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Alpha Limited's charge is not registered as a secured creditor, rendering it void against the liquidator or creditor during winding up. Beta Bank's secured debt will be prioritized for payment, while Alpha Bank remains liable for payment afterward. To establish a charge on both factories, Alpha Limited must apply to the registrar and follow specific documentation processes within designated timeframes.

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Okasha Ali
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13 views2 pages

53

Alpha Limited's charge is not registered as a secured creditor, rendering it void against the liquidator or creditor during winding up. Beta Bank's secured debt will be prioritized for payment, while Alpha Bank remains liable for payment afterward. To establish a charge on both factories, Alpha Limited must apply to the registrar and follow specific documentation processes within designated timeframes.

Uploaded by

Okasha Ali
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Alpha Limited’s charge is not registered as secured creditor as its docs were not registered to registrar.

The charge of alpha bank is void against liquidator / creditor

At the time of winding up as beta bank’s debt was secured, he will be paid first however company is still
liable to pay alpha bank but after the secured
Release the charge by apply to registrar (then 14d time if not NOC)  no objection registrar satisfied

THEN, to create charge on both factories… for sharjah docs to registrar with particulars within 30d then
cert will be issued  same process for Sharjah except that the legal process will also be followed in
Sharjah  the docs will be given time to reach Pak and to be registered etc

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