Page "Floating charge" Paragraph 6

:" A floating security is an equitable charge on the assets for the time being of a going concern.

It attaches to the subject charged in the varying condition in which it happens to be from time to time.

It is the essence of such a charge that it remains dormant until the undertaking ceases to be a going concern, or until the person in whose favour the charge is created intervenes.

His right to intervene may of course be suspended by agreement.

But if there is no agreement for suspension, he may exercise his right whenever he pleases after default.