Section 70(1)

In this Chapter, unless the contrary intention appears, the following expressions have the following meanings respectively assigned to them— “company” means an incorporated company (whether or not a company registered under the Companies Act 2006) which the Court of Session has jurisdiction to wind up; “fixed security”, in relation to any property of a company, means any security, other than a floating charge or a charge having the nature of a floating charge, which on the winding up of the company in Scotland would be treated as an effective security over that property, and (without prejudice to that generality) includes a security over that property, being— a heritable security within the meaning of the Conveyancing and Feudal Reform (Scotland) Act 1970; or a statutory pledge within the meaning given by section 113(1) of the Moveable Transactions (Scotland) Act 2023; “instrument of appointment” has the meaning given by section 53(1); “prescribed” means prescribed by regulations made under this Chapter by the Secretary of State; “prescribed fee” means the fee prescribed by regulations made under this Chapter by the Secretary of State; “receiver” means a receiver of such part of the property of the company as is subject to the floating charge by virtue of which he has been appointed under section 51; “register” means the register kept by the registrar of companies for the purposes of Chapter 2 of Part 25 of the Companies Act 2006; “secured debenture” means a bond, debenture, debenture stock or other security which, either itself or by reference to any other instrument, creates a floating charge over all or any part of the property of the company, but does not include a security which creates no charge other than a fixed security; and “series of secured debentures” means two or more secured debentures created as a series by the company in such a manner that the holders thereof are entitled pari passu to the benefit of the floating charge.

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