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Employees’ statutory priority on insolvency does not defeat a mortgagee’s proprietary rights over charged property absent winding-up or a subsisting floating charge.
Employment law – s34(3)(d) Employment Act – priority of employee claims on insolvency or winding up – does not trump proprietary rights of mortgagee/chargee over charged property.; Companies Act – debenture/charge – mortgage as debenture; floating charge v fixed charge – crystallisation on demand and appointment of receiver; Registered Land Act s72 – application of sale proceeds of charged property; receivership by chargee distinct from insolvency or winding-up.
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