Priority of preferential debts: preferential claims paid ahead of floating charge debenture claims on receiver appointment or possession. Upon appointment of a receiver or taking of possession under a floating charge, debts entitled to preferential treatment in a winding-up must be paid immediately out of assets in the receiver's or possessor's hands, ahead of debenture principal or interest; accrued holiday pay is treated as becoming payable on appointment or possession and preferential time limits run from that date, with payments subject to recoupment from assets available to general creditors.