The Official Receiver cannot sanction the sale to Systra without the release of a floating charge
This is subject to a floating charge
from HSBC Equipment Finance.
A club statement read: "Ken Anderson filed the Notice of Intent to appoint an administrator forms with the (Insolvency and Companies Court) for both Bolton Wanderers FC and Bolton Whites Hotel in his position as a qualifying floating charge
holder on both companies.
"Based on current estimated floating charge
realisations and costs of realisation we anticipate a dividend of 9p to 37p for every pound owed to preferential creditors."
For inventory and raw material, a floating charge
is required to be created (discussed below).
Specifically, the bill relates to the floating charge
debenture, an agreement between a bank and a company taking out a loan.
The document can be filed by the company, its directors, or a floating charge
holder, which is usually the bank.
In other words, a "standard security", otherwise known as a "floating charge
", was taken over all the assets of the company.
The widespread nineteenth century prejudice against the floating charge
was based on a feeling, often inarticulate in the opinions, that a commercial borrower should not be allowed to encumber all his assets present and future, and that for the protection not only of the borrower but of his other creditors a cushion of free assets should be preserved.
It is understood that it was able to do this after a "qualifying floating charge
" was put in place last March by Sisu's Cayman Island-based subsidiary Arvo Master Fund, the vehicle through which investment was made into the club, effectively making it the club's main creditor.
Lender Finance Wales, which is a secured creditor due to a fixed floating charge
on the previous business, is owed pounds 184,000.
Based on the multi-functions and operation characteristics of FPC, Section II firstly brings forward five operation state of FPC including energy storage, active power generation, reactive power generation, speed limitation and floating charge
. A stator flux-oriented vector control strategy combined power-mode control with speed-mode control is put forward in Section III.