Fifth, the holders of a floating charge holders must be paid.
2.
The one exception to this is floating charge holders.
3.
This was felt to be too favourable to the floating charge holder at the expense of other creditors.
4.
If two charges are created over the same property, the charge holder with the first will have the first access.
5.
However, because of the nature of floating charge, the priority of floating charge holder's claims normally rank behind:
6.
By statute floating charge holders are subordinated to preferred creditors, although under complex rules still rank ahead of liquidator's claims.
7.
This perception has led to a widening of the classes of preferred creditors who take ahead of the floating charge holders in a number of countries.
8.
Secured creditors generally dominate insolvency procedures, because a floating charge holder can select the negligently trading a company when it could not have avoided insolvency.
9.
In each case the commercial effect is the same : the charge holder cannot prevent the company from collecting the debts and having the free use of the proceeds.
10.
The basic duty of the receiver was to realise value for the floating charge holder, although all preferential debts, or those with priority, would have to be paid.
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