Question : What if a Company failed to register the Charge (Form 34) within 30 days from the date of the Charge?

Question : What if a Company fails to register the Charge (Form 34) within 30 days from the date of the Charge?

Under the usual circumstances Form 34 (Registration of Charge) must be lodged with SSM within 30 days after the date of creation/acquisition/property being Charged (Section 108 and 110 Companies Act).

In the circumstance whereby a Charge is lodged AFTER 30 days from the date of creation/acquisition/property, Form 34 cannot be registered in the SSM UNLESS a Court Order for an extension of time is obtained.

How to obtain the Court Order for an extension of time?

Reference is made to Section 114 of the Companies Act, whereby the Company needs to file an Origination Summons together with an Affidavit in Support indicating, amongst other things, the following:-

How the Charge was created (the Facility by the Bank);

Exhibiting the Charge; and

Exhibiting the Form 34.

Once the Court Order is obtained, Form 34 together with the Court Order could be registered in SSM.

The fees for the registration of Charge would be RM300-00, fees for the Court Order would be RM50-00 and an additional fee of RM300-00 as costs to SSM (which may vary).

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