Reviews
| Date | 01 November 1997 |
| DOI | http://doi.org/10.1111/1468-2230.t01-1-00122 |
| Published date | 01 November 1997 |
REVIEWS
W.J. Gough,Company Charges, London: Butterworths, 2nd ed, 1995, lxiii +
1149pp, hb £185.00.
This second edition has been long awaited by scholars and practitioners
undertaking work in corporate insolvency law. It is no exaggeration to say that it
is one of a handful of texts on company law that could genuinely be regarded as a
classic. Certainly, it is not unusual to find it being cited in leading cases litigated
within the field.
The text, which has been substantially expanded, is laced with Commonwealth
authorities. This is understandable, as the floating charge, the key concept in the
book, is now internationally recognised. One is particularly impressed by the
author’s grasp of technical detail and, more importantly, by his ability to assemble
material within a coherent conceptual framework. Gough’s guiding philosophy is
summarised on pvii of the Preface: ‘Fundamental commercial objectives of the
solvent corporate borrowing sector are best achieved in the generality of cases
through enhancing access to mainstream bank finance sources, facilitated by
improving the priority effectiveness of the floating charge as the most convenient
form of business security.’ At a time when this form of security, which has served
commercial practice so well for over a century, is under threat from lawyers and
policy makers (who wish to emasculate it), Gough’s masterly exposition of its
qualities is opportune. His defence (at p 1087) of the much criticised rule in Re
Yeovil Glove Co Ltd [1965] Ch 148 is a refreshing addition to the discourse on this
issue. The warning about the potential dangers of interfering with security rights
(at pp 976–982) should be mandatory reading for those policy makers currently
urging that the floating charge be circumscribed to promote corporate rescue.
The text is well produced and supported by a wealth of footnotes. There is no
shortage of reference to other scholarly works on the subject; this is important, as
Gough will undoubtedly be a primary research tool for postgraduates working in
this area. The generous use of illuminating case summaries is to be welcomed. The
index is excellent.
The second edition of Gough’s Company Charges is expensive, but should be
viewed as a long-term investment. It will undoubtedly remain the authoritative
work until the inevitable third edition is published.
David Milman*
Pierre Schlag,Laying Down the Law: Mysticism, Fetishism, and the American
Legal Mind, New York and London: New York University Press, 1996, x + 195
pp, hb $27.50.
American legal scholarship, Pierre Schlag believes, has reached a dead end. Law
professors repeat a rather pointless ritual which he terms the production of
normative legal scholarship. In this nicely written and engaging book, Schlag
The Modern Law Review Limited 1997 (MLR 60:6, November). Published by Blackwell Publishers,
108 Cowley Road, Oxford OX4 1JF and 350 Main Street, Malden, MA 02148, USA.
874
* Faculty of Law, University of Manchester
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