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In finance, 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.
Romer LJ said a charge is "floating" if it (1) is a charge on present and future assets (2) the class of assets changes in the ordinary course of business, and (3) the company can deal with the assets in business as usual. [1] The term “floating” is one that until recently was a mere popular term. It certainly had no distinct legal meaning.
Although the case is cited as the genesis of the floating charge in English law, that phrase is not used in the judgment. In Re Colonial Trusts Corporation (1879) 15 Ch D 465 Sir George Jessel MR first referred to security as being "floating security", [ 5 ] and this phrase was contrasted with a fixed charge, until it came to eventually be ...
Floating charge Siebe Gorman & Co Ltd v Barclays Bank Ltd [1979] 2 Lloyd's Rep 142 is a UK insolvency law case, concerning the definition of a floating charge. It was an influential decision for many years, but is now outdated as authority in light of the House of Lords decision in Re Spectrum Plus Ltd .
Agnew v Commissioners of Inland Revenue, more commonly referred to as Re Brumark Investments Ltd [2001] UKPC 28 is a decision of the Privy Council relating to New Zealand and UK insolvency law, concerning the taking of a security interest over a company's assets, the proper characterisation of a floating charge, and the priority of creditors in a company winding-up.
Royal Trust Bank v National Westminster Bank plc [1996] BCC 613 was a decision of the Court of Appeal in relation to the nature of a floating charge.. This decision, together with an academic article written by Roy Goode, [1] is sometimes looked upon as the turning point in relation to the stricter requirements in relation to control of the proceeds of book debts and other future receivables ...
When a surface is immersed in a solution containing electrolytes, it develops a net surface charge.This is often because of ionic adsorption. Aqueous solutions universally contain positive and negative ions (cations and anions, respectively), which interact with partial charges on the surface, adsorbing to and thus ionizing the surface and creating a net surface charge. [9]
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