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of <h1>Floating Charge Invalid if Created 12 Months Before Winding Up, Unless Solvency Proven; Cash Exception Applies.</h1> When a company is being wound up, a floating charge on its assets or property created within the twelve months before the winding up starts is generally invalid, unless it can be shown that the company was solvent immediately after the charge was made. The charge remains valid only to the extent of any cash paid to the company in connection with the charge, plus interest at five percent per annum or another rate specified by the Central Government. For charges created more than three months before the commencement of the Act, the relevant period is three months instead of twelve.
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