Commentary

71 Re Spectrum Plus Ltd

BANKING vol 4(1)
| Commentary

71 Re Spectrum Plus Ltd

| Commentary

71 Re Spectrum Plus Ltd

In the case of Re Spectrum Plus Ltd1 the House of Lords applied the reasoning of the Privy Council in Re Brumark and found that a charge over book debts in a bank’s standard form of debenture did not create a fixed charge, principally because upon payment of the book debts in question the moneys were freely available to the borrower as working capital. Thus the form in this edition has been updated to provide more stringent control by the bank over the book debts themselves and also the proceeds of such debts when paid.

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