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floating charge

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noun
mainly British an unsecured charge on the assets of an enterprise that allows such assets to be used commercially until the enterprise ceases to operate or the creditor intervenes to demand collateral
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Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

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