Company law
This query is : Resolved
29 June 2012
is only registered charges can be collected by liquidator for liquidation purpose ?
CS Mitesh Mehta
(Expert)
29 June 2012
According to Section 125(1) a charge requiring registration is void against the liquidator and any creditor of the company if the particulars thereof are not filed into the Registrar of Companies.
Non-registration of a charge affects the security against the liquidator. It becomes unenforceable against the liquidator when the company is in winding-up. This means the liquidator in winding-up of the company would ignore the charge and treat the concerned creditor as unsecured creditor and the concerned property/assets as free from charge, not available to satisfy the debt of the concerned creditor.
Non-registration of a charge affects the security against the liquidator. It becomes unenforceable against the liquidator when the company is in winding-up. This means the liquidator in winding-up of the company would ignore the charge and treat the concerned creditor as unsecured creditor and the concerned property/assets as free from charge, not available to satisfy the debt of the concerned creditor.
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