2.68 Million First Charge20 Jul 2018 10:59
We have a first charge on the land of UP TO 2.68 million, does this mean, should the land sell for the 3.6 million valuation we would only get the 2.68 million in our first charge rights?
We also have an unsecured creditor position of around 8 million. If the land was to sell for let's say in excess of 10 million, would we then receive our 2.68 million, the other creditors would be paid and then we would receive the remaining funds?