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Why does the law on fixed and floating charges need reviewing? Richard Calnan, banking partner at Norton Rose Fulbright, and chairman of the working party of the Financial Law Committee of the City of London Law Society, comments on the Committee’s paper on the issues.
Consultation: Secured transactions reform—Discussion paper 2—Fixed and floating charges on insolvency, Discussion Paper II.
The Financial Law Committee of City of London Law Society (the Committee) has published its second discussion paper on secured transactions reform. The paper focuses on the requirement to draw a distinction between fixed and floating charges under insolvency legislation. It follows an earlier discussion paper published in November 2012 in which the Committee identified two areas of the law concerning secured transactions which deserved further investigation. The first matter regards the requirement to draw a distinction between fixed and floating charges, and the second being the law relating to the assignment of receivables and contract rights. The Committee views the first issue as the area of law concerning secured transactions which is most in need of review.
The Committee has been commenting on proposals for reform of the law of secured transactions for a very long time. It seemed to us that, rather than just react to requests for comments on proposed changes to the law, we should be more proactive to consider which areas of the law of secured transactions are in need of reform. We therefore set up a working party to do so.
The first step was the publication of a discussion paper on Secured Transactions Reform in November 2012. The purpose of this paper was to identify those areas of the law wh
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