This is a self-test question from Alan Dignam and John Lowry 'Company Law' on Fixed and Floating charges. Please help me to answer it as it is very likely that this question will be in the exam.

Question 3

.On 1 March A Ltd created a floating charge over its assets in favour of Lendit Bank as security for a loan of 70,000. The charge was not registered.

On 1 April A Ltd created a second floating charge in favour of Credit Bank as security for an existing overdraft facility of 15,000. The charge contained a term prohibiting A Ltd from creating subsequent charges which would rank in priority to credit Banks's. Credit Banks's charge is duly registered.

On May 1 A Ltd purchased computer equipment from Hightech Ltd at a price of 75,000. A Ltd paid 10,000 in cash and created a fixed charge over its book debts in favour of Hightech Ltd to secure the balance of the purchase price. This charge was duly registered.

Discuss.