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CHAPTER 17
DEBENTURES

of their general creditors, the Act provides (s. 322) that a floating charge created within twelve months of the commencement of a winding up shall be invalid (unless the company was then solvent) except to the amount of any cash paid to the company at or after the time when the charge was created, with interest at 5 per cent.
Whether cash is paid at the time when the charge was created is a question of fact, and " a payment made on account of the consideration for the security, in anticipation of its creation and in reliance on a promise to execute it, although made some days before its execution, is made at the time of its creation within the meaning of the section." (28)

Re F. and E. Stanton, Ltd., [1929] 1 Ch. 180. Moneys were advanced on the security of a floating charge to be issued by the company. The first advance was fifty-four days, and the last five days before the charge was issued. Five days after the charge was created the company went into liquidation. Held, (1) as the delay was not procured or suggested by or acquiesced in by the lender, the payments were made at the time of the creation of the charge, and the charge was accordingly valid; (2) as the payments were made at the time of the creation of the charge, the charge could not be a fraudulent preference.
The effect of s. 322 is merely to invalidate the charge. If, therefore, the debt secured by a charge rendered void by that section is repaid by the company before the commencement of liquidation, the liqt~idator cannot recover it. (29)

Cash may be paid to the company although it is only paid on condition that it shall be applied in paying a specified debt of the company.
In re Matthew Ellis, Ltd., [1933] 1 Ch. 458. D. was a director of the company and a partner in the firm of D. & Co. The company owed D. 8, Co. £1,954. In March D. agreed to lend the company £3,000 on the secuity of a floating charge, if the company would, cut of this sum, pay £1,954 to D. & Co. This was done. In July the company went into liquidation. Held, the floating charge was valid, the whole £3,000 being cash paid to the company.

The cash must, however, have been intended to benefit the company and not certain creditors.
Re Denstone Fabrics, Ltd., [1941] Ch. 319. The company granted a floating charge to Z. to secure £900. The money was provided by P., for whom Z. was nominee, and the same day as it was paid to the company the company paid £350 each to A and B. for directors' fees and £200 to D., the amount guaranteed by D. in respect of the company's overdraft. Within six months the company went into liquidation. Held, the charge was invalid, as its object was to benefit A.. B. and D. and not the company.

28 Re Columbian Fireproofing Co.. [1910] 1 Ch. 758.
29 Re Parkes Garage,[1929] 1 Ch. 139.

travel books:
where is HTML where is HEAD where is TITLE of their general creditors, what is Act provides (s. 322) that a floating charge created within twelve months of what is commencement of a winding up shall be invalid (unless what is company was then solvent) except to what is amount of any cash paid to what is company at or after what is time when what is charge was created, with interest at 5 per cent. Whether cash is paid at what is time when what is charge was created is a question of fact, and " a payment made on account of what is consideration for what is security, in anticipation of its creation and in reliance on a promise to execute it, although made some days before its execution, is made at what is time of its creation within what is meaning of what is section." (28) Re F. and E. Stanton, Ltd., [1929] 1 Ch. 180. Moneys were advanced on what is security of a floating charge to be issued by what is company. what is first advance was fifty-four days, and what is last five days before what is charge was issued. Five days after what is charge was created what is company went into liquidation. Held, (1) as what is delay was not procured or suggested by or acquiesced in by what is lender, what is payments were made at what is time of what is creation of what is charge, and what is charge was accordingly valid; (2) as what is payments were made at what is time of what is creation of what is charge, what is charge could not be a fraudulent preference. what is effect of s. 322 is merely to invalidate what is charge. If, therefore, what is debt secured by a charge rendered void by that section is repaid by what is company before what is commencement of liquidation, what is liqt~idator cannot recover it. (29) Cash may be paid to what is company although it is only paid on condition that it shall be applied in paying a specified debt of what is company. In re Matthew Ellis, Ltd., [1933] 1 Ch. 458. D. was a director of what is company and a partner in what is firm of D. & Co. what is company owed D. 8, Co. £1,954. In March D. agreed to lend what is company £3,000 on what is secuity of a floating charge, if what is company would, cut of this sum, pay £1,954 to D. & Co. This was done. In July what is company went into liquidation. Held, what is floating charge was valid, what is whole £3,000 being cash paid to what is company. what is cash must, however, have been intended to benefit what is company and not certain creditors. Re Denstone Fabrics, Ltd., [1941] Ch. 319. what is company granted a floating charge to Z. to secure £900. what is money was provided by P., for whom Z. was nominee, and what is same day as it was paid to what is company what is company paid £350 each to A and B. for directors' fees and £200 to D., what is amount guaranteed by D. in respect of what is company's overdraft. Within six months what is company went into liquidation. Held, what is charge was invalid, as its object was to benefit A.. B. and D. and not what is company. 28 Re Columbian Fireproofing Co.. [1910] 1 Ch. 758. 29 Re Parkes Garage,[1929] 1 Ch. 139. where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 190 where is strong CHAPTER 17 DEBENTURES where is p align="justify" of their general creditors, what is Act provides (s. 322) that a floating charge created within twelve months of the commencement of a winding up shall be invalid (unless what is company was then solvent) except to what is amount of any cash paid to the company at or after what is time when what is charge was created, with interest at 5 per cent. Whether cash is paid at what is time when the charge was created is a question of fact, and " a payment made on account of what is consideration for what is security, in anticipation of its creation and in reliance on a promise to execute it, although made some days before its execution, is made at what is time of its creation within what is meaning of what is section." (28) Re F. and E. Stanton, Ltd., [1929] 1 Ch. 180. Moneys were advanced on what is security of a floating charge to be issued by what is company. what is first advance was fifty-four days, and what is last five days before what is charge was issued. Five days after what is charge was created the company went into liquidation. Held, (1) as what is delay was not procured or suggested by or acquiesced in by what is lender, what is payments were made at what is time of what is creation of what is charge, and what is charge was accordingly valid; (2) as what is payments were made at what is time of what is creation of what is charge, what is charge could not be a fraudulent preference. what is effect of s. 322 is merely to invalidate what is charge. If, therefore, what is debt secured by a charge rendered void by that section is repaid by what is company before what is commencement of liquidation, what is liqt~idator cannot recover it. (29) Cash may be paid to what is company although it is only paid on condition that it shall be applied in paying a specified debt of what is company. In re Matthew Ellis, Ltd., [1933] 1 Ch. 458. D. was a director of what is company and a partner in what is firm of D. & Co. what is company owed D. 8, Co. £1,954. In March D. agreed to lend what is company £3,000 on what is secuity of a floating charge, if what is company would, cut of this sum, pay £1,954 to D. & Co. This was done. In July what is company went into liquidation. Held, what is floating charge was valid, what is whole £3,000 being cash paid to what is company. what is cash must, however, have been intended to benefit what is company and not certain creditors. Re Denstone Fabrics, Ltd., [1941] Ch. 319. what is company granted a floating charge to Z. to secure £900. what is money was provided by P., for whom Z. was nominee, and what is same day as it was paid to what is company what is company paid £350 each to A and B. for directors' fees and £200 to D., what is amount guaranteed by D. in respect of what is company's overdraft. Within six months the company went into liquidation. Held, what is charge was invalid, as its object was to benefit A.. B. and D. and not what is company. 28 Re Columbian Fireproofing Co.. [1910] 1 Ch. 758. 29 Re Parkes Garage,[1929] 1 Ch. 139. where is Server.Execute("_SiteMap.asp") %

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