translating a term

[salar]

Hello!. I'm an English to Spanish freelance translator, and I've found a completely new expression: "qualifying floating charge holder" The only thing I know is that "it is defined in paragraph 14 of Schedule B1 to the Insolvency Act 1986". Will you please explain to me what is that? Then I'll probably be able to translate the term. Thank you

[Lisa2009]

The holder of a 'qualifying floating charge' may apply directly to an administrator. A floating charge will 'qualify' if the security agreement contains a statement to this effect, or purports to enable the holder of the floating charge to appoint an administrator or administrative receiver. A requirement which has filtered through from the Insolvency Act 1986 is that the floating charge must relate to the whole or substantially the whole of the company's property, or do so when taken together with other charges or security. The floating charge holder does not need to demonstrate that the company is or is likely to become unable to pay its debts

[Lisa2009]

I think thats what you meant !!!

[MelanieGiles]

I think that you are looking for a definition of a floating charge?

A floating charge can be taken as security by an individual or corporate body for lending granted to a limited company. The charge needs to be registered on the charges register at Companies House to be effective, and is generally used to provide security over assets which are utlilised in the normal course of trading, such as book debts, stocks and chattel assets.

[Lisa2009]

HAHA There was me being clever and still got it wrong. LOL

[chris.g]

Still clear as mud to me.....but it is late...lol

[MelanieGiles]

Not wrong at all Mrs Skint! Your explanation deals with the way floating charges affect company insolvency, but I felt that the poster needed an explanation of what the charge actually was first of all.

We make a great team!!!!

[Lisa2009]

COOL I love google LOL