COMPANIES ACT - 1963 (ACT 179)

    Section - 90 - Limitation of Efficacy of Floating Charges in Liquidations

    If the winding up of the company commences within twelve months of the creation of a floating charge on the undertaking or property of the company such charge shall, unless it is proved that the company was solvent immediately after the creation of the charge, be invalid except to the amount of any cash paid to the company at the time of, or subsequently to, the creation of the charge and in consideration for the charge, together with interest on that amount at the rate of five per centum per annum.