(1) If a company creates a charge to which section 860 applies, the charge is void (so far as any security on the company's property or undertaking is conferred by it) against -
(a) a liquidator of the company,
(b) an administrator of the company, and
(c) a creditor of the company,
unless that section is complied with.
(2) Subsection (1) is subject to the provisions of this Chapter.
(3) Subsection (1) is without prejudice to any contract or obligation for repayment of the money secured by the charge; and when a charge becomes void under this section, the money secured by it immediately becomes payable.