Sweet Sdn. Bhd. is a company that deals with business supplying petroleum products. Sweet Sdn. Bhd....

 

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Sweet Sdn. Bhd. is a company that deals with business supplying petroleum products. Sweet Sdn. Bhd. applied two loans and charge with the same asset, its shares in subsidiaries. The loan with Bank X was done in January 2018, with floating charge that already registered by the company. The second loan with Bank Y happened in September 2018, with fixed charge but not registered with the Registrar of Companies. You are required to explain FOUR (4) differences between fixed and floating charge. Imagine if the court ordered for winding up for Sweet Sdn. Bhd., explain the order of priority within the two charges with Bank X and Bank Y. Support your answer with relevant sections in Companies Act 2016 and decided cases (if any). (20 marks) Sweet Sdn. Bhd. is a company that deals with business supplying petroleum products. Sweet Sdn. Bhd. applied two loans and charge with the same asset, its shares in subsidiaries. The loan with Bank X was done in January 2018, with floating charge that already registered by the company. The second loan with Bank Y happened in September 2018, with fixed charge but not registered with the Registrar of Companies. You are required to explain FOUR (4) differences between fixed and floating charge. Imagine if the court ordered for winding up for Sweet Sdn. Bhd., explain the order of priority within the two charges with Bank X and Bank Y. Support your answer with relevant sections in Companies Act 2016 and decided cases (if any). (20 marks)

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