TOPIC: FLOATING CHARGE AS A MEANS OF SECURITY IN CORPORATE FINANCE MEMBERS ODO Ifeoma Matric. No. 109061033 ARINOLA Abisola Ajoke Matric. No. 109061098 AWAJI Cecilia Matric No. 109061026 FALADE Olaronke Matric. No. 099061090 LECTURER: DR. DAYO AMOKAYE AND DR. TUNDE OTUBU TABLE OF CONTENT INTRODUCTION CHAPTER 1 DEFINITION AND NATURE OF FLOATING CHARGE CHAPTER 2 CREATION OF FLOATING CHARGE CHAPTER
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a fixed and a floating charge has considerable significance particularly for the parties involved in commercial relationships. It follows from the fact that under English law a fixed charge has a priority over a floating charge that means the former will prevail over the latter even though the company has granted a floating charge to the creditor prior to the creation of a fixed security. Another reason is that under the provisions of Insolvency Act 1986 holders of a floating charge are placed in
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looking at the steps to be taken to ensure a floating charge will be valid and the circumstances in which a floating charge will be enforceable. This will be done in relation to advice to be given to Bank ABC Limited‚ regarding the K 20‚ 000 lent to Bwalya Limited on the security of a floating charge over the whole of its assets. The essay will therefore‚ begin to look at the legal concepts related to the above facts which are debentures and floating charges‚ as well as‚ the legal authority of these
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“Registration of Charges” What is meant by a charge? The word ‘charge’ is to used to mean any form of security for debt‚ unless the word is used otherwise. A company having power to borrow money is empowered also to charge its assets‚ subject however to any limitations in its Memorandum or Articles. Under Companies Act‚1956(S.124)‚ the expression ‘charge’ includes ‘Mortgage’. What is meant by a fixed and a floating charge? A ‘fixed charge’ is also called a ‘specific charge’. It extends over
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Fixed and Floating Charges In the event where the borrower is a company a debenture will be issued. Under Section 4(1) of Companies Act (CA) 1965‚ debenture is the document that proves a company is actually borrowing money from the bank but it is not a charge. It can be divided into two types namely secured debenture and unsecured debenture. An unsecured debenture simply means that there is no security being used. It is similar to IOU as it is merely telling that the borrower (company) is borrowing
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History of C++ The C++ programming language has a history going back to 1979‚ when Bjarne Stroustrup was doing work for his Ph.D. thesis. One of the languages Stroustrup had the opportunity to work with was a language called Simula‚ which as the name implies is a language primarily designed for simulations. The Simula 67 language - which was the variant that Stroustrup worked with - is regarded as the first language to support the object-oriented programming paradigm. Stroustrup found that this
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Student name : Lê Đình Phương Student ID : 1151030 Class : 11CTT Report on REPRENSENTATION OF THE FLOATING POINT NUMBER REPRENSENTATION OF THE FLOATING POINT NUMBER Reference Materials: 1. Wikipedia Encyclopedia 2. Computer Organization and Design (David A. Paterson) I. INTRODUCTION: In computer science‚ we have unsigned and signed integer to represent the integer number‚ however‚ it only could be represent the number from 0 to 232-1 (from -231 to 231-1 with the signed
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INTRODUCTION The vision for large-scale offshore floating wind turbines was introduced by Professor William E. Heronemus at the University of Massachusetts in 1972‚ but it was not until the mid 1990’s‚ after the commercial wind industry was well established‚ that the topic was taken up again by the mainstream research community. Current fixed-bottom technology has seen limited deployment to water depths of 20 m. As the technology is advanced into deeper water‚ floating wind turbine platforms maybe the most
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they are convertible into shares‚ when such an issue at a discount would be an invitation to evade the rule that shares may not be issued at a discount (Mosly v. Koffyfontein [1904] 2 Ch 108). The lender may wish to secure his position by taking a charge over the property of the company‚ that is‚ creating a legal relationship between himself and the company which will ensure he is paid in priority at least to some of the other claimants against the company. 15.1 Debenture-holder’s Receiver
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QUESTION 1 a. Define a promoter of a company. Explain and illustrate with decided cases his legal position in relation to a company. Though the certificate of incorporation is conclusive for purposes of incorporation‚ using decided cases‚ outline circumstances under which it could be withdrawn.(10marks) ANSWER Definition; A promoter is one who undertakes to form a company with reference to a given project and to set it going and who takes the necessary step to accomplish that purpose - A promoter
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