Registration of Company Charges (3rd edition)

Citation

Shehzad, N. (2010), "Registration of Company Charges (3rd edition)", International Journal of Law and Management, Vol. 52 No. 5, pp. 404-405. https://doi.org/10.1108/17542431011076035

Registration of Company Charges is a well thought out analysis of company charges introduced by Part 25 of the Companies Act 2006. The book is split into eight chapters covering security interests, the company charge registration system, the registration and mechanics of registration and overseas companies. It has been four years since the last edition of the book was purchased and the main changes dealt with in the book are from the coming into force of the Companies Act 2006. The focus of the book is dealing with the registration of charges with particular attention to charges created by overseas companies. The Registration of Company Charges is a full guide to the charges registration system providing in‐depth detail on charges which require registration and those which do not.

The book is suitable for practitioners. McCormack aptly discusses how to prioritise competing charges over the same property, book debts, post‐contractual conduct and charges on intellectual property. The appeal the book has to practitioners is the comprehensive coverage of the new registration of charges regime, implications of the Spectrum decision and the replacement of the Slavenburg register. Also the book clarifies the position on where the registration of charges is compulsory and where it is not making it a valuable asset to the company law practitioner. Consideration is given to the EC Financial Collateral Directive and to the mechanics of registration in regard to the position of an unregistered charge, validity and particulars requiring registration. The changes to overseas companies in relation to the new regime of charges registration are pertinent to the practitioner whose practise encompasses International Company Law.

There are aspects of the book which are suitable for teaching. The thorough examination of the priority position with competing charges and how registration can impart notice to subsequent interest holders will be of most benefit to teaching in relation to corporate governance. The book considers the weaknesses in the current registration system and the inadequacies of the priority rules extensively. There is widespread use of case law and relevant legislation in relation to the new law compared to previous legislation. However, the book is geared to a reader that has a foundation of company law principles and as such would not be recommended as a beginner's text. That said the distinction on fixed and floating charges and structured finance arrangements would benefit the student that was struggling to get to grips with this area.

As a body of text dedicated to company charges, the book is ahead of its competitors in that it offers more than an overview of the key aspects of company charges and delivers a fully updated account post Companies Act 2006. For the manager the book offers a valuable handbook covering all areas of registration of charges and the consequences of failures to comply with the requirements of registration.

All in all, this book is a must have for practitioners who deal with conflicts in the registration of charges as there is satisfactory coverage of the case law and legislative changes. The book is most suitable to practitioners, with relevant sections for academic teaching and for the serious student.