133. Duty of company to register charges existing on property acquired

Question 1

133. Duty of company to register charges existing on property acquired

Answer 1

General overview
[133.01] Section 133(1) provides for a company who acquires any property which is subject to an existing charge to lodge the prescribed particulars of the charge with the registrar within 30 days after the acquisition of the property.

Question 2

Foreign companies

Answer 2

[133.02] Section 133(1) further provides that a foreign company that becomes registered in Singapore, and has prior to such registration, created a charge or acquired a property subject to an existing charge, shall, within 30 days of its registration, lodge with the registrar prescribed particulars of the said charge.
A question arises whether the failure to register in accordance with s 133 renders the charge void against the liquidator and any creditor of the company, like in s 131. A cue may be taken from the words “would have been required to be registered under this Division” in s 133 that the intention of Parliament was to bring such existing charges within the ambit of s 131. In other words, they will be void if they are not registered in accordance with s 133.