include: address; articles; bankruptcy (including similar overseas procedures); chair and chair of the meeting (articles 13 and 30); Companies Acts; director (including anyone acting as such); document (including electronic); electronic form/means and hard copy form; instrument; member; ordinary and special resolutions; eligible director; participate; proxy notice; relevant officer (non‑auditor officers of the company or any group undertaking, present or former); subsidiary; and writing (any visible representation, including electronic) The model articles are excluded. Unless otherwise stated, statutory expressions bear the meaning they had when these articles became binding. References to legislation include any modification, re‑enactment or replacement. Singular includes plural and vice versa; masculine includes feminine and neuter; persons include corporations Each member’s liability is limited to £1, payable on a winding up while a member or within one year of ceasing, towards:...

This Deed is dated [ date ]. Parties [ insert name of Chargor ], a company incorporated in England and Wales with registered number [ insert company number ], whose registered office is at [ insert address ] (the Chargor); and [ insert name of Lender ] of [ insert address ] (the Lender). Recitals: This Deed is supplemental to the Debenture (as defined below), under which the Chargor created mortgages and charges over, among other assets, all of its then existing freehold and leasehold property in favour of the Lender, for the purpose of offering security to the Lender in respect of the Secured Obligations (as defined below). The Chargor enters into this Deed pursuant to clause [ insert relevant clause number ] (Further assurance) of the Debenture, in order to grant a legal mortgage over the Mortgaged Property (as defined below), thereby affording the Lender additional security in relation to the Secured Obligations (as defined below)......

BREXIT At 11pm (GMT) on 31 December 2020—known as ‘IP completion day’—the transition/implementation period entered into following the UK’s withdrawal from the EU came to a close. From that point onwards, key transitional arrangements came to an end and wide‑ranging changes started to take effect across the UK’s legal regime. This document provides guidance on subjects affected by these changes. Before continuing your research, see: Brexit and financial services: materials on the post‑Brexit UK/EU regulatory regime [Archived]. This Q&A assesses the impact of Brexit on passporting in the insurance sector, outlines the options available to insurers to continue to access the European Economic Areas (EEA), and highlights the factors for insurers to take into account in their contingency planning. This Q&A is produced in partnership with Clare Swirski at Clifford Chance. What are the main aspects of passporting under Solvency II?...