Effect of floating charge: recent creations are presumptively invalid unless solvency is proven, with cash advances preserved. A floating charge created within the twelve months before winding up is presumptively invalid unless the claimant proves the company was solvent immediately after creation; only cash paid to the company in consideration for the charge remains payable, together with permitted interest.
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Provisions expressly mentioned in the judgment/order text.
Effect of floating charge: recent creations are presumptively invalid unless solvency is proven, with cash advances preserved.
A floating charge created within the twelve months before winding up is presumptively invalid unless the claimant proves the company was solvent immediately after creation; only cash paid to the company in consideration for the charge remains payable, together with permitted interest.
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