Effect of floating charge

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 144 subsequently to the creation of, and in consideration for, the charge, together with interest on that amount at the rate of five per centum per annum.