Fixed and floating charge

Reginald owns 100 shares of linsey Ltd. Each share has a nominal value of $2.50 and Reginald paid $1.00 per share in issue.
Linsey Ltd also issued some debentures which are secured as follows. A fixed charge over a property in favour of Margaret on 1 May 20X7. it then created a floating charge registered on 25 May 20X7. And Margaret’s charge in 20 may 20X7

Task 3:
which to the following statements concerning the priority of Margaret and chris debentures is correct?

Chris charge has priority because it is a flouting charge
• Margaret’s charge has priority because it was created first
• Margaret’s change has priority because it is a fixed charge
• Chris charge has priority because Margaret’s charge was not registered correctly
Correct Answer is:
Chris charge has priority because Margaret’s charge was not registered correctly

How is a floating charge prior to fixed? This can only be done when negative pledge clause is there. We don’t look at registered dates we look at creation date. Fixed was created first, and fixed in general has priority.