Section 89 - Secured or unsecured debentures

(1) Debentures may either be secured by a charge over the property of the company or may be unsecured by a charge.

(2) Debentures may be secured by a fixed charge on some property of the company or a floating charge over the whole or a specified part of the undertaking and assets of the company, or by both a fixed charge on a property and a floating charge.

(3) A charge securing debentures becomes enforceable on the occurrence of the events specified in the debentures or the deed securing the debentures.

(4) Where legal proceedings are brought by a debenture holder to enforce the security of a series of debentures of which that holder holds part, the debenture holder shall sue in a representative capacity personally and on behalf of the other debenture holders of that series, and section 205 shall apply.

(5) Where debentures are secured by a charge, sections 110 to 121 relating to registration of particulars of charges, shall apply.