Section 662 CAMA 2020
Section 662 Companies and Allied Matters Act is about Effect of floating charge. It is under Chapter 24 (Provisions applicable to every mode of winding-up) of the Act.
Where a company is being wound up, a floating charge on the undertaking or property of the company created within three months of the commencement of the winding-up shall, unless it is proved that the company immediately after the creation of the charge was solvent, be invalid, except to the amount of any cash paid to the company at the time of or subsequently to the creation of, and in consideration for, the charge, together with interest on that amount at the current bank rate
