Business Accounts

Question 1

what are the formalities of debt finance?

Answer 1

• Registered with companied house by any person interested in the charge within 21 days beginning with the day after the day on which the charge was created/
• Form MR01, certified copy of the charge and the relevant fee.
• If the charge is not registered at all, or within the 21 day period
  1. Charge is void against a liquidator, administrator and any creditor of the company.
  2. Debt becomes immediately payable.