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Facts: This case concerned the question whether the debts due to a former holder of a floating charge which, after the commencement of the liquidation of the company, releases its security, are “unsecured debts” in respect of the provisions in relation to the prescribed part under s 176A of the Insolvency Act 1986. The Company was one of the trading companies within the Autocruise group, which was the subject of a management buyout in December 2006. As part of the buyout, the Company executed debentures creating fixed and floating charges over its assets in favour of the Bank, a security trustee (T) and a private individual (B) respectively.
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