Companies Act 2014 section 408

Definitions (Part 7)

Section 408 defines what constitutes a "charge" and "property" for the purposes of Part 7 of the Companies Act 2014, which deals with charges and debentures.

• A "charge" means a mortgage or charge, whether in a written or oral agreement, created over an interest in any property of a company, including a judgment mortgage
• Certain financial assets are excluded from the definition of "charge", including cash, bank deposits, shares, bonds, units in collective investment undertakings, and related rights such as dividends or interest
• "Property" is broadly defined to include any assets or undertaking of the company
• The Minister may vary the exclusions by order if a new EU act relating to financial collateral arrangements makes this necessary