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Company Charges: Spectrum and Beyond

Edited by: Joshua Getzler, Jennifer Payne

ISBN13: 9780199299935
ISBN: 0199299935
Published: August 2006
Publisher: Oxford University Press
Country of Publication: UK
Format: Hardback
Price: £212.50

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Wildy's Book of the Month - September 2006

This exciting volume draws together the views of some of the most eminent figures in corporate law and finance regarding the law on fixed and floating charges. The focus for the book is the litigation in the case of Spectrum Plus, which culminated in a House of Lords judgment in June 2005 ([2005] UKHL 41).

This decision has important commercial implications, not only for the parties in the case but also for the business community at large, including banks and other lenders, and practitioners in corporate finance and insolvency. The litigation also raises important juristic questions regarding the fixed/floating charge divide such as the theoretical basis for that divide, how the divide is determined, why it exists at all and whether it ought to be maintained as a coherent doctrine and a beneficial policy. The decision also has important ramifications in both security law and insolvency law and it provides a challenge to some of our most basic conceptions of freedom of contract and the assignability of rights and assets in law and equity.

These issues, amongst others, are explored by the contributors to this book. The contributors include Gabriel Moss, who was one of the QCs involved in the Spectrum litigation, Sir Roy Goode, Michael Bridge, John Armour, Robert Stevens, Sarah Worthington, Julian Franks and Oren Sussman, Jenny Payne and Louise Gullifer, Philip Wood, Joshua Getzler, Look Chan Ho, and Nicholas Frome and Kate Gibbons.

  • Only work of its kind to concentrate on the Spectrum Plus case
  • Timely publication of the topic addressed
  • A very distinguished contributor team of academics and practitioners including many leading experts
  • Full consideration of the legal implications of the case such as the divide between fixed and floating charges, and the effect more generally on insolvency and security law
  • Coverage of the impact for the commercial world and especially for banks

Insolvency Law, Commercial Law, Company Law, Courts and Procedure
Foreword ,Lord Millett;
Preface, The Editors;
1. Fictions and Floating Charges: Some Reflections on the House of Lords' Decision in Spectrum, Gabriel Moss
2. The Case for the Abolition of the Floating Charge , Sir Roy Goode
3. Floating Charges: The Use and Abuse of Doctrinal Analysis , Sarah Worthington
4. The Characterization of Fixed and Floating Charges , Louise Gullifer and Jennifer Payne;
5. Spectrum: An End to the Conflict or the Signal for a New Campaign? , Nicholas Frome and Kate Gibbons;
6. A Review of Brumark and Spectrum in an International Setting , Philip R Wood
7. Security After the Enterprise Act , Robert Stevens
8. The Debenture-Holder's Liability in Unjust Enrichment after Spectrum , Look Chan Ho;
9. Should We Redistribute in Insolvency? , John Armour;
10. The Role of Security over Future and Circulating Capital: Evidence from the British Economy circa 1850-1920 , Joshua Getzler
11. The Economics of English Insolvency: Some Recent Developments , Julian Franks and Oren Sussman;
12. The Law Commission's Proposals for the Reform of Corporate Security Interests , Michael Bridge