The mere crystallisation of a floating charge does not render the charged assets unavailable to unsecured creditors for the purposes of the preference provisions where the secured creditor has not taken steps to enforce the charge. Payments by the debtor company to unsecured creditors out of such property remain voidable preferences. The principle in Sheahan v Carrier Air Conditioning (that payments from charged property confer no preference on unsecured creditors) is confined to cases where the secured creditor has actively enforced its security (e.g., by appointing a receiver who makes the payments).
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