Companies Act 2014 section 411

Duty of company to register charges existing on property acquired

Section 411 deals with the obligation on a company that acquires property already subject to a charge to register that charge with the Registrar.

• When a company acquires property that is already subject to a charge of a type that would require registration under section 409 if created by the company itself, the company must register that charge.
• The company must ensure the prescribed particulars of the charge, in the prescribed form, are received by the Registrar within 21 days of the completion of the acquisition.
• This provision closes a gap left by section 409, which only requires registration of charges created by a company — section 411 ensures charges originally created by others are also registered when a company takes on the underlying property and liability.
• Failure to comply is a category 4 offence, applying to both the company and any officer of the company who is in default.