(a) That's wrong. One or more of the security transactions described on the previous page may be used by a company, but they do not always suit every situation. Company law has therefore developed a type of security that is available only to companies, called a floating charge. This is a security interest given to the creditor over the debtor company's circulating and non-circulating assets.
But a floating charge does not identify the specific property that is available to secure a debt. Rather, it identifies classes of property (eg stocks of raw materials) as charged with the repayment of the debt. The contents of this class of property remain in the hands of the debtor company, and can be used, used up, and replaced. However, at the time the security is enforced, the contents of that class of property become fixed and are available to satisfy payment of the debt. A floating charge is a very flexible arrangement, enabling a company to deal freely with its assets, but at the same time to use the value of that class of assets as a security.
A creditor whose debt is secured by one or other security is in a better position than they might otherwise be, because secured creditors are paid before unsecured creditors.