Liens and Collaterals in UK Law

Leading Cases
  • Richard Dale Agnew and Another v The Commissioner of Inland Revenue and Another
    • Privy Council
    • 05 Jun 2001

    Once these have been ascertained, the Court can then embark on the second stage of the process, which is one of categorisation. If their intention, properly gathered from the language of the instrument, is to grant the company rights in respect of the charged assets which are inconsistent with the nature of a fixed charge, then the charge cannot be a fixed charge however they may have chosen to describe it.

  • Abbey National Building Society v Cann
    • House of Lords
    • 29 Mar 1990

    It is, perhaps, dangerous to suggest any test for what is essentially a question of fact, for "occupation" is a concept which may have different connotations according to the nature and purpose of the property which is claimed to be occupied. A caretaker or the representative of a company can occupy, I should have thought, on behalf of his employer. On the other hand, it does, in my judgment, involve some degree of permanence and continuity which would rule out mere fleeting presence.

  • Re Cosslett (Contractors) Ltd
    • Court of Appeal (Civil Division)
    • 29 Jul 1997

    The essence of a floating charge is that it is a charge, not on any particular asset, but on a fluctuating body of assets which remain under the management and control of the chargor, and which the chargor has the right to withdraw from the security despite the existence of the charge. The essence of a fixed charge is that the charge is on a particular asset or class of assets which the chargor cannot deal with free from the charge without the consent of the chargee.

  • National Westminster Bank Plc v Spectrum Plus Ltd and Others
    • Chancery Division
    • 15 Ene 2004

    But, as indicated in Agnew, the real question was whether the rights and obligations conferred and imposed by clause 5(c) disclosed an intention that the Company should be free to deal with the book debts and withdraw them from the security without the consent of the Bank.

  • Euromaster Ltd
    • Chancery Division
    • 10 Ago 2012

    Third, Schedule B1 contains a mixture of provisions, some of which are naturally read as defining the circumstances in which the power to appoint arises and some of which are naturally read as prescribing procedural requirements that must be fulfilled before the appointment is properly made. If an appointment is made in circumstances where there is no power to appoint then the purported appointment would naturally fall to be treated as a nullity.

  • Re Barleycorn Enterprises Ltd ; Mathias and Davies (A Firm) v Down
    • Court of Appeal (Civil Division)
    • 24 Feb 1970

    Mr. Wootton's submission at the conclusion of his argument was that if there were free assets, that is to say, assets not covered by some floating charge or debenture, then the proper order for payment would be: first, the costs of the winding up; secondly, the preferential debts; and, thirdly, the floating charge.

  • Medforth v Blake
    • Court of Appeal (Civil Division)
    • 26 May 1999

    They are duties in equity imposed in order to ensure that a receiver, while discharging his duties to manage the property with a view to repayment of the secured debt, nonetheless in doing so takes account of the interests of the mortgagor and others interested in the mortgaged property. What a mortgagee or a receiver must do to discharge them depends upon the particular facts of the particular case.

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Books & Journal Articles
  • Notes on the salient features of tax liens under Ethiopian law
    • Núm. 7-1, Septiembre 2013
    • Mizan Law Review
    • Kinfe Micheal Yilma
    • Lecturer, Hawassa University School of Law, LLB (Addis Ababa University), LLM (University of Oslo)
    • 154-164
    ......3, Proclamation No. 693/2010. See also news reports, Capital, English Business Weekly, ‘ Swift Legislation Orders Banks to ensure Collaterals are free from Tax Dues’ , November 21, 2010 and Awramba Times, Amharic Weekly, ‘Tax is To be Charged on Windfall Gains’ , Hidar 11/2003 E.C. ......
  • Rethinking Ethiopian Secured Transactions Law through comparative perspective: lessons from the Uniform Commercial Code of the US
    • Núm. 11-1, Enero 2017
    • Mizan Law Review
    • Asress Adimi Gikay
    • Asress Adimi Gikay, LLB, LLM, SJD, PhD Researcher, Scuola Universitaria Superiore Sant'Anna Pisa (SSSA), Piazza Martiri della Libertà, 33 56127 Pisa (Italia) C.F. 93008800505, Email: asress.adimi@gmail.com.
    • 153-195
    Various countries have reformed their secured transaction laws recognizing the significance of modern secured transactions law in enhancing access to credit and economic development. Ethiopia has n...
    ...... of security rights, the organization of registry of collaterals, and others are not addressed in this article. Furthermore, this article ... transactions law, the indiscernible statutory privileges and liens cause great deal of inefficiency. Due to lack of a single statute defining ......
  • Reforming Non‐Possessory Secured Transactions Laws: A New Strategy?
    • Núm. 78-4, Julio 2015
    • The Modern Law Review
    Non‐possessory secured transactions are key components of market economies. National and international legal reform projects have been advanced to further their use and broaden access to credit. Ye...
    ......A priority might be established through contractual liens, company charges, or chattel mortgages on operational equipment. ... interests, ie, when cash or financial instruments are used as collaterals, are regulated by the Directive 2002/47/EC (OJ L168, 43); on financial ......
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