Wakilii

In Re The Companies Act Cap. 110 & In Re An Application by Standard Chartered Bank Uganda Limited to extend the time within which to register Particulars of a Charge (Misc. Companies Cause No. 49 of (1)

High Court · [2009] UGHC 1 Application Granted AI-generated summary ↓ Download Pin to watchlist Add to matter
Jurisdiction
Uganda
Case Type
Ex parte application to High Court for extension of time to register mortgage charge with Registrar of Companies
Decision
Extension of time granted to register charge with Registrar of Companies

Observed later treatment

No later-treatment classification is recorded for this judgment.

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Holding

The High Court granted an ex parte application by Standard Chartered Bank Uganda Limited to extend time for registration of a mortgage charge created on 23 September 2008. The charge had been registered in the Land Registry but not with the Registrar of Companies within the statutory 42-day period under s.96 of the Companies Act. The court held that extension would not prejudice shareholders or creditors and the omission appeared to be innocent inadvertence.

Outcome

Extension of time granted to register charge with Registrar of Companies

Facts

Standard Chartered Bank Uganda Limited held a mortgage executed in its favour on 23 September 2008 over property belonging to Pioneer Construction (U) Limited. The mortgage was registered in the Land Registry on 17 October 2008 but was never registered with the Registrar of Companies as required by s.96 of the Companies Act. Section 96 requires registration of charges within 42 days from the date of creation. The bank brought an ex parte application for extension of time to register the charge under s.102 of the Companies Act.

Issues

  1. Whether the court should exercise its discretion under s.102 of the Companies Act to extend time for registration of a charge created beyond the statutory 42-day period.

Orders

  • Application granted.
  • The charge in question shall be registered within 42 days from 28 January 2009.
  • No order as to costs given the ex parte nature of the application.

Rules and key headnotes

Company Law — Registration of Charges — Extension of Time — Discretion of Court
The court has discretion under s.102 of the Companies Act to extend time for registration of charges created under s.96, on such terms and conditions as the court may prescribe.
Company Law — Registration of Charges — Extension of Time — Factors for Exercise of Discretion
In deciding whether to extend time for registration of a charge, the court will consider whether the extension would prejudice shareholders or creditors of the company or creditors of the applicant, and whether the failure to register was due to innocent inadvertence.

Legislation cited (2)

  • Companies Act Cap.110 s.96
  • Companies Act Cap.110 s.102

Full judgment

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The original judgment as reported. Read the original PDF before relying on any passage.

In Re_ The Companies Act Cap. 110 & In Re_ An Application by Standard Chartered Bank Uganda Limited to extend the time within which to register Particulars of a Charge (Misc. Companies Cause No. 49 of (1)
Source: this page presents Wakilii’s issue analysis and metadata for a publicly reported Ugandan judgment. Any AI-generated summary is marked as such. Judgment text is sourced from the Uganda Legal Information Institute (ulii.org). Wakilii is not affiliated with ULII.