Standard Chartered Bank (Uganda) Ltd v The New Vision Printing & Publishing Corporation (Companies Cause No. 2 of 2006)

Observed later treatment

No later-treatment classification is recorded for this judgment.

Citator coverage is limited to judgments in the Wakilii corpus and source-matched treatment records. Absence of a signal is not an assertion that the case remains good law.

Holding

The High Court granted an extension of time to register a charge under the Companies Act where the applicant bank had extended credit facilities secured by mortgage and debenture which were registered, but Company Form 4 was not filed due to inadvertence. The court held that granting the extension caused no injustice to the company and would ensure proper security under law for what the parties agreed.

Outcome

Extension of time granted to register charge with Registrar of Companies

Facts

Standard Chartered Bank extended credit facilities to The New Vision Printing and Publishing Corporation on 30 April 1999. The company executed a mortgage and debenture in favour of the bank to secure repayment. The mortgage and debenture were registered on 4 May 1999, but through inadvertence Company Form 4 was not registered with the Registrar of Companies. The bank applied under section 102 of the Companies Act for an extension of time to register the form out of time.

Issues

1. Whether the court should exercise its discretion to grant an extension of time to register Company Form 4 out of time.

Orders

• Application allowed.
• Applicant Bank granted extension of time to register Company Form 4 within 15 days from date of order.
• Applicant to bear costs of the application.

Rules and key headnotes

Legislation cited (2)

• Companies Act s.102
• Civil Procedure Rules O.34A r.6

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