register of charges

register of charges
1) The register maintained by the Registrar of Companies on which certain charges must be registered by companies. A charge is created when a company gives a creditor the right to recover a debt from specific assets. The types of charge that must be registered in this way, and the details that must be given, are set out in the Companies Act (1985). Failure to register the charge within 21 days of its creation renders it void, so that it cannot be enforced against a liquidator or creditor of the company. The underlying debt remains valid, however, but ranks only as an unsecured debt.
2) A list of charges that a company must maintain at its registered address or principal place of business. Failure to do so may render the directors and company officers liable to a fine. This register must be available for inspection by other persons during normal business hours.

Accounting dictionary. 2014.

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Look at other dictionaries:

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