The fact of liquidation and detriment to unsecured creditors militate against extending time for registration of a charge under s 266(4) but are not necessarily fatal; exceptional circumstances may be established by a combination of factors including short delay, accidental failure, value given, absence of creditor prejudice, and the proportion of company assets attributable to the chargee's funds. A proviso protecting unsecured creditors need not be added where there is no evidence of third party rights or creditor reliance on the register. The court left open whether the 'exceptional circumstances' requirement is an impermissible judicial fetter on the unqualified statutory discretion.
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