What is the registration of charges with SSM?

What is the registration of charges with SSM?
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What is the registration of charges with SSM?

SSM fine director RM50,000 for failure to keep the instrument of charges.

What are charges

A mortgage and any agreement to give or execute a charge or mortgage whether upon demand or otherwise.

Type of Charges

a) Fixed Charge A charge which attaches to specific/ fixed assets owned by the company. The company cannot deal with the assets (example dispose of the property or machinery) without prior consent.

b) Floating Charge A charge is held over current assets that can change over time. The company can deal with the charged assets to maintain its business.

When to lodge a charge?

Statement of particulars with/ without debenture needs to be lodged within 30 days from the date of creation of the charge. (unless accompanied by a court order for extension of time).

Certificate of Registration of Charge will be issued.

When there is a charge, subsequently there will be discharged

When the debt of charge has been paid or satisfied, the company shall lodge

  • Memorandum of satisfaction of charge;

  • Evidence of satisfaction of charge;

  • Statutory declaration verifying memorandum

Due date: Within 14 days from the date of satisfaction of charges.

Registration fee : Local company RM50.00 ; Foreign Company RM150.00

Upon successfully registering for discharge, a Certificate for Discharge will be issued.

KTP/THK Key Takeaways

Keep these at the register office for any inspection.

1. The certificate of charge and

2. The certificate of discharge

The following offence is subject to a fine not exceeding RM50,000

1. Keep instruments of charges

2. Register of charges

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