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[2007] EWHC 3233 (Ch)
For the purposes of the Insolvency Act 1986 s.176A, "unsecured debts" did not include a debt secured in whole or part by a floating charge, and the prohibition as contained in s.176A(2)(b) on distributing the "prescribed part" of a liquidated company's net assets to a floating charge holder, even where there had been a payment shortfall, was absolute.
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