The Revenue Commissioners submit that there is no necessity to insert the words “as created” into the legislation, as has been done in the United Kingdom. One can understand why the losing party in the case argued the point. dfpSlots['leftslot'] = googletag.defineSlot('/2863368/leftslot', [[120, 600], [160, 600]], 'ad_leftslot').defineSizeMapping(mapping_leftslot).setTargeting('sri', '0').setTargeting('vp', 'top').setTargeting('hp', 'left').setTargeting('ad_group', Adomik.randomAdGroup()).addService(googletag.pubads());

The critical question, in my opinion, is whether the chargor can draw on the account. { bidder: 'appnexus', params: { placementId: '11654208' }}, bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162050', zoneId: '776336', position: 'btf' }}, "loggedIn": false {code: 'ad_btmslot_a', pubstack: { adUnitName: 'cdo_btmslot', adUnitPath: '/2863368/btmslot' }, mediaTypes: { banner: { sizes: [[300, 250]] } },

It is suggested that the words “created by the company” used in connection with “any floating charge” in para. (3) that periods of time shall be reckoned from the date of the appointment of the receiver. The conversion was done unilaterally by the Bank and, thus, the conversion was created by the Bank, not by the Company. However, it can be rectified by amending legislation, as was done in the United Kingdom and in New South Wales. The final sentence in the passage from the decision of the Privy Council quoted stated: “If their intention, properly gathered from the language of the instrument, is to grant the company rights in respect of the charge assets which are inconsistent with the nature of a fixed charge, then the charge cannot be a fixed charge however they may have chosen to describe it.”. pbjsCfg = { Before considering the submissions made on behalf of the parties, I think it is appropriate to emphasise that the decision of Hoffman J. in Brightlife and in a subsequent authority which will be referred to in the context of the construction of s. 285(7) are no longer of relevance in the United Kingdom. The liquidator appointed by the Court in respect of each company in liquidation is Tom Kavanagh (the Liquidator). While the Revenue Commissioners acknowledge that there is a strong similarity between the facts and issues in this case and those considered in Brightlife, it is argued that Brightlife can be distinguished on a number of bases. { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_btmslot' }}]}]; ..”.

That entitlement she found to be inconsistent with the existence of a first fixed charge over the stock-in-trade, cash-at-bank and book debts in favour of the Bank. bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '776156', position: 'atf' }}, First, he referred to the decision of the High Court of England in Siebe Gorman v Barclays Bank [1979] 2 Lloyds Rep. 142 (Siebe Gorman), stating that there Slade J. 73. In her analysis of s. 285(7) in the First Judgment, the trial judge stated (at para. On the contrary, it is submitted that where a charge starts life as a “floating charge” but some contractual event occurs which the parties have agreed will convert it into a “fixed charge”, it inevitably follows that the parties have implicitly agreed that the consequences of fixed charge status will thereafter apply, namely, that the entitlement to use and dispose of the assets in question in the ordinary course of business will no longer be enjoyed by the chargor. 7. {code: 'ad_topslot_a', pubstack: { adUnitName: 'cdo_topslot', adUnitPath: '/2863368/topslot' }, mediaTypes: { banner: { sizes: [[300, 250]] } }, . . He stated (at para.

(iii) The company shall, if called upon to do so by the bank – (a) execute a legal assignment of its book debts and other debts to the bank; (b) deliver an account to the bank of the particulars of and amounts due in respect of its book debts and other debts at that date. Learn more. The reasons set out will be outlined later in addressing the issue of the construction of s. 285(7). }); 28.

The position of the Revenue Commissioners, also predictably, is that the statutory interpretation of the trial judge is impeccable. However, the trial judge recorded that there are relevant authorities from other jurisdictions upon which counsel for the Liquidator had relied in the High Court. { bidder: 'openx', params: { unit: '539971079', delDomain: 'idm-d.openx.net' }}, But it would be wrong to suggest that the term used by the parties may not, in many cases, be important and can, at least in some cases, be decisive.

(ii) the “claims of holders of debentures under any floating charge created by the company”. 69. { bidder: 'onemobile', params: { dcn: '8a969411017171829a5c82bb4deb000b', pos: 'cdo_btmslot_300x250' }}, const customGranularity = { No view needs to be, or is, expressed as to whether there would be a similar outcome on what is called an automatic crystallisation. 19 of the Second Judgment, that the Company would cease to be entitled to use such property in carrying on its business without the consent of the Bank. As noted above, both this Court in Keenan Bros. and the House of Lords in Spectrum Plus were concerned with the proper characterisation and effect of a charge over book debts when created, by reference to the charging clause and the other provisions of the Debenture. { bidder: 'triplelift', params: { inventoryCode: 'Cambridge_SR' }}, ga('set', 'dimension2', "entry"); 38 above, clearly demonstrates, the consequence of the intervention of a chargee which results in crystallisation, for example express crystallisation, is that –, “. { bidder: 'sovrn', params: { tagid: '346693' }}, The section, in subs. As I understand the argument, it is that when the conversion of a floating charge to a fixed charge takes place on the service of the Crystallisation Notice, there is not, as a matter of law, any new charge created. In the judgment of Finlay C.J., the relevant clauses of the debenture were outlined and these included, in addition to the charging clauses, Clause 8(a) which was quoted as being in the following terms: “If the lender shall by notice in writing make a demand on the company as provided for in clause 8(a) hereof then the floating charge created by clause 4(e) hereof shall immediately on service of such notice on the company become crystallised and be a specific fixed charge on . 66. Looking at the application of para.