"((The fixed and floating charge will confer rights to appoint a receiver to the property of the chargor following default and the receiver will have power to sell the charged property (ie usually all the assets of the chargor company). ))"
Jebr,
The crunch of the matter is in your comments above which I have boldened.
Usually does not means always and Usually the sale of the assets is progressively made until there are sufficient funds generated by the sale to satisfy the charge. If the assets are greater than what is needed to pay back the charge, what is left over, in the way of assets, will return to be the property of the chargor.
So, you better go back and do your home work a bit better, instead of spreading fears on this thread.
You can't say that if you own 4 houses worth $3mill., and you owe the bank $500k the bank will sell all of the houses so that they can get their $500k. They will freeze the whole lot if they got the mortgage or charge on the whole lot, than if during the sale the first house makes $550k, the game is over and that is the end of story.
DYOR, LOL.
Buddy
ADY Price at posting:
4.6¢ Sentiment: Buy Disclosure: Held
