[A22 Floating charges]

[A22  Floating charges]

[(1)     This section applies where there is an uncrystallised floating charge on the property of a company for which a moratorium is in force.

(2)     During the moratorium, the holder of the floating charge may not give any notice which would have the effect of—

(a)     causing the floating charge to crystallise, or

(b)     causing the imposition, by virtue of provision in the instrument creating the charge, of any restriction on the disposal of property of the company.

(3)     No other event occurring during the moratorium is to have the effect mentioned in subsection (2)(a) or (b).

(4)     Subsection (5)

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