The following Banking & Finance guidance note provides comprehensive and up to date legal information covering:
This Practice Note sets out examples of how the rules on priority could work in practice with reference to the relevant priority rules under English law. It complements and should be read in conjunction with our other Practice Notes on priority. Additional examples are added to this Practice Note on a regular basis. If you come across a priority situation in practice that you would like us to include, please use the Lexis®Ask function to let us know.
Practice Note: Priority between security interests sets out the rules on priority from a more technical perspective and should be used for information about the black letter law which underpins the practical examples in this Practice Note.
It is important to note that English law priority rules are complex and are generally accepted not to be clear in every respect. The rules can also be affected by the actions of the parties meaning that law firms will often not give an opinion on the priority of security and expert advice will need to be sought if there is a dispute.
For an explanation of how priorities are affected by registration at Companies House and the various asset registries, see Practice Notes:
Effect of registering security at Companies House on priority of security interests
Effect of registering security on the UK Ship Register on priority
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