In re Portbase Clothing Ltd

Subject Matter

COMPANY — Debenture — Floating charge on assets — Agreement subordinating prior fixed charge to subsequent floating charge — Crystallisation of floating charge prior to liquidation of company — Company's assets insufficient to meet all claims — Priority between preferential creditors and floating chargees — Whether liquidation expenses payable in priority to preferential creditors — Insolvency Act 1986, ss 115, 175(2)(b)

[1993] Ch 388; [1993] 3 WLR 14