Security & Collateral · glossary
Creditors the law pays from floating-charge assets before the floating charge. Their claims, the preferential debts, are staff pay for the last four months up to £800 each with holiday pay, and taxes the company collected but did not pay over. They never touch fixed-charge assets. Chapter 3 · Chapter 9
Explained in Chapter 3, Fixed and Floating, of Security & Collateral.
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