Floating Security

A floating security is "a security on the property of the company as a going concern, subject to the powers of the directors to dispose of the property of the company while carrying on its business in the ordinary course." 1 Ch. 434, 10 Ch. D. 530. Debentures which allow a company to deal with its assets in the ordinary course of business until the company is wound up or stops business or a receiver is appointed at the instance of the debenture holders company to carry on its business. 2 Ch. 118, 1 Ch. 641.