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A single debenture of £20,000 from Peppa Ltd secured on Milly Ltd’s inventory. A floating charge was created on 3 March 20X1 and registered on 31 March 20X1.
A single debenture of £5,000 from Otto Ltd that is also secured on Milly Ltd’s inventory. A floating charge was created on 10 April 20X1 and registered on 30 April 20X1.Although registered late, the registration date of Peppa Ltd charge is still earlier than the creation date of Otto Ltd charge so the priority is on Peppa, isn’t it?
Please help me clarifying this,
Thank you.
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