Security & Collateral · glossary
A rule that lets an administrator or liquidator undo something a company did before it failed. Section 245 of the Insolvency Act strikes down a recent floating charge except for new money. Sections 238 and 239 catch a gift at an undervalue and a preference. Debenture §14.2 · Chapter 9 · see New money
Explained in Chapter 9, Enforcement and the Waterfall, of Security & Collateral.
A security review also asks whether an administrator could undo the Debenture itself. The tools for that are clawbacks: rules that let an administrator or liquidator set aside something the company did before it failed.Read Chapter 9, Enforcement and the Waterfall →
Chapter 1 and this glossary are open to everyone; the whole edition is free to read with a free account until 31 January, and it stays open to an account opened by then.Chapter 1 of Security & Collateral and this glossary are free to read; the rest of the edition is in the Library, at €12 a month or €79 for a Year Pass.
Related terms
Where this term lives
This term is part of one complete fictional deal, with every document attached and a test after every chapter. Open Security & Collateral → · All terms A–Z →