Section 248

In this Group of Parts, except in so far as the context otherwiserequires— “secured creditor”, in relation to a company, means a creditor of the company who holds in respect of his debt a security over property of the company, and “unsecured creditor” is to be read accordingly; and “security” means— in relation to England and Wales, any mortgage, charge, lien or other security, and in relation to Scotland, any security (whether heritable or moveable), any floating charge and any right of lien or preference and any right of retention (other than a right of compensation or set off).

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Source: legislation.gov.uk · retrieved 2026-09-04