The PPF regrets the inconvenience that the late publication of these contingent asset agreements may have caused to schemes, but we are unable to extend the deadline of 5pm on 31 March 2010 for the submission of hard copy documentation to the PPF.
It should be noted that schemes could have entered into Type B(ii)S or B(ii)NI agreements in the old (v2.0) form up until publication of the new (v3.0) forms on 2 March 2010, as the requirement is for agreements to be in the most recent published form as at the date of execution.
Nonetheless, for Type B(ii)S and Type B(ii)NI agreements and for levy year 2010/11 only, the following arrangements in respect of registration of the security will apply. Where a scheme has been prevented, by the late publication of the standard form agreements, from confirming by the deadline that registration of the security has been completed, the PPF will accept such confirmation after the deadline provided that:
(i) The legal opinion supporting the contingent asset submission (and presented before the deadline), or a letter accompanying the hard copy submissions, confirms that the security has been submitted for registration. Exceptionally, the legal opinion may be expressed to be subject to a qualification in respect of such registration;
(ii) The security is in fact registered; and
(iii) The PPF is notified immediately the scheme receives confirmation that the security has been registered, and in any event no later than 30 June 2010. Such notification should consist of a letter or other document confirming that registration of the charge to which the contingent asset certificate relates has been completed.
For the avoidance of doubt, for Type B(ii)EW contingent assets (charge over property located in England or Wales) and Types B(i) and B(iii), the requirement remains that a certificate must be submitted by 5pm on 31 March 2010 which confirms that the security has been properly registered in the relevant registries. Legal opinions in respect of these asset types may not be expressed to be subject to a qualification in respect of registration.