12 news/legal expert


New regulations now apply to the filing of charges


Companies have always had to register certain types of security at Companies House. Until recently the law on what charges had to be registered and the filing process for them was contained in the Companies Act 2006, writes Steven Bull of Glanvilles


However, following a long period of review (commenced by the Department of Business, Innovation and Skills in March 2010) aimed at clarifying and simplifying the procedures and regulations applying to the filing of charges at Companies House, new regulations have now come into effect and will apply to charges created after April 6, 2013.


Under the new regulations there is now a single scheme that applies to all UK companies, meaning that there will no longer be a distinction between those companies registered in England and Wales and those in Scotland. Further evidence of the simplification can be found in the new Companies House forms, which require slightly less information than the forms they replace, and also in the fact


that some of those forms can, for the first time, now be filed electronically.


While the criminal sanctions for not filing a charge has been removed (it is no longer a requirement to register charges) and the new regime is said to be a voluntary one, in practice very little will change as regards the number of filings because a charge that has not been filed will be void against certain classes of people such as liquidators and administrators.


A helpful change for those seeking information on the security arrangements of a company is the new ability to obtain a copy of the charge deed itself when searching Companies House. Previously, searchers were only able to obtain a copy of the relevant Companies


House form which filed the charge (which was often limited in use). In an effort to address concerns over the information that may now be viewed as a result of the full deed being made available, it will be possible for certain information, such as personal information relating to an individual (other than that individual’s name) and bank account information, to be redacted from the copy charge prior to filing it at Companies House.


In addition, all charges registered after April 6, 2013, will be allocated a 12-digit Unique Reference Code (URC) which should make it easier for Companies House, and those people searching the register, to follow and link all filings relating to the same charge.


Steven Bull


The filing fees for registering charges remains at £13 for paper forms but, presumably in an attempt to encourage online filing, the new electronic filing fee has been set at £10.


Details: Steven Bull 01983-527878 s.bull@glanvilles.co.uk commercial@glanvilles.co.uk www.glanvilles.co.uk


Tech companies granted funding VMTurbo


Custom Interconnect


Fleet-based VMTurbo, a provider of software-defined control for cloud and virtualized environments, has closed a series C funding round led by Globespan Capital.


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VMTurbo’s funding now totals $25 million, with key investments coming from Globespan Capital, and previous investors Bain Capital Ventures and Highland Capital Partners.


“Bringing a world-class partner like Globespan on board enables us to be even more aggressive in capturing the huge market opportunity in front of us,“ said N Louis Shipley, president and chief executive officer at VMTurbo.“


Andover-based electronics manufacturer Custom Interconnect has secured funding from the Government-backed Growth Accelerator scheme to assist with its plans for rapid growth.


The investment follows the appointment of Wright Industries’ Craig Wright, as executive chairman and will see the scheme match fund the firm’s investment in leadership development training.


John Boston, managing director at Custom Interconnect, said: “Following significant investment over the past few years, we are expanding the scope of our business by entering new markets.“


PwC supports local community


PwC staff across the UK donated time and raised money for local social enterprises in their communities last month. This is the fourth year that PwC has rallied employees across the UK to spend time in the community and make a difference.


They worked with Mayfield Nurseries Solent Mind and Cockleshell Community Sports Club to help them raise their profile, sell products grown from seed and help renovate both the Mayfield Nurseries and Cockleshell Community Sports Club.


THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – JUNE 2013


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