Reform in the UK

Reports recommending reform

There have been several reports in the UK recommending reform of the law of secured transactions.  The most recent was the work done by the Law Commission in 2002 – 2005.   We have taken as our starting point the  Consultative Report produced as part of that project.

For a more detailed account of the history of reports on reform, see HERE.

The 2013 reform

The system of registration of charges granted by companies was reformed in 2013, though this has been limited in scope. The main features of the reformed system are:

  • All charges are now registrable unless specifically exempt
  • The entire charge document is registrable together with certain particulars
  • Failure to register is no longer a criminal offence, although unregistered charges are still void against secured creditors, liquidators and administrators
  • Registration can be done electronically

For a more detailed account of the reforms see HERE

Materials on the reforms

L. Gullifer, Personal Property Security Law: Where Next? (2012) Butterworths Journal of International Banking and Financial Law 465 and 541

P. Graham, Registration of Company Charges, [2014] Journal of Business Law 175