The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:
This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and processes as a result of the Coronavirus (COVID-19) pandemic, including the Temporary Insolvency Practice Direction 2020. For further information, see Practice Notes: Coronavirus (COVID-19)—Changes to the court process in insolvency proceedings and The Temporary Insolvency Practice Direction Supporting the Insolvency Practice Direction (October 2020). For related news, guidance and other resources to assist practitioners working on restructuring and insolvency matters, see: Coronavirus (COVID-19)—Restructuring & Insolvency—overview.
Under section 245 of the Insolvency Act 1986 (IA 1986), there are provisions for liquidators and administrators to set aside certain floating charges. For a floating charge to be declared invalid, certain conditions as set out in this Practice Note must be satisfied.
Broadly speaking, a floating charge will be avoided if:
the company has entered either administration or liquidation
the charge is a floating charge
the floating charge was created at the relevant time
in certain circumstances, the company was either insolvent at the time or as a cause of the floating charge
the consideration provided was not provided at the time (or subsequently to) and in consideration for the creation of the charge
The overall aim of the section is to prevent creditors from obtaining an unfair advantage over other creditors (like trade creditors) at a
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