Section 116
of International Business Companies Order, 2000
Section 116
(1)
Where an IBC acquires any property which is subject to a charge of any such kind as may, if it had been created by the company after acquisition of the property, have been filed under this Division, the company or any other person interested in the charge may cause –
(a)
a statement giving a short description of the nature of the instrument by which the charge was created, the property charged, the amount thereby secured, and the names of charges or persons entitled to the benefit thereof; or
(b)
a certified copy of the charge, to be lodged with the Registrar for filing within forty-two days after the date on which the acquisition is effected.
(2)
Where any charge to which this section applies is not filed with the Registrar pursuant to subsection (1), the charge shall, so far as any security on the company’s property or undertaking is conferred thereby, but without prejudice to any contract or obligation for repayment of the money thereby secured, be void against a liquidator and any creditor of the company.
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
93
BLUV as at 20th June 2017
Filing of charges by foreign companies which become registered under this Order.