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Legal Meanings
Term: charge
1.
1. A charge is a secured interest in property, entitling the holder to exercise a right of sale to recover sums owed. Charges must be registered with Companies House within 21 days from the date they are granted by a company. Failure to register a charge will render it void against a liquidator and other creditors. Charges must be recorded in the Register of Charges kept by the company.
2. A charge is used to refer to the formal laying of an accusation of a criminal offence by the police or some other body with such power.
Usage: 1. The debtor offered to grant the creditor a charge over land in order to avoid a bankrupcy petition being brought before before the Companies Court. 2. The person was charged with contempt of court for failing to comply with an undertaking to the court.
Related Words: lien; floating charge; fixed charge; debenture; company; limited company; unlimited company; mortgage.
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Companies: Internal Governance – Types of Companies under the Companies Act UK
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