https://www.taxtmi.com/acts?id=12429 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. en-us Mon, 09 May 2011 13:08:25 +0530 Mon, 09 May 2011 13:08:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12429 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. Act-Rules Companies Law Mon, 09 May 2011 13:08:25 +0530 https://www.taxtmi.com/acts?id=12429