Chapter 20 Self-test questions

Quiz Content

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. Which of the following are examples of possessory security?

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. Regarding a fixed charge, which of the following statements are untrue?

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. If two fixed charges are taken over the same asset, then the charge created first will take priority.

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. Regarding a floating charge, which of the following statements are untrue?

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. If a floating charge is taken over all the assets and business of the company, then a subsequent floating charge cannot also be taken over all the assets and business of the company.

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. The process by which a floating charge becomes a fixed charge is known as?

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. Which of the following will usually cause a floating charge to crystallize?

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. The status of a charge (i.e. is it fixed or floating) is determined by how the charge is described in the charge instrument.

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. Are companies required to register charges with Companies House?

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. What is the effect of the failure to register a charge with the registrar of companies?

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