Section 419: Entries of satisfaction and relief., Companies Act 1985

Subject to subsections (1A) and (1B), the registrar of companies, on application being made to him in the prescribed form, and on receipt of a statutory declaration in the prescribed form verifying, with respect to any registered charge,—

that the debt for which the charge was given has been paid or satisfied in whole or in part, or

that part of the property charged has been released from the charge or has ceased to form part of the company's property,

may enter on the register a memorandum of satisfaction (in whole or in part) regarding that fact.

On an application being made to him in the prescribed form, the registrar of companies may make any such entry as is mentioned in subsection (1) where, instead of receiving such a statutory declaration as is mentioned in that subsection, he receives a statement by a director, secretary, liquidator, receiver or administrator of the company which is contained in an electronic communication and that statement—

verifies the matters set out in paragraph (a) or (b) of that subsection,

contains a description of the charge,

states the date of creation of the charge and the date of its registration under this Chapter,

states the name and address of the chargee or, in the case of a debenture, trustee, and

where paragraph (b) of subsection (1) applies, contains short particulars of the property which has been released from the charge, or which has ceased to form part of the company's property (as the case may be).

Where the statement under subsection (1A) concerns the satisfaction of a floating charge, then there shall be delivered to the registrar a further statement which—

is made by the creditor entitled to the benefit of the floating charge or a person authorised to act on his behalf;

is incorporated into, or logically associated with, the electronic communication containing the statement; and

certifies that the particulars contained in the statement are correct.

Where the registrar enters a memorandum of satisfaction in whole, he shall, if required, furnish the company with a copy of the memorandum.

Without prejudice to the registrar's duty under this section to require to be satisfied as above mentioned, he shall not be so satisfied unless—

the creditor entitled to the benefit of the floating charge, or a person authorised to do so on his behalf, certifies as correct the particulars submitted to the registrar with respect to the entry on the register of a memorandum under this section, or

the court, on being satisfied that such certification cannot readily be obtained, directs him accordingly.

Nothing in this section requires the company to submit particulars with respect to the entry in the register of a memorandum of satisfaction where the company, having created a floating charge over all or any part of its property, disposes of part of the property subject to the floating charge.

A memorandum or certification required for the purposes of this section shall be in such form as may be prescribed.

Any person who makes a false statement under subsection (1A) or (1B) which he knows to be false or does not believe to be true is liable to imprisonment or a fine, or both.

Section 419: Entries of satisfaction and relief.

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