Cuppycakes Pte LtdCuppycakes) is a confectionary business. In January 2009, the board of directors took a loan from FutureBank to set up a new retail outlet in Jurong. To secure the loan, FutureBank took a fl oating charge over the undertaking ofCuppycakes.Cuppycakes is now in the process of winding up. The main claims againstCuppycakes are:(i) a S1·5 million mortgage by PresentBank overCuppycakes’ factory inBedok;(ii) $80,000 in respect of a debt due to a supplier;(iii) $100,000 unpaid taxes owing to the Inland RevenueAuthority of Singapore; and(iv) FutureBank’s fl oating charge.FutureBank has realised that the fl oating charge over the undertaking ofCuppycakes was never registered with theAccounting andCorporate RegulationAuthority.Required:(a)Discuss whether FutureBank’s fl oating charge is enforceable. (5 marks)(b)Explain the order of priority of payment in respect of the above claims inCuppycakes’ winding up. (5 marks)