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Deeds of Confirmation
No More, Late Registration of Debentures
The problem of the late registration of company charges, debentures, has always been a source of considerable frustration to practitioners and company secretaries. The problem is simple. The Companies Act insists that a debenture must be registered within a fixed, and very short, and number of days after it has been executed. People have regularly failed to register their charges within the necessary time.
Several creative practitioners have sought to deal with this problem by filing so called 'deeds of confirmation'. Such deeds are intended to create a new date. This deed can then be registered within the time period which runs from the new date. The deed will typically confirm the charge as at the new date, and exhibit the out of date debenture.
Companies House have now made it quite clear that such deeds of confirmation will not, in future, the accepted. There is a procedure to deal with late registration is, to apply to court under section 404 of the companies act 1985. Companies house have now indicated that those wishing to present out of time charges must look first to the court before Companies House.
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