Letter Confirming Floating Charge has not Crystallised
Letter Confirming Floating Charge Has Not Crystallised (Asset Sales)
It is very customary for businesses to take out a loan which includes a floating charge which will attach to the assets of the business when it crystallises. The Buyer will want to be certain that the floating charge has not crystallised and that the holder of the floating charge has not taken steps to crystallise the floating charge. Otherwise the floating charge will become a fixed charge and attach to the assets and the Buyer will acquire the assets subject to the fixed charge.
Optional phrases / clauses are enclosed in square brackets. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document.
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