| Commentary

10.6 Floating charges

| Commentary

10.6 Floating charges

A floating charge1 created on the company’s undertaking or property is impeachable if made at one of the following times:

  1. 10.6.1

        in the case of a charge created in favour of a person connected with the company2, within two years of the onset of insolvency3;

  2. 10.6.2

        in the case of a charge created in favour of any other person, within twelve months of the onset of insolvency4 if, at that time, the company was unable to pay its debts or became unable to do so in consequence of the transaction under which the charge was created5; or

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial