company has not the restraint which the fear of bankruptcy

While both need to be registered, the distinction between a fixed and a floating charge matters greatly because floating charges are subordinated by the Insolvency Act 1986 to insolvency practitioners' expenses under section 176ZA,[59] preferential creditors (employees' wages up to £800 per person, pension contributions and the EU coal and steel levies) under section 175 and Schedule 6 and unsecured creditors' claims up to a maximum of £600,000 under section 176A. The floating charge was invented as a form of security in the late nineteenth century,...

these do not require registration

In commercial practice the term "debenture" typically refers to the document that evidences a secured debt, although in law the definition may also cover unsecured debts (like any "IOU").[46] The legal definition is relevant for certain tax statutes, so for instance in British India Steam Navigation Co v IRC[47] Lindley J held that a simple "acknowledgement of indebtedness" was a debenture, which meant that a paper on which directors promised to pay the holder £100 in 1882 and 5% interest each half year was enough, and as a result subject to pay...

people, should the property be wrongfully disposed of. Third,

See also: Netting and Set-off (law)Secured lendingMain articles: UK banking law, Banking law, and Security interestThe Bank of England (est 1694) is the lender to all other banks, at an interest rate set by the Monetary Policy Committee under the Bank of England Act 1998. When lending on money to businesses at a higher interest rate, banks will contract for fixed and floating charges to decrease their risk and stabilise profits.While UK insolvency law fixes a priority regime, and within each class of creditor distribution of assets is proportional...

Main articles: UK banking law, Banking law, and Security interest

Aside from pari passu or a priority scheme, historical insolvency laws used many methods for distributing losses. The Talmud (ca 200AD) envisaged that each remaining penny would be dealt out to each creditor in turn, until a creditor received all he was owed, or the money ran out. This meant the small creditors were more likely to be paid in full than large and powerful creditors.[37]The priority system is reinforced by a line of case law, whose principle is to ensure that creditors cannot contract out of the statutory regime:       ...

who have unequal bargaining power

The Insolvency Act 1986 priority list    Fixed charge holders    Insolvency practitioner fees and expenses, s 176ZA    Preferential creditors, ss 40, 115, 175, 386 and Sch 6    Ring fenced fund for unsecured creditors, s 176A and SI 2003/2097    Floating charge holders    Unsecured creditors, s 74(2)(f)    Interest on debts proved in winding up, s 189    Money due to a member under a contract to redeem or repurchase shares not...

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