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ARTICLE · 10 NOVEMBER 2011

Proposed Revised Scheme For Registration Of Charges

Reed Smith (Worldwide)
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In August 2011, the Department for Business Innovation & Skills ("BIS"), published its Revised Scheme for Registration of Charges Created by Companies and Limited Liability Partnerships (the "BIS Paper"), which sought views and provided commentary on Government proposals to revise the current scheme for the registration of charges under Part 25 of the Companies Act 2006, following the consultation in 2010.

United KingdomFinance and Banking
Leon Stephenson
Leon Stephenson
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Overview

In August 2011, the Department for Business Innovation & Skills ("BIS"), published its Revised Scheme for Registration of Charges Created by Companies and Limited Liability Partnerships (the "BIS Paper"), which sought views and provided commentary on Government proposals to revise the current scheme for the registration of charges under Part 25 of the Companies Act 2006, following the consultation in 2010. Below is a summary of the expected impact of these proposed changes on members of Lloyd's of London ("Lloyd's") syndicates.

Background

Part 25 of the Companies Act 2006 (the "Act") provides a UK scheme for the registration of charges created by companies and LLPs, which has come under criticism for being cumbersome and failing to stay in line with changes in the law and commercial practice.

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