A radio link to the home or the office from a cell site or base station, replacing the traditional local loop.

There are four main types of security available under English law: • Mortgage • charge • Pledge, and • Lien This Practice Note explains: • the nature of a charge (compared with other security interests) • the nature of a fixed charge compared to a floating charge • the types of assets which are typically the subject of fixed charges • perfection of fixed charges, and • priority considerations when taking a fixed charge This Practice Note predominantly focuses on fixed charges. Practice Note: Floating charges provides more detailed information on floating charges, including considerations when taking a floating charge, crystallisation and re-characterisation issues. Special rules apply to agricultural charges. For more information, see Practice Note: Agricultural charges under the Agricultural Credits Act 1928. Key takeaways • Nature of a charge – a charge gives the secured party an equitable proprietary interest without transfer of title or possession, distinguishing it from mortgages, pledges and liens. • Fixed vs floating – a fixed charge restricts the chargor’s ability to deal with the asset, while

This Practice Note sets out certain key cases and associated relevant content in relation to fixed and floating charges. The cases are divided by topic area and include: • The distinctive nature of fixed and floating charges • Issues for the lender of a fixed versus a floating charge • Crystallisation of floating charges • Qualifying Floating charges The distinctive nature of fixed and floating charges Names of parties Judgment date Case summary Relevant content Re Yorkshire Woolcombers Association [1903] 2 Ch 284 3 April 1903 This case set out the classic criteria for determining a charge to be a floating charge. ie: (i) it is a charge on a class of assets of a company present and future; (ii) the class of assets is one that, in the ordinary course of the company business, will change from time to time; and (iii) it is contemplated that, until some future step is taken by or on behalf of those interested in the charge, the company may carry on its business in the ordinary

A fixed annuity is a contract under which an insurer or pension provider promises to pay the annuitant a guaranteed income, usually for life or a specified term, calculated by reference to a fixed interest rate and not directly linked to investment performance. In legal practice it commonly arises in pensions, retirement planning, divorce/financial remedies, tax and estate planning.In the UK and Ireland, “fixed annuity” is a market and contractual description rather than a term with a single statutory definition. The detailed rights and obligations are governed by the annuity contract, pensions and insurance regulation, and general contract and consumer protection law.Key legal features include: an irrevocable purchase using a lump sum (for example from a defined contribution pension pot); a guaranteed minimum payment; options on single‑life or joint‑life cover; and possible guaranteed periods or escalation provisions. Once in payment, income is usually inflexible, which is significant for advising on suitability compared with drawdown or investment‑linked annuities.Usage and understanding of fixed annuities are broadly consistent across England and Wales, Scotland, Northern Ireland and Ireland, though the tax treatment, regulatory framework and pensions legislation differ between the UK and Irish jurisdictions.

Assets of a company such as buildings and machinery which are regularly used over a long period of time for the purpose of generating profits.

A fixed charge is a form of security taken by a creditor over specific, identifiable assets of a company or individual, such as land, buildings, plant, or bank accounts, which the chargor cannot dispose of or deal with freely without the chargee’s consent. It gives the secured creditor priority over those assets on insolvency, ahead of floating charge holders and unsecured creditors.In England and Wales, Northern Ireland and Ireland, the nature of a fixed charge is largely defined and developed by case law (for example, the degree of control required over the charged asset), supplemented by companies and insolvency legislation on registration and enforcement. In Scotland, the closest equivalents are standard securities over heritable property and fixed securities over specific moveable property, which operate as real rights.Key features include: tight restrictions on the chargor’s dealing with the asset; priority ranking compared with floating charges; and specific enforcement remedies (such as appointment of a receiver or sale). Fixed charges are central in secured lending, project finance and real estate finance, and must be carefully structured to avoid recharacterisation as floating charges.

A type of security taken by a receivables purchaser over receivables purportedly assigned to the receivables purchaser under a receivables purchase agreement but which fails to vest effectively in the receivables purchaser. Can be taken in a standalone document or as part of a debenture.

Property Disputes analysis: This case involved a range of issues concerning the relationship between the defendants’ powers and duties as receivers, and their obligations under a lease of which they were tenants. The Court of Appeal upheld the first instance judgment, dismissing a claim for specific performance of repairing obligations against the receivers as tenants, and declaring that the landlord had unreasonably withheld consent to their proposed assignment . Written by Rebecca Stephen, property litigation solicitor at Wedlake Bell LLP, and Mark Galtrey, barrister at Falcon Chambers.

This Practice Note addresses the role of fixed charge receivers from a Jersey perspective. Given that there is no fixed charge receivership process in Jersey, this Practice Note deals with the interaction between Jersey law and English fixed charge receiverships in the circumstances below: • security created by Jersey companies under English law over property situated in England, and • security created under Jersey law over property situated in Jersey Security created by Jersey companies under English law over property situated in England In general terms, the Jersey courts will recognise a charge duly created by a Jersey company over collateral situated outside Jersey under a validly chosen non-Jersey system of law. This will normally be the law of the jurisdiction where the collateral is situated. Nevertheless, there will still be aspects of a non-Jersey law charge created by a Jersey company which, under the principles of private international law received from English common law, will remain governed by Jersey law. These include the existence

specific rules which, when they apply, mean that regardless of the costs incurred by the successful party the court will order that the unsuccessful party only has to pay a specific amount of costs which are fixed by statute.

This Checklist provides guidance on the key points to consider under the extended fixed recoverable costs (FRC) regime. The extended FRC regime applies to most civil cases that are issued on or after 1 October 2023 where the value of the claim does not exceed £100,000. Generally speaking, cases that come within the FRC regime with a value not exceeding £25,000 will be allocated to the fast track (FT) and cases with a value exceeding £25,000 but no more than £100,000 will be allocated to the multi-track (MT). However, it should be noted that claim value is not the only factor that is taken into account at the allocation stage as the court will consider other factors, which are set out under CPR 26.13 such as the likely complexity of the facts, law or evidence as well as the number of parties or likely parties to the claim. Consideration Guidance Further information Cases that come within the FRC regime FRC applies to most civil claims with a value of up to £100,000 to

ARCHIVED: This Practice Note is based on provisions revoked on 1 April 2013. It is therefore for historical purposes only. Fixed costs—money or goods There are certain circumstances in which the court will order an unsuccessful party to pay fixed sums only in respect of the successful party's solicitors’ costs. These costs are: • fixed commencement costs • other solicitors' charges The provisions relating to fixed costs are set out in Part 45. The main circumstances in which the court will award fixed costs are where the claim is for more than £25 and: (1) judgment in default is obtained under r 12.4(1) (2) judgment on admission is obtained under r 14.4(3) (3) judgment on admission of part is obtained under r 14.5(6) (4) summary judgment is obtained under r 24 (5) the court has struck out a defence under r 3.4(2) as disclosing no grounds for defending the claim (6) the defendant satisfies the claim or the claimant gives notice of acceptance of a payment into court within