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charge registered or created priority ?

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › charge registered or created priority ?

  • This topic has 3 replies, 2 voices, and was last updated 2 years ago by Vijay.
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  • December 19, 2020 at 11:19 pm #600352
    mohsinaagha
    Participant
    • Topics: 17
    • Replies: 15
    • ☆

    “In the event that there are two similar charges on the same asset, the charge which is registered first has priority over the one registered second”

    No, the statement is not true. The one with priority is the charge which was created first, not necessarily the one which was registered first

    Is the above statement true ? i always though its was the registered first not created ?

    can you please clarify this for me .

    many thanks
    mohsina

    December 22, 2020 at 8:59 pm #600612
    Vijay
    Member
    • Topics: 0
    • Replies: 258
    • ☆☆☆

    Hi

    So essentially if you register a charge correctly i.e. within 21 days then the effective date is not the date of registration but actually the date it was created.

    I hope that clarifies.

    Kind regards,

    Vijay

    December 24, 2020 at 6:07 pm #600823
    mohsinaagha
    Participant
    • Topics: 17
    • Replies: 15
    • ☆

    so its always the charge which is created first and registered with 21 days get priority.

    January 12, 2021 at 8:49 pm #605665
    Vijay
    Member
    • Topics: 0
    • Replies: 258
    • ☆☆☆

    Yes exactly. Unless you register a charge you will not get priority!

    Kind regards,

    Vijay

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