Meaning of “floating charge” in the English Dictionary

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"floating charge" in Business English

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floating chargenoun [ C ]

uk us FINANCE, LAW

an arrangement in which a person or organization that lends money to a company has the right to take control of the company's assets if the debt is not paid:

Floating charges are intended to provide security for lenders and allow companies to continue to trade freely.
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(Definition of “floating charge” from the Cambridge Business English Dictionary © Cambridge University Press)