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In the first place you have that which in a sense I suppose must be an element in the definition of a floating security, that it is something which is to float, not to be put into immediate operation, but such that the company is to be allowed to carry on its business. It contemplates not only that it should carry with it the book debts which were then existing but it contemplates also the possibility of those book debts being extinguished by a payment to the company, and that other book debts should come in and take the place of those that had disappeared. Thatseems to me to be an essential characteristic of what is properly called a floating security (Earl of Halsbury LC llingworth v Houldsworth [1904] AC 355).
Critically discuss this statement with reference to the key difference between fixed and floating charges.
What do you consider to be the main attraction of fixed and floating charge for a lender?
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