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A company has created a fixed charge in favour of its bank over machinery owned by the company and used in the company’s factory. The company is solvent. The fixed charge has been correctly registered at Companies House. The company now wishes to sell some of the machinery and seeks legal advice on how to proceed.
What advice should the company receive in relation to the sale of the machinery?
A. The company can proceed to sell the machinery freely because the charge has not yet crystallised.
B. The company can only sell the machinery if it does so with the consent of the bank as chargeholder.
C. The company can only sell the machinery if the bank is a party to the sale because the bank has legal title to the machinery.
D. The company can only sell the machinery with the consent of its unsecured creditors.
E. The company can proceed to sell the machinery once it has registered the sale at Companies House.
B - The company can only sell the machinery if it does so with the consent of the bank as chargeholder.
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