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Floating Charge
A floating charge is a security interest over a fund of changing assets of a company or other legal person. Unlike a fixed charge, which is created over ascertained and definite property, a floating charge is created over property of an ambulatory and shifting nature, such as receivables and stock. The floating charge 'floats' or 'hovers' until the point at which it is converted ("crystallised") into a ''fixed charge'', attached to specific assets of the business. This crystallisation can be triggered by a number of events. In most common law jurisdictions it is an implied term in the security documents creating floating charges that a cessation of the company's right to deal with the assets (including by reason of insolvency proceedings) in the ordinary course of business leads to automatic crystallisation. Additionally, security documents will usually include express terms that a default by the person granting the security will trigger crystallisation. In most countries float ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security Interest
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the ''collateral'') which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. One of the most common examples of a security interest is a mortgage: a person borrows money from the bank to buy a house, and they grant a mortgage over the house so that if they default in repaying the loan, the bank can sell the house and apply the proceeds to the outstanding loan. Although most security interests are created by agreement between the parties, it is also possible for a security interest to arise by operation of law. For example, in many jurisdictions a mechanic who repairs a car benefits from a lien over the car for the cost of repairs. This lien arises by operation of law in the absence of any agreement between the parties. Most security interests are grant ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Holroyd V Marshall
''Holroyd v Marshall'' (1862) 10 HLC 191, 11 ER 999 was a judicial decision of the House of Lords. In that case the House of Lords affirmed that under English law a person could grant a mortgage or other security interest over future property, ie. property that they did not actually own at the time of granting the charge. Prior to decision, the generally accepted principle under English law was that pursuant to the ''nemo dat'' rule it was impossible for a person to convey a security interest in property which they did not own at the time of granting the charge. The case is also notable in that no less than three persons who were, or one day would be, Lord Chancellor, gave judgments. It is also a rare example of one Law Lord interrupting another during their speech to object to a point in their judgment. Background The case was decided against the backdrop of the industrial revolution in Victorian England. With the expansion of industry, companies were hungry for capital, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Of Lords
The House of Lords, also known as the House of Peers, is the Bicameralism, upper house of the Parliament of the United Kingdom. Membership is by Life peer, appointment, Hereditary peer, heredity or Lords Spiritual, official function. Like the House of Commons of the United Kingdom, House of Commons, it meets in the Palace of Westminster in London, England. The House of Lords scrutinises Bill (law), bills that have been approved by the House of Commons. It regularly reviews and amends bills from the Commons. While it is unable to prevent bills passing into law, except in certain limited circumstances, it can delay bills and force the Commons to reconsider their decisions. In this capacity, the House of Lords acts as a check on the more powerful House of Commons that is independent of the electoral process. While members of the Lords may also take on roles as government ministers, high-ranking officials such as cabinet ministers are usually drawn from the Commons. The House of Lo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mark Romer, Baron Romer
Mark Lemon Romer, Baron Romer, PC (9 August 1866 – 19 August 1944) was a British barrister and judge. Biography Romer was born in Crawley, Sussex, the second son of Sir Robert Romer, later a Lord Justice of Appeal, and Betty, née Lemon, daughter of Mark Lemon, founding editor of ''Punch''. He was educated at Rugby and Trinity Hall, Cambridge, where he read Mathematics, graduating as a junior optime. He was called to the bar by Lincoln's Inn in 1890. Practicing at the Chancery bar, he was made a King's Counsel in 1906 and attached himself to the court of Mr Justice Parker, then that of Mr Justice Sargant when Parker was elevated to the House of Lords. Romer was appointed a judge of the Chancery Division of the High Court in 1922, in succession to Sir Arthur Frederick Peterson, and received the customary knighthood the same year. In 1929, he was made a Lord Justice of Appeal and sworn of the Privy Council. On 5 January 1938, he was appointed a Lord of Appeal in Ordina ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re Yorkshire Woolcombers Association
''Illingworth v Houldsworth'' 904AC 355 (known as or ''Re Yorkshire Woolcombers Association'' in the Court of Appeal) is a UK insolvency law case, concerning the taking of a security interest over a company's assets with a floating charge. In the Court of Appeal Romer LJ held that a key to a floating charge, as opposed to a fixed charge was that the company can carry on its business with assets subject to the charge. The case is fairly unusual in English law in that is more frequently cited for the Court of Appeal's decision than for the subsequent decision of the House of Lords. This is principally because of the attempt by Romer LJ to describe or define the core characteristics of a floating charge. Despite stating explicitly: "I certainly do not intend to attempt to give an exact definition of the term 'floating charge,'" his description has been almost universally accepted and endorsed. The three core characteristics which he identified were: # The charge is on a class of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Illingworth V Houldsworth
''Illingworth v Houldsworth'' 904AC 355 (known as or ''Re Yorkshire Woolcombers Association'' in the Court of Appeal) is a UK insolvency law case, concerning the taking of a security interest over a company's assets with a floating charge. In the Court of Appeal Romer LJ held that a key to a floating charge, as opposed to a fixed charge was that the company can carry on its business with assets subject to the charge. The case is fairly unusual in English law in that is more frequently cited for the Court of Appeal's decision than for the subsequent decision of the House of Lords. This is principally because of the attempt by Romer LJ to describe or define the core characteristics of a floating charge. Despite stating explicitly: "I certainly do not intend to attempt to give an exact definition of the term 'floating charge,'" his description has been almost universally accepted and endorsed. The three core characteristics which he identified were: # The charge is on a class of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Preferential Payments In Bankruptcy Amendment Act 1897
S The Preferential Payments in Bankruptcy Amendment Act 1897 (61 Vict. c.19) was an Act of Parliament of the United Kingdom, affecting UK insolvency law. It amended the category of " preferential payments" for rates, taxes and wages, to take priority over a floating charge in an insolvent company's assets. The Act was passed in broad response to the decision of the House of Lords in . at paragraph 132, per Lord Walker: "''Saloman v Saloman & Co Ltd'' was decided by this House on 16 November 1896. WIth remarkable promptness Parliament responded by enacting sections 2 and 3 of the Preference Payments in Bankrtupcy Amendment Act 1897". Section 1 of the Preferential Payments in Bankruptcy Act 1888 first introduced the concept. It was amended by section 2 of the Preferential Payments in Bankruptcy Amendment Act 1897. The provisions were re-enacted in the Companies (Consolidation) Act 1908, the Companies Act 1929 and the Companies Act 1948. Its provisions were largely ineffective a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Salomon V A Salomon & Co Ltd
is a landmark UK company law case. The effect of the House of Lords' unanimous ruling was to uphold firmly the doctrine of corporate personality, as set out in the Companies Act 1862, so that creditors of an insolvent company could not sue the company's shareholders for payment of outstanding debts. Facts Mr Aron Salomon made leather boots or shoes as a sole proprietor. His sons wanted to become business partners, so he turned the business into a limited liability company. This company purchased Salomon's business at an excessive price for its value. His wife and five elder children became subscribers and the two elder sons became directors. Mr Salomon took 20,001 of the company's 20,007 shares which was payment from A Salomon & Co Limited for his old business (each share was valued at £1). Transfer of the business took place on 1 June 1892. The company also issued to Mr Salomon £10,000 in debentures. On the security of his debentures, Mr Salomon received an advance of £5,000 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Edward Macnaghten, Baron Macnaghten
Edward Macnaghten, Baron Macnaghten, (3 February 1830 – 17 February 1913) was an Anglo-Irish law lord, barrister, rower, and Conservative- Unionist politician. Early life and rowing Macnaghten was born in Bloomsbury, London, the second son of Sir Edmund Workman-Macnaghten, Bt., but grew up mainly at Roe Park, Limavady. He attended school in Sunderland and university at Trinity College Dublin and Trinity College, Cambridge, graduating Bachelor of Arts in 1852. At Cambridge, he was secretary of the Pitt Club. Macnaghten was a rower at Cambridge. In 1851, he was runner up to E. G. Peacock in the Diamond Challenge Sculls at Henley Royal Regatta, but avenged this the following year with a win. Macnaghten rowed bow for Cambridge in the Oxford and Cambridge Boat Race in 1852 which was won by Oxford. Also in 1852, he turned the tables on Peacock to win the Diamond Challenge Sculls from him at Henley. Legal and political career After being called to the Bar by Lincoln's Inn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Walker, Baron Walker Of Gestingthorpe
Robert Walker, Baron Walker of Gestingthorpe , (born 17 March 1938) is an English barrister and former Justice of the Supreme Court of the United Kingdom. He also serves as a Non-Permanent Judge of the Hong Kong Court of Final Appeal. He sat in the House of Lords as a crossbencher until his retirement from the House on 17 March 2021. Early life and non-judicial career Born on 17 March 1938, the son of Ronald Robert Antony Walker by his wife Mary Helen, Walker was educated at Downside School and Trinity College, Cambridge from where he graduated in 1959 with a Bachelor of Arts degree in Classics and Law. He was called to the bar at Lincoln's Inn in 1960 and became a Queen's Counsel in 1982. In 2010 he was the Treasurer of Lincoln's Inn. He is an Honorary Fellow of Trinity College, Cambridge. Lord Walker of Gestingthorpe has served on the Honorary Editorial Board of the Warwick Student Law Review since its inception in 2010. Judicial career In 1994, Walker was appointed a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unsecured Creditor
An unsecured creditor is a creditor other than a preferential creditor that does not have the benefit of any security interests in the assets of the debtor. In the event of the bankruptcy of the debtor, the unsecured creditors usually obtain a ''pari passu'' distribution out of the assets of the insolvent company on a liquidation in accordance with the size of their debt after the secured creditors have enforced their security and the preferential creditors have exhausted their claims. Although in a liquidation the unsecured creditors will usually realize the smallest proportion of their claims, in some legal systems, unsecured creditors who are also indebted to the insolvent debtor can (and in some jurisdictions, must) set off the debts, putting the unsecured creditor with a matured liability to the debtor in a pre-preferential position. See also * Preferential creditor * Secured creditor A secured creditor is a creditor with the benefit of a security interest over some or all ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Winding Up
Liquidation is the process in accounting by which a company is brought to an end in Canada, United Kingdom, United States, Ireland, Australia, New Zealand, Italy, and many other countries. The assets and property of the company are redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when customs, an authority or agency in a country responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry. Liquidation may either be compulsory (sometimes referred to as a ''creditors' liquidation'' or ''receivership'' following bankruptcy, which may result in the court creating a "liquidation trust") or voluntary (sometimes referred to as a ''shareholders' liquidation'', although some voluntary liquidations are controlled by the creditors). The term " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
