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The law on automatic enrolment pensions requires employers, in almost all circumstances, to pay a pension on behalf of their employees.
This depends upon ‘qualifying earnings’, which include wages or salary, bonuses, commission as well as other items, such as statutory pay, before any tax or National Insurance contributions are deducted.
[See ‘Automatic Enrolment Pensions’.]
A Qualifying Floating Charge is a secured loan, usually by a bank or similar lender, who wishes to have a debenture (a legal deed setting out the covenants or details of the charge or secured lending).
The charge usually relates to the whole or substantially the whole of the company’s property.
A qualifying floating charge is one that does not attach to a specific asset or property (such as a ‘fixed charge’, which is over a particular asset – like themortgage on a residential home), but ‘floats’ over assets that may change over the course of time. Examples of this are stock, debtors or a director’s loan account).
A floating charge enables the holder to appoint an Administrator (if the charge was registered after the Enterprise Act – the effective date is 15 September 2003) or an Administrative Receiver (if the floating charge was registered before the above date) under the Insolvency Act 1986 without the need for an order of the court.
When a Liquidator realises (sells, raising cash from the sale for the creditors) property, the moneys received rank in a particular order. Money from assets subject to fixed charges first, before even the payment of the expenses of the insolvent estate, which will include any fees due to the Liquidator or Administrator.
If there are two or more charges in place the one created first (or for certain assets that need to be registered on a specialist register such as the Land Registry, the one registered first) will rank first.
Next comes the remuneration, expenses and disbursements of the officeholder.
