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overturned the decision. He held that a charge may be divisible, and the parties had unequivocally expressed their intention and ‘unless there is some authority or principle of law which prevented them from agreeing what they have agreed, their agreement must prevail’. In essence, he held that the
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New Bullas
Trading Ltd granted a charge over book debts in favour of 3i plc. It said this was a fixed charge over the uncollected debts and a floating charge over their proceeds, which went into a designated bank account (or another one that 3i could specify in writing).
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case, concerning the definition of a floating charge. It held, somewhat controversially, that it was possible to separate a book debt from its proceeds, and that it was possible to create a fixed charge over the book debt but only a
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wording did allow them to have such a form of security, the parties were free to make such arrangements. He said unless, unlawful, the free will of the parties would prevail.
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over the proceeds. At the time the decision attracted a great deal of academic commentary, much of it hostile.
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held this was impossible. He said there was a floating charge throughout, so the company’s
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Fixed
Charges over Book Debts and other Receivables
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652:Charges over Book Debts: A Missed Opportunity
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727:Court of Appeal (England and Wales) cases
497:Re Yorkshire Woolcombers Association Ltd
227:Re Yorkshire Woolcombers Association Ltd
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472:British India Steam Navigation Co v IRC
153:s 40 with regard to uncollected debts.
252:Siebe Gorman & Co v Barclays Bank
112:, and then formally overruled by the
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551:Aluminium BV v Romalpa Aluminium Ltd
240:Aluminium BV v Romalpa Aluminium Ltd
510:National Provincial Bank v Charnley
722:United Kingdom insolvency case law
522:Barclays Bank Ltd v Quistclose Ltd
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346:[2011] EWHC 1948 (Ch)
333:[2007] EWHC 1443 (Ch)
668:Charges over Book Debts: A Reply
484:Salomon v A Salomon & Co Ltd
329:Russell Cooke Trust Co v Elliott
214:Salomon v A Salomon & Co Ltd
732:1994 in United Kingdom case law
666:(1997) 113 LQR 562; Alan Berg,
288:Royal Trust Bank v NatWest Bank
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630:Voidable floating charge
680:Vanessa Finch (2002).
595:[2005] UKHL 41
580:[2001] UKPC 28
411:[2005] UKHL 41
397:[2001] UKPC 28
320:[2005] UKHL 41
305:[2001] UKPC 28
143:preferential creditors
124:[2005] UKHL 41
110:[2001] UKPC 28
16:UK insolvency law case
527:[1968] UKHL 4
451:Cases on secured debt
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406:Re Spectrum Plus Ltd
342:Re Rayford Homes Ltd
315:Re Spectrum Plus Ltd
145:were entitled in an
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205:(1870) 5 Ch App 318
151:Insolvency Act 1986
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693:0521622565
279:1 BCLC 485
51:1 BCLC 485
648:Roy Goode
554:1 WLR 676
542:1 WLR 758
377:Authority
370:Nourse LJ
243:1 WLR 676
62:Nourse LJ
670:JBL 443.
513:1 KB 431
501:2 Ch 284
417:See also
267:1 Ch 200
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157:Judgment
68:Keywords
48:Citation
291:BCC 316
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