Meaning of floting charge

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Majidkhan

Majidkhan (Querist)
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09 September 2015 pls explain the meaning of floting charge and creditor secured with floting charge...

Amol S Joglekar

Amol S Joglekar (Expert)
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09 September 2015 a security to a creditor which relates to the company's underlying assets as a whole, which are subject to change in quantity and may become fixed in particular circumstances (such as liquidation).

Say charge is created against the fleet vehicles of company. Now the composition of fleet may get changed. Say VOLVOs are replced by Tatas & Leyland and so on. This is a peculiar case of floating charge

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Meaning of floting charge

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