The Department for Business, Enterprise and Regulatory Reform (BERR) has published revised draft regulations for the registration of charges created by overseas companies. The Overseas Companies (Company Contracts and Registration of Charges) Draft Regulations 2009. They have also published a note on the revised regulations.
The main changes are:
- The creation of a single regime applicable to all overseas companies that create a charge on property in England and Wales which closely follows the regime for English companies.
- There is no longer a provision to determine whether property is situated in the UK.
- There are special rules for debentures that apply to English companies.
- The rules for inspection of records that are generally applicable to private companies will apply to the inspection of overseas companies’ records in respect of the inspection of the register of charges and copies of instruments creating charges.
The Regulations are expected to come into force on 1.10.09.
