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In this month’s Butterworths Journal of International Banking and Financial Law, Lexa Hilliard QC, a barrister practising from 11 Stone Buildings, examines the law relating to assignments of unsecured debts to secured creditors immediately before, or even after, a company has entered administration or liquidation. This is an area which has not been the subject of much scrutiny by the English courts. The article points out that security agreements invariably contain ‘all monies’ clauses, which are intended to catch all liabilities that might conceivably be owed by a borrower to the secured creditor. It explores whether such a clause can be enforced in respect of assigned unsecured debts that are acquired by the secured creditor immediately prior to, or after, the borrower enters administration or liquidation.
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