Regulation 5

Companies Act 1985

1.

(1) Section 466 of the Companies Act 1985 (alteration of floating charges (Scotland)) is amended as follows.

(2) In subsection (4), for the words from the beginning to "which" substitute "Subsection (4A) applies to an alteration of a floating charge, where the alteration is one which".

(3) After subsection (4) insert -

"(4A) Every alteration to a floating charge created by a company is, so far as any security on the company's property or any part of it is conferred by the alteration, void against the liquidator or administrator and any creditor of the company, unless the documents referred to in subsection (4B) are delivered to the registrar for registration by the company or any person interested in the charge before the end of the relevant period allowed for delivery.

(4B) The documents referred to in subsection (4A) are -

(a) a certified copy of the instrument of alteration, and

(b) a statement of particulars including -

(i) the registered name and number of the company;

(ii) the date of creation of the charge;

(iii) a description of the instrument (if any) by which the charge was created or evidenced;