Business, 21.05.2021 14:00 jeffffffff

Sunlight Lid obtained a loan of £200,000 from May Bank Plc and a charge was created on 1st December 2014 in favour of the bank over all its book debts arising
from its ordinary business. Sunlight Ltd collected the book debts and paid them
into a bank account with May Bank Plc. Sunlight Ltd was free to withdraw money
from the account for its business purposes on the condition that the overdraft limit
was not exceeded
Sunlight Ltd went into liquidation in June 2015 May Bank Plc claimed that the
proceeds from the book debts were subject to a fixed charge in its favour. The
liquidator discovered that the charge was registered on 18 December 2014
Advise May Bank Plc on the following issues:
(1) whether the charge over book debts is a fixed charge or a
floating charge
(2) whether the charge is valid
(3) Whether or not the change can be avoided by the liquidator
Your answer must include the relevant legislative provisions and case law

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Sunlight Lid obtained a loan of £200,000 from May Bank Plc and a charge was created on 1st December...

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