| As one of the way of financing, the project financing whose embryo originated in 1930s, has been used widely in large infrastructure, such as electricity, energy and highway construction and so on. Because of the huge capital investment and long period of building, the project financing faces many uncertain risks, so in practice, the project financing design occupies an indispensable place in the project financing frame, which is "the key of the project financing" in a degree.The floating charge called one of the most subtle creations of equity has been commonly used in the practice of financing security. Compared with the fixed charge, there are many advantages of a floating charge such as continuation of trade, low expenses of creation and efficiency improvement of the enterprises, which are the reasons of the floating charge favored in the practice of project financing.This paper combines the law of security and the theories and practices of project financing to have a systematic research on the floating charge, which is also an innovation of this paper. This paper divides five chapters as following.Partâ… gives a summarizing description about the floating charge of the project financing. First, the writer discusses the theory issues of the floating charge, involving the definition, legal character and theoretical basis of the floating charge. Second, on the relationship of the floating charge and project financing, the writer mentions briefly the advantages and disadvantages of the floating charge and its practical uses in the project financing. Last, the writer summarizes the complexity and legal issues facing of the floating charge, which paves the way of the following legal problems. This part lays a theoretical basis for elaborating the legal issues of the floating charge, and is the focal point of the paper.Partâ…¡discusses the issues of the creation of the floating charge, including the subject and object of the floating charge. The writer makes it clear that the subject of the creation of the floating charge is the project enterprise. On the range of the object of security, the author elaborates the range of the object to be good to the creditors.Partâ…¢discusses some issues about the operation of the floating charge in the project financing, including the problems of the right of deal with the assets of security in the ordinary course of business, the negative pledge clauses, the crystallization and receivers. The writers combines the theories of the floating charge and the practice of project financing, and elaborates the special uses of the above legal issues in the project financing. This part is the focal and difficult point.Partâ…£is about the application of law about the floating charge. In the practice of the project financing, because of the different national conditions and attitudes towards the floating charge, this inevitably brings the issue of application of legal conflicts of the floating charge. This part is divided into two parts to briefly discuss the legal conflicts.Partâ…¤discusses China's legislative status quo and creation of the floating charge. In this part, firstly, the author introduces our legislative status quo of the floating charge, and points out some issues of the legislations. Secondly, from the point of legislative creation, the writer elaborates his thoughts about the issues of the subject, the range of the object, the protection of the creditors, crystallization and receivers of the floating charge. |
