Insolvency Act · 2022 Revised Edition · Chapter VIII
149. Effect of floating charge
Official textFrom Attorney General's Chambers, unchanged
A floating charge on the undertaking or property of the company created within 6 months of the commencement of the winding up shall, unless it is proved that the company immediately after the creation of the charge was solvent, be invalid except to the amount of any cash paid to the company at the time of or subsequently to the creation of and in consideration for the charge together with interest on that amount at the rate of 5 per cent per annum.
floating charge
“floating charge” means a charge which, as created, was a floating charge, and includes a floating charge within the Companies Act;
Insolvency 122
insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
Terms defined in s 3
company
Defined · s 3“company” means a company incorporated or registered under the Companies Act;
floating charge
Defined · s 3“floating charge” means a charge which, as created, was a floating charge, and includes a floating charge within the Companies Act;
insolvency
Defined · s 3“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
property
Defined · s 3“property”, in relation to a company, includes money, goods, things in action and every description of property, whether real or personal, and whether in Brunei Darussalam or elsewhere, and also obligations and every description of interest whether present or future or vested or contingent arising out of, or incidental to, property.
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