38Creation of floating charges
(1)It continues to be competent, for the purpose of securing any obligation to which this subsection applies, for a company to grant in favour of the creditor in the obligation a charge (known as a “floating charge”) over all or any part of the property which may from time to time be comprised in the company’s property and undertaking.
(2)Subsection (1) above applies to any debt or other obligation incurred or to be incurred by, or binding upon, the company or any other person.
(3)From the coming into force of this section, a floating charge is (subject to section 39 of this Act) created only when a document—
(a)granting a floating charge; and
(b)subscribed by the company granting the charge,
is registered in the Register of Floating Charges.
(4)References in this Part to a document which grants a floating charge are to a document by means of which a floating charge is granted.