[extract] In effect, this Consultation Paper follows on from the major reforms of company law proposed by the Company Law Review Steering Group. In its Final Report of July 2001 the Steering Group recommended that the current scheme for registering charges created by companies should be replaced by a system of ‘notice-filing’. As the Steering Group had not been able to consult fully on this proposal, and as it recognised that security interests created by unincorporated businesses and individuals should be considered at the same time, the Final Report recommended that the Law Commission examine the system for registering company charges and security and ‘quasi-security’ generally over property other than land. The matter was formally referred to us on 3 May 2002.

In this short summary paper we set out the principal issues which we discuss in our Consultation Paper and invite comments from people who are involved in the registration of security interests or who might be affected by our provisional proposals. Only the principal proposals are referred to here; full details will be found in the Consultation Paper itself.