Security & Collateral · glossary
A floating charge over all or nearly all of a company's property that says paragraph 14 of Schedule B1 to the Insolvency Act 1986 applies to it. Its holder may appoint an administrator without going to court. Clause 3.5 is that one sentence. Debenture §3.5 · Chapter 3 · Chapter 9
Explained in Chapter 3, Fixed and Floating, of Security & Collateral.
A qualifying floating charge covers all or nearly all of a company's property and says that paragraph 14 applies to it. Its holder may appoint an administrator without going to court. The administrator is the insolvency practitioner who takes over the company from its directors. A lender without such a charge must ask the court.Read Chapter 3, Fixed and Floating →
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