Register of Assets and Liabilities

Added Tuesday 9th June 2015

Registered Societies know the challenges of ensuring they have a compliant register in place to meet the new governance Standard. Many advisers are actively promoting services to assist them in the creation of their registers and putting on seminars and roadshows. It is not clear from much of the guidance being offered that those advisers have understood the need to split the exercise into two parts and two different processes.

First Law has been involved in building the first phase of an asset register for a large housing association with over 20,000 units and 2,500 registered titles. The exercise was achieved quickly and cost-effectively, using standard software and the RP’s existing systems.

Compiling the liabilities part of the register is a separate exercise. This will record liabilities that affect the business as a whole. It does not need to list encumbrances on individual properties.