Task:                     

[07.033-ADGM] - CORP SUPPORT # APPLICATION TO REGISTER A CHARGE

Purpose:             

This application form must be submitted where a company creates a charge, to register charges against the name of the company in ADGM on the ADGM register of charges

Legal Entities:    

Charges are registered on the charges register, which is available to the public

Questions:     



1) What is the nature of the charge, noting that there are certain exceptions:

                                The following charges cannot be registered: 

                                • a charge in favour of a landlord on a cash deposit given as a security in connection with the lease of land; or

• a charge excluded from the application of the section 784 of the Companies Regulations 2020 or any other law of the ADGM.

2) Who is the applicant?

This must be either

·         The company that created the charge; or

·         Any person interested in the charge

3) Who is/are the secured party(ies) – individual and/or registered company/partnership and request for full KYC


4) Who is/are debtor(s) – individual and/or registered company/partnership and request for full KYC


5) What is the type of collateral, sample list provided below:

Goods – Aircraft, Goods – Other, General Intangibles, Account, Debenture, Financial Property, Goods – Ship, Intellectual Property, Other, Real Property (Land, Building, Unit), Tangible Property


6) What is the date of creation of the charge? (noting that if the 21 day period is exceeded, a Court order must be provided, which permits an extension)


For the purposes of Part 24 of ADGM Companies Regulations 2015, a charge of the type described in column 1 of the table below is taken to be created on the date given in relation to it in column 2

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Where a charge is created or evidenced by an instrument made between two or more parties, references in the table above are to execution by all the parties to the instrument whose execution is essential for the instrument to take effect as a charge.

The Registrar is entitled without further enquiry to accept a charge as created on the date given as the date of creation of the charge in a charge filing statement.

“Deed” means a deed governed by the law of the ADGM, or an instrument governed by a law other than the law of the ADGM which requires delivery under that law in order to take effect.

References to delivery, in relation to a deed, include delivery as a deed where required.

 

Pay Attention:   

                                1) The Registration Authority will include in the register of charges, a statement of satisfaction in whole or in part or a statement of the fact that all or part of the property or undertaking has been released from the charge or has ceased to form part of the company’s property or undertaking.

   2) A person taking a charge over a company’s property shall be taken to have notice of another charge disclosed on the public register at the time the charge is created..

3) The application to register a charge must be delivered before the end of the period allowed for delivery, which is 21 days beginning with the day after the date of creation of the charge, unless a Court order allowing an extended period is made. 

 

Submission:       

Online via the ADGM RA portal https://newreg.adgm.com/         
Use the Application Form “Application to Register a Charge”

Timeline:             

the period allowed for delivery is 21 days beginning with the day after the date of creation of the charge, unless a Court order allowing an extended period is made.

Timeframe:        

KOUNTED 2-3 working days including drafting the online application, provided all the relevant information has been provided


ADGM: This application is approved instantly without review.

Supporting documents:

§  a certified copy of the instrument creating or evidencing the charge, if the charge is created or evidenced by an instrument

§  in the case of a charge in respect of which a court order has been made to extend the period allowed for delivery, a copy of that court order

§  Contact details and KYC of debtors and secured parties

§  Details of the collateral (depending on the exact nature of the collateral)

 

Applicable Legislation:   

PART 24 Company Charges of the ADGM Companies Regulations 2020 https://en.adgm.thomsonreuters.com/rulebook/part-24-company-charges-0

KOUNTED Fees:

Please add the KOUNTED fees

ADGM Fees:      

Registration fee of USD300

Fine:                    

  Imposed after the end of the period allowed for delivery, which is 21 days beginning with the day after the date of creation of the charge, unless a Court order allowing an extended period is made.

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LINKED FILES:

Guidance Charges Registration.pdf