201:
882:"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."
1036:, the floating charge had another key benefit. The holder of a floating charge could appoint an administrative receiver and block the appointment of a court-appointed administrator, and thus retain control of the distribution of the assets of the company. Practice became such that companies were asked to give "lightweight" floating charges to secured lenders which had no collateral value purely to allow the holders to block administration orders, an approach that was approved by the courts in
22:
122:
63:
1085:
crystallisation provisions have been upheld in New
Zealand but there are judicial comments suggesting they may not be recognised as effective in Canada. In the United Kingdom there is some inferential support for the validity of automatic crystallisation provisions, but they have never been subject to full judicial consideration.
1265:. However, creditors' lawyers gradually developed an diverse variety of methods, some authorized by state legislatures and others tolerated by state courts, to evade the general ban on security interests in future property. As it had become clear that creditors and debtors were going to find ways to create enforceable
1148:
when the House of Lords confirmed that a charge over book debts could be a fixed charge, provided that the secured creditor exhibited the necessary degree of control over the proceeds of the book debts. This would normally require that they either be paid into a blocked account, or that they be paid
860:
For such a catastrophe as has occurred in this case some would blame the law that allows the creation of a floating charge. But a floating charge is too convenient a form of security to be lightly abolished. I have long thought, and I believe some of your
Lordships also think, that the ordinary trade
1260:
The U.S. never adopted the floating charge directly because at the time it was developing in
England in the 19th century, U.S. courts generally held that a debtor simply could not create a security interest in future property; general creditors ought to have a pool of unencumbered assets to look to;
1216:
Because of the potential for abuse of a security interest that catches all of a company's assets, many jurisdictions have enacted provisions in their insolvency legislation providing that a floating charge granted shortly prior to the company going into liquidation will be invalid, or invalid to the
1020:
Broadly speaking, holding a floating charge gives the secured creditor two key remedies in the event of non-payment of the secured debt by the company. Firstly, the secured creditor can crystallise the charge, and then sell off any assets that the charge then attaches to as if the charge was a fixed
813:
as being effective to create a security interest over that property automatically upon its acquisition. This decision lead to "a further manifestation of the
English genius for harnessing the most abstract conceptions to the service of commerce." Documents came to be drafted that purported to grant
1182:
As most secured lenders will not usually have recourse to their security until the debtor company is in a parlous financial state, the usual position is that even all the remaining assets of the company are not enough to repay the debt secured by the floating charge, leaving the unsecured creditors
935:
UKHL 41. The essential test of whether a charge was a fixed charge related to the chargor's power to continue to deal with the asset. In order to preserve the status of a charge as a fixed one, the bank must exercise actual control over disposal of the asset. If the chargor is able to deal with the
1337:
The floating mortgage can be specific or general with respect to immovables and movables, separately or together. The mortgage is not perfected until it crystallises. Crystallisation occurs upon default of the mortgagor and registration of a notice of default, and the mortgage ranks from the date
956:
Alternatively, the floating chargee may have an inchoate type of proprietary interest, with characteristics that are proprietary but of a lesser order than the proprietary interest of a chargee with a fixed charge. Some authors have suggested that there is an interest in a fund of assets, but the
1129:
Because of the differences in priority of fixed charges and floating charges, security documents came to be drafted to contain as many charges expressed to be fixed charges as possible, and leave as little as possible covered by the floating charge, where it would have secondary priority to the
1084:
In certain countries, notably
Australia and New Zealand, it was for a time very common to include "automatic crystallisation" provisions which would provide that the floating charge would crystallise upon an event of default automatically and without action from the chargee. Automatic
896:"...a floating charge is ambulatory and shifting in nature, hovering over and so to speak floating with the property which it is intended to affect until some event occurs or some act is done which causes it to settle and fasten on the subject of the charge within its reach and grasp."
1717:
1 Ch 954: "...I think there can be no question at all that according to ordinary principles the winding up puts an end to the period of suspension; and the reason that it does that is that the effect of the winding up is to put an end to the floating nature of the security" at
1252:
and is a lien that expanded to cover any additional property that is acquired by the lienee while the debt is outstanding. A critical difference between the floating charge and the floating lien is that UCC security interests, including floating liens, can be granted by
1829:(1885) 29 Ch D 715; because the disposition by the chargor (in creating the mortgage or fixed charge) is permitted by the concept of the floating charge, the grant of a mortgage or charge takes the relevant asset out of the pool of assets caught by the floating charge.
814:
security over all of the debtor's present and future property, but by contract expressly permitted the debtor to dispose of those assets, free from the charge, until such times as the debtor's business ceased. This charge came to be known as the "floating charge".
1056:
Strictly speaking, it is not possible to enforce a floating charge at all - the charge must first crystallise into a fixed charge. In the absence of any special provisions in the relevant document, a floating charge crystallises either upon the appointment of a
1125:
The floating charge cannot normally be enforced until it has crystallised (and thus, effectively, become a fixed charge) and so most statutes provide that the priority of a fixed charge that was created as a floating charge is treated as a floating charge.
1073:
988:
perspective, the security will cover each and every asset of the chargor. From the charger's perspective, although all of their assets are encumbered, because the security "floats", they remain free to deal with the assets and dispose of them in the
940:"the asset subject to the charge is not finally appropriated as a security for the payment of the debt until the occurrence of some future event. In the meantime the chargor is left free to use the charged asset and to remove it from the security."
799:
The floating charge has been described as "one of equity's most brilliant creations." They are legal devices created entirely by lawyers in private practice; there is no legislation or judicial decision that was the genesis of a floating charge.
200:
1443:
Besides the class of assets secured, the civilian commercial pledge differs from a floating charge in that fixed assets are not always changing, and the creditor ranks prior to all secured and unsecured claims. Commercial pledges exist in
757:) in the ordinary course of business leads to automatic crystallisation. Additionally, security documents will usually include express terms that a default by the person granting the security will trigger crystallisation.
790:
of any asset covered by them. In practice, as the charger has power to dispose of assets subject to a floating charge, so this is only of consequence in relation to disposals that occur after the charge has crystallised.
1149:
directly to the secured creditor. Any lesser degree of control was not consistent with a fixed charge, and such charges would be construed as floating charges, regardless of what label the parties had given them.
936:
asset, such as by drawing from the account in which charged funds are kept, or into which the proceeds of trade receivables are deposited, then the holder of the charge does not have effective control. They said:
861:
creditors of a trading company ought to have a preferential claim on the assets in liquidation in respect of debts incurred within a certain limited time before the winding-up. But that is not the law at present.
1825:
910:
clearly stating in that case that he did not intend to give a definition of the term floating charge, his description is generally cited as the most authoritative definition of what a floating charge is:
1752:
949:
Several authors have suggested that the floating chargee, prior to crystallisation, may have no proprietary interest at all in the charged assets. However, this is inconsistent with cases (such as
1183:
with nothing. This perception has led to a widening of the classes of preferred creditors who take ahead of the floating charge holders in a number of countries. The introduction of a regime of
1179:
1 Ch 576 Buckley J observed that great mischief arose from the very nature of the floating charge as few of general unsecured trade creditors of the company would even be aware of its existence.
1800:
1004:
them; otherwise they may be unenforceable on the bankruptcy of the debtor. This registration requirement has often led to other property rights (such as rights under a defective
1134:. A number of judicial decisions gave conflicting interpretations over the characteristics that were definitive of a fixed charge, particularly with reference to charges over
1225:
In many jurisdictions, because of their dramatic effect on the availability of assets to unsecured creditors on an insolvency, floating charges are required to be registered.
77:
1257:
kind of debtor, including individuals or partnerships (and will thus have priority in bankruptcy), whereas the floating charge can be granted only by corporate entities.
827:
held that the effect of the document was that the secured creditor could not interfere with the running of the business and its dealings with its own assets until the
1713:
831:
of the company, but the occurrence of that event entitled the secured creditor to realise its security over the assets and to assert its charge in priority to the
1766:
1029:
to take over the management and control of the business with a view to discharging the debt out of income or selling off the entire business as a going concern.
870:
968:
Another possibility is that the holder of a floating charge may have the same quality of proprietary interest as a fixed chargee, but one that is subject to
819:
993:, thereby obtaining the maximum credit benefit from the lender, but without the inconvenience of requiring the secured creditor's consent to dispose of
842:
described it: "The floating charge had become a cuckoo in the nest of corporate insolvency." Criticism of the effect of floating charges grew, until
931:
1938:
1742:
140:
1269:
security interests in after-acquired property and general intangibles whether courts liked it or not, the UCC drafters in the 1940s (particularly
1804:
2 QB 979 Buckley LJ referred to an event occurring which "is defined as bringing to an end the licence of the company to carry on business". In
1521:
as regards book debts that were not paid before the presentation of the bankruptcy petition, unless the assignment has been registered under the
1691:
1099:
The main purpose of any security is to enable the secured creditor to have priority of claim to the bankrupt party's assets in the event of an
504:
753:
in the security documents creating floating charges that a cessation of the company's right to deal with the assets (including by reason of
1865:
958:
839:
1025:), if the floating charge encompasses substantially all of the assets and undertaking of the company, the secured creditor can appoint an
81:
863:
Everybody knows that when there is a winding-up debenture-holders generally step in and sweep off everything; and a great scandal it is.
1924:
1756:
Ch 366 Nourse J referred to earlier authorities assuming the cessation of business would cause crystallisation rather than deciding it.
1305:". As a mortgage, it can be taken over immovables and movables (real and personal property); must be in due form, i.e. passed before a
1997:
560:
489:
360:
616:
227:
1044:
the law has now been changed by statute, but the power to block appointments of administrators has been retained in many other
1622:
530:
1103:. However, because of the nature of floating charge, the priority of floating charge holder's claims normally rank behind:
902:
824:
689:
355:
1168:
843:
1985:
1657:
1557:
176:
158:
103:
49:
1746:
2 Ch 118 Romer J did assert that a company could deal with assets subject to a floating charge until it is wound up
921:
until the charge crystallises and attaches to the assets, the chargor may carry on its business in the ordinary way.
745:, attached to specific assets of the business. This crystallisation can be triggered by a number of events. In most
1780:
252:
35:
1273:) successfully argued that such interests should be legitimized and simplified in the form of the floating lien.
1144:
848:
764:
was to try to grant a floating charge, then in most jurisdictions which recognise floating charges this would be
585:
85:
555:
1386:
1505:
580:
575:
540:
232:
1187:
for floating charges taken just prior to the onset of insolvency is a partial response to these criticisms.
1171:
observed that the injustice of the case (as he saw it) was not caused by the introduction of the concept of
570:
741:
The floating charge 'floats' or 'hovers' until the point at which it is converted ("crystallised") into a
1949:
1318:
including priority ranking, right of pursuit (that is, it runs with the land and cannot be defeated by a
1163:
1026:
990:
1480:
1331:
1286:
1202:
from the floating charge to create an artificial pool of assets available to the unsecured creditors.
1005:
888:
636:
525:
1485:
1211:
1184:
957:
nature and incidents of the interest remain unclear. This has received some judicial support, from
746:
682:
565:
550:
535:
520:
406:
760:
In most countries floating charges can only be granted by companies. If an individual person or a
1249:
907:
810:
663:
653:
606:
494:
432:
283:
262:
72:
may contain an excessive amount of intricate detail that may interest only a particular audience
1522:
1322:), creditor's consent required to dispose of subject; and grants powers of recourse, including
396:
2012:
1402:
1398:
1262:
1131:
1118:
601:
499:
391:
375:
329:
308:
303:
1094:
1424:
1418:
1282:
1033:
1000:
However, in many jurisdictions, floating charges are required to be registered in order to
730:, a floating charge is created over property of an ambulatory and shifting nature, such as
611:
217:
41:
1517:
For example, under
English law, a general assignment of book debts by a natural person is
8:
1852:
1319:
1135:
784:
675:
545:
136:
1338:
notice is filed. This means that a floating mortgage ranks lower than a fixed mortgage.
838:
The use of such floating charges increased in popularity and expanded rapidly until, as
1346:
1199:
1158:
1139:
832:
805:
769:
631:
422:
339:
984:
Floating charges are popular as a security device for two principal reasons. From the
1981:
1811:
1806:
1785:
1663:
1653:
1628:
1618:
1553:
1470:
1416:
and treated as a single movable security subject. The asset pool is referred to as a
1370:
1172:
711:
658:
641:
626:
473:
401:
293:
242:
1589:
1390:
1306:
1195:
1001:
985:
853:
468:
437:
334:
298:
1880:
1525:
if the person goes into bankruptcy. See section 344(2) of the
Insolvency Act 1986.
1377:
of a long-term nature and of value to the operation of the business, specifically
1327:
869:
This led to a push back against the effect of floating charges in the form of the
1888:
Forum for Asian
Insolvency Reform (FAIR) MAXIMISING VALUE OF NONPERFORMING ASSETS
237:
1881:"Developing the Asian Markets for Non-Performing Assets: Developments in India"
1839:
1293:"floating charge" and created and introduced an analogous security device into
1041:
994:
926:
2017:
2006:
1900:
For example, in the United
Kingdom, see section 860 of the Companies Act 2006
1632:
1449:
1366:
1270:
1244:
1239:
1078:
1077:
that a charge should also crystallise upon the company ceasing to trade as a
1067:
1022:
1021:
charge. Secondly (and more frequently the case, to preserve the company as a
719:
370:
1412:
The pledge never crystallises like a floating charge; instead the pool is a
84:
any relevant information, and removing excessive detail that may be against
1667:
1350:
1323:
1112:
1108:
1058:
973:
817:
The first recorded
English case where a floating charge was recognised was
809:(1862) 10 HL Cas 191 it was held that equity would recognise a charge over
780:
750:
723:
267:
247:
1612:
1008:), which have been re-characterized as a floating charge being held to be
1382:
1138:(and a fixed charge that did not contain those characteristics would be "
1062:
761:
754:
427:
257:
953:) at the highest level which suggest a proprietary interest does exist.
726:. Unlike a fixed charge, which is created over ascertained and definite
1518:
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1445:
1294:
1191:
1100:
1045:
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222:
192:
1680:
S Worthington, Proprietary Interests in Commercial Transactions (1996)
1572:
1545:
1465:
1378:
1310:
365:
1925:
L'Endettement de l'entreprise au Québec : paramètres juridiques
1175:, but by the excessive security created by the floating charge. In
1142:" as a floating charge). The position was definitively resolved in
1814:
referred to "some other agreed event" as affecting crystallisation.
1647:
1374:
1358:
1302:
1074:
Government Stocks and Securities Investments Co Ltd v Manila Rly Co
727:
463:
324:
288:
1081:. However, this view is not yet supported by judicial authority.
703:
1362:
1314:
715:
621:
1217:
extent that it does not secure new loans made to the company.
976:
by permitted dealings by the chargor with the charged assets.
1406:
1354:
735:
1475:
1394:
458:
1157:
Floating charges have been criticised as a "raw deal" for
915:
it is a charge over a class of assets present and future;
925:
When conducting a recent review of the authorities, the
1369:) and not for sale. The pool is restricted to movable (
1448:
countries but are usually taken over working capital (
871:
Preferential Payments in Bankruptcy Amendment Act 1897
1913:, (Cambridge, Cambridge University Press, 2004), 109.
820:
Re Panama, New Zealand, and Australian Royal Mail Co
944:
131:
may be too technical for most readers to understand
918:that class will be changing from time to time; and
932:National Westminster bank plc v Spectrum Plus Ltd
2004:
1238:An analogous (but not identical) concept in the
1261:and even if such a thing could exist, it was a
1228:
1389:, equipment, machinery, tools, furniture; and
1911:Secured Credit under English and American Law
1866:Siebe Gorman & Co Ltd v Barclays Bank Ltd
1826:Wheatley v Silkstone & Haigh Moor Coal Co
683:
1878:
1842:section 175(2)(b) of the Insolvency Act 1986
1248:, which was implemented by Article 9 of the
1205:
1065:. It has also been suggested, relying upon
929:brought some clarity to this area of law in
1863:Commencing with the decision of Slade J in
1349:countries generally allow for a commercial
1285:came into force in 1994 and superseded the
50:Learn how and when to remove these messages
1385:, which include movable tangibles such as
1032:In countries that permit the making of an
690:
676:
783:only, and consequently are defeated by a
177:Learn how and when to remove this message
159:Learn how and when to remove this message
143:, without removing the technical details.
104:Learn how and when to remove this message
1851:See for example section 29(a)(a) of the
900:A description was subsequently given in
1939:"Banking & Security Law in the UAE"
1753:Re Woodroffes (Musical Instruments) Ltd
2005:
1617:(3rd ed.). London: Butterworths.
1341:
1330:, sale by mortgagee in possession, or
1998:Floating charges - www.accaglobal.com
1978:Company Charges - Spectrum and Beyond
1689:
1649:Legal problems of credit and security
1645:
1610:
1550:Company Charges - Spectrum and Beyond
1107:holders of fixed security (such as a
141:make it understandable to non-experts
1353:to be taken over the pooled movable
1190:Some countries have also sought to "
1121:, who are given priority by statute.
903:Re Yorkshire Woolcombers Association
115:
56:
15:
13:
1970:
1801:Evans v Rival Granite Quarries Ltd
1357:held or acquired for the use of a
1051:
788:purchaser for value without notice
199:
14:
2029:
1991:
31:This article has multiple issues.
1548:writing in Getzler & Payne,
1508:with separate legal personality.
1233:
1095:Liquidation - Priority of claims
945:Nature of the chargee's interest
849:Salomon v A Salomon & Co Ltd
779:Floating charges take effect in
120:
61:
20:
1931:
1916:
1903:
1894:
1879:Sumant Batra (10–11 Nov 2003).
1872:
1857:
1845:
1832:
1817:
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1721:
1706:
1683:
1652:. London: Sweet & Maxwell.
1220:
1145:NatWest v Spectrum Plus Limited
1071:comments by Lord Macnaghten in
39:or discuss these issues on the
1674:
1639:
1604:
1595:
1578:
1562:
1538:
1511:
1498:
1393:such as company style (name),
1242:to the floating charge is the
1177:Re London Pressed Hinge Co Ltd
979:
1:
1646:Goode, Royston Miles (1982).
1611:Gough, William James (2008).
1532:
1506:limited liability partnership
1152:
876:
1948:. p. 24. Archived from
1928:, , accessed 22 August 2011.
1922:Vilaysoun Loungnarath, Jr.,
1229:Analogous security interests
1164:Salomon v. Salomon & Co.
1061:or upon the commencement of
86:Knowledge's inclusion policy
7:
1459:
1332:administrative receivership
1088:
1015:
991:ordinary course of business
10:
2034:
1481:Qualifying floating charge
1287:Civil Code of Lower Canada
1209:
1092:
794:
1276:
1206:Voidable floating charges
1185:voidable floating charges
1006:retention of title clause
892:AC 355 at 358 he stated:
889:Illingworth v Houldsworth
833:general body of creditors
823:(1870) 5 Ch App 318. The
637:History of bankruptcy law
1714:Re Crompton & Co Ltd
1491:
1486:Voidable floating charge
1309:and registered; confers
1212:Voidable floating charge
747:common law jurisdictions
714:over a fund of changing
407:Voidable floating charge
1946:Al Tamimi & Company
1838:See for example in the
1729:Bank Security Documents
1690:Nolan, Richard (2004).
1250:Uniform Commercial Code
1027:administrative receiver
811:after-acquired property
654:Pre-packaged insolvency
607:Bankruptcy alternatives
495:Cross-border insolvency
433:Trading while insolvent
284:Insolvency practitioner
263:Provisional liquidation
1823:This was confirmed in
1731:, 3rd ed. at para 9.19
1590:[2005] UKHL 41
1575:, 2nd ed., at page 731
1523:Bills of Sale Act 1878
1194:" recoveries made for
1132:preferential creditors
1119:preferential creditors
1012:for non-registration.
906:2 Ch 284, and despite
867:
846:finally proclaimed in
755:insolvency proceedings
397:Undervalue transaction
204:
1976:Getzler & Payne,
1767:Re Manurewa Transport
1586:Re Spectrum Plus Ltd'
1403:intellectual property
1365:-producing activity (
1263:fraudulent conveyance
858:
854:[1896] UKHL 1
602:Anti-deprivation rule
500:Insolvency Regulation
392:Fraudulent conveyance
376:Scheme of arrangement
330:Preferential creditor
309:Trustee in bankruptcy
304:Referee in Bankruptcy
203:
1696:Law Quarterly Review
1692:"Property in a Fund"
1440:(Dutch), and so on.
1328:judicial foreclosure
1034:administration order
1853:Insolvency Act 1986
1789:3 All ER 673 at 678
1342:Civil law countries
1320:bona fide purchaser
1289:, it abolished the
1159:unsecured creditors
356:Administration (UK)
1909:Gerard McCormack,
1430:fondo di commercio
1299:hypothèque ouverte
1200:fraudulent trading
986:secured creditor's
806:Holroyd v Marshall
770:general assignment
632:Financial distress
505:UNCITRAL Model Law
423:Fraudulent trading
340:Unsecured creditor
205:
1869:2 Lloyd's Rep 142
1807:Re Bond Worth Ltd
1786:Re Brightlife Ltd
1748:or stops business
1624:978-1-4057-1881-3
1592:at paragraph 130.
1471:Security interest
1425:fondo de comercio
1419:fonds de commerce
1414:universitas rerum
1391:legal intangibles
1283:Quebec Civil Code
1173:limited liability
712:security interest
700:
699:
659:Sovereign default
642:List of bankrupts
612:Creditors' rights
474:Security interest
402:Unfair preference
384:Avoidance regimes
294:Regulatory agency
187:
186:
179:
169:
168:
161:
114:
113:
106:
54:
2025:
1965:
1964:
1962:
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1608:
1602:
1599:
1593:
1582:
1576:
1566:
1560:
1542:
1526:
1515:
1509:
1502:
1291:charge flottante
1196:wrongful trading
1040:BCC 781. In the
1038:Re Croftbell Ltd
865:(emphasis added)
692:
685:
678:
469:Second lien loan
438:Wrongful trading
335:Secured creditor
189:
188:
182:
175:
164:
157:
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150:
144:
124:
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116:
109:
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57:
46:
24:
23:
16:
2033:
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2028:
2027:
2026:
2024:
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2003:
2002:
1994:
1973:
1971:Further reading
1968:
1958:
1956:
1952:
1941:
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1904:
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1895:
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1873:
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1797:
1793:
1779:Referred to by
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1739:
1735:
1726:
1722:
1711:
1707:
1688:
1684:
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2013:Property law
1980:(OUP 2006),
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1957:. Retrieved
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78:spinning off
71:
47:
40:
34:
33:Please help
30:
1454:investments
1432:(Italian),
1428:(Spanish),
1063:liquidation
980:Flexibility
959:Lord Walker
840:Lord Walker
762:partnership
732:receivables
576:Switzerland
428:Misfeasance
258:Liquidation
243:Dissolution
149:August 2015
94:August 2015
2007:Categories
1533:References
1446:common law
1436:(German),
1422:(French),
1295:Quebec law
1192:ring fence
1153:Criticisms
1136:book debts
1101:insolvency
1093:See also:
1046:common law
970:defeasance
877:Definition
856:, AC 22:
829:winding up
774:bankruptcy
648:Pari passu
513:By country
299:Liquidator
223:Bankruptcy
193:Insolvency
82:relocating
36:improve it
1727:Lingard,
1633:232974168
1573:Roy Goode
1546:Roy Goode
1466:Debenture
1379:inventory
1347:Civil law
1281:When the
886:Later in
786:bona fide
749:it is an
722:or other
551:Hong Kong
526:Australia
366:Cram down
317:Claimants
276:Officials
210:Processes
42:talk page
1770:NZLE 909
1460:See also
1399:goodwill
1375:property
1371:personal
1359:business
1303:mortgage
1267:de facto
1109:mortgage
1089:Priority
1059:receiver
1016:Remedies
963:Spectrum
951:Spectrum
908:Romer LJ
728:property
521:Anguilla
464:Mortgage
446:Security
415:Offences
325:Creditor
289:Tribunal
1812:Slade J
1668:9757873
1002:perfect
795:History
720:company
704:finance
627:Default
561:Ireland
135:Please
1984:
1666:
1656:
1631:
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1407:leases
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1355:assets
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1315:in rem
1311:rights
1307:notary
1277:Quebec
1167:AC 22
1115:); and
781:equity
716:assets
622:Debtor
566:Russia
541:Cayman
536:Canada
1953:(PDF)
1942:(PDF)
1884:(PDF)
1588:
1492:Notes
1395:logos
1161:. In
852:
768:as a
736:stock
718:of a
710:is a
594:Other
556:India
546:China
2018:Debt
1982:ISBN
1961:2011
1664:OCLC
1654:ISBN
1629:OCLC
1619:ISBN
1554:ISBN
1519:void
1476:Lien
1452:and
1381:and
1010:void
766:void
734:and
706:, a
459:Lien
1798:In
1783:in
1718:963
1700:120
1544:By
1456:).
1361:or
1255:any
1198:or
1111:or
972:or
961:in
803:In
772:in
702:In
531:BVI
253:IVA
233:CVA
139:to
80:or
2009::
1944:.
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1963:.
1890:.
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691:e
684:t
677:v
180:)
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156:(
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147:(
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107:)
101:(
96:)
92:(
88:.
74:.
52:)
48:(
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