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Floating Charge
In finance, a floating charge is a security interest over a fund of changing assets of a company or other legal person. Unlike a fixed charge, which is created over ascertained and definite property, a floating charge is created over property of an ambulatory and shifting nature, such as receivables and stock. The floating charge 'floats' or 'hovers' until the point at which it is converted ("crystallised") into a ''fixed charge'', attached to specific assets of the business. This crystallisation can be triggered by a number of events. In most common law jurisdictions it is an implied term in the security documents creating floating charges that a cessation of the company's right to deal with the assets (including by reason of insolvency proceedings) in the ordinary course of business leads to automatic crystallisation. Additionally, security documents will usually include express terms that a default by the person granting the security will trigger crystallisation. In most ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finance
Finance refers to monetary resources and to the study and Academic discipline, discipline of money, currency, assets and Liability (financial accounting), liabilities. As a subject of study, is a field of Business administration, Business Administration wich study the planning, organizing, leading, and controlling of an organization's resources to achieve its goals. Based on the scope of financial activities in financial systems, the discipline can be divided into Personal finance, personal, Corporate finance, corporate, and public finance. In these financial systems, assets are bought, sold, or traded as financial instruments, such as Currency, currencies, loans, Bond (finance), bonds, Share (finance), shares, stocks, Option (finance), options, Futures contract, futures, etc. Assets can also be banked, Investment, invested, and Insurance, insured to maximize value and minimize loss. In practice, Financial risk, risks are always present in any financial action and entities. Due ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equity (law)
In the field of jurisprudence, equity is the particular body of law, developed in the English Court of Chancery, with the general purpose of providing legal remedies for cases wherein the common law is inflexible and cannot fairly resolve the disputed legal matter. Conceptually, equity was part of the historical origins of the system of common law of England, yet is a field of law separate from common law, because equity has its own unique rules and principles, and was administered by courts of equity. Equity exists in domestic law, both in civil law and in common law systems, as well as in international law. The tradition of equity begins in antiquity with the writings of Aristotle (''epieikeia'') and with Roman law ('' aequitas''). Later, in civil law systems, equity was integrated in the legal rules, while in common law systems it became an independent body of law. Equity in common law jurisdictions (general) In jurisdictions following the English common law syste ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Illingworth V Houldsworth
''Illingworth v Houldsworth'' 904AC 355 (known as or ''Re Yorkshire Woolcombers Association'' in the Court of Appeal) is a UK insolvency law case, concerning the taking of a security interest over a company's assets with a floating charge. In the Court of Appeal Romer LJ held that a key to a floating charge, as opposed to a fixed charge was that the company can carry on its business with assets subject to the charge. The case is fairly unusual in English law in that is more frequently cited for the Court of Appeal's decision than for the subsequent decision of the House of Lords. This is principally because of the attempt by Romer LJ to describe or define the core characteristics of a floating charge. Despite stating explicitly: "I certainly do not intend to attempt to give an exact definition of the term 'floating charge,'" his description has been almost universally accepted and endorsed. The three core characteristics which he identified were: # the charge is on a class of as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Preferential Payments In Bankruptcy Amendment Act 1897
The Preferential Payments in Bankruptcy Amendment Act 1897 ( 60 & 61 Vict. c. 19) was an Act of Parliament of the United Kingdom, affecting UK insolvency law. It amended the category of " preferential payments" for rates, taxes and wages, to take priority over a floating charge in an insolvent company's assets. The Act was passed in broad response to the decision of the House of Lords in . at paragraph 132, per Lord Walker: "''Saloman v Saloman & Co Ltd'' was decided by this House on 16 November 1896. WIth remarkable promptness Parliament responded by enacting sections 2 and 3 of the Preference Payments in Bankrtupcy Amendment Act 1897". Section 1 of the Preferential Payments in Bankruptcy Act 1888 ( 51 & 52 Vict. c. 62) first introduced the concept. It was amended by section 2 of the Preferential Payments in Bankruptcy Amendment Act 1897. The provisions were re-enacted in the Companies (Consolidation) Act 1908, the Companies Act 1929 and the Companies Act 1948. Its provis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Salomon V A Salomon & Co Ltd
is a landmark UK company law case. The effect of the House of Lords' unanimous ruling was to uphold firmly the doctrine of corporate personality, as set out in the Companies Act 1862, so that creditors of an insolvent company could not sue the company's shareholders for payment of outstanding debts. Facts Mr. Aron Salomon made leather boots or shoes as a sole proprietor. His sons wanted to become business partners, so he turned the business into a limited liability company. This company purchased Salomon's business at an excessive price for its value. His wife and five elder children became subscribers and the two sons became directors. Mr Salomon took 20,001 of the company's 20,007 shares which were payments from A Salomon & Co Limited for his old business (each share was valued at £1). The transfer of the industry took place on 1 June 1892. The company also issued to Mr Salomon £10,000 in debentures. On the security of his debentures, Mr. Salomon received an advance of £5, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Edward Macnaghten, Baron Macnaghten
Edward Macnaghten, Baron Macnaghten, (3 February 1830 – 17 February 1913) was an Anglo-Irish law lord, barrister, rower, and Conservative- Unionist politician. Early life and rowing Macnaghten was born in Bloomsbury, London, the second son of Sir Edmund Workman-Macnaghten, Bt., but grew up mainly at Roe Park, Limavady. He attended school in Sunderland and university at Trinity College Dublin and Trinity College, Cambridge, graduating Bachelor of Arts in 1852. At Cambridge, he was secretary of the Pitt Club. Macnaghten was a rower at Cambridge. In 1851, he was runner up to E. G. Peacock in the Diamond Challenge Sculls at Henley Royal Regatta, but avenged this the following year with a win. Macnaghten rowed bow for Cambridge in the Oxford and Cambridge Boat Race in 1852 which was won by Oxford. Also in 1852, he turned the tables on Peacock to win the Diamond Challenge Sculls from him at Henley. Legal and political career After being called to the Bar by Lincoln's Inn in 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Walker, Baron Walker Of Gestingthorpe
Robert Walker, Baron Walker of Gestingthorpe, , (17 March 1938 – 16 November 2023) was a British barrister and Justice of the Supreme Court of the United Kingdom. He served as a Non-Permanent Judge of the Hong Kong Court of Final Appeal between 2009 and 2023. Walker sat in the House of Lords as a crossbencher until his retirement from the House on 17 March 2021. Early life and non-judicial career Robert Walker was born on 17 March 1938, as the son of Ronald Robert Antony Walker by his wife Mary Helen Welsh. He was educated at Downside School and Trinity College, Cambridge from where he graduated in 1959 with a Bachelor of Arts degree in Classics and Law. He was called to the bar at Lincoln's Inn in 1960 and became a Queen's Counsel in 1982. In 2010 he was the Treasurer of Lincoln's Inn. Walker was an Honorary Fellow of Trinity College, Cambridge. Lord Walker of Gestingthorpe served on the Honorary Editorial Board of the Warwick Student Law Review from its inception in 2 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unsecured Creditor
An unsecured creditor is a creditor other than a preferential creditor that does not have the benefit of any security interests in the assets of the debtor. In the event of the bankruptcy of the debtor, the unsecured creditors usually obtain a ''pari passu'' distribution out of the assets of the insolvent company on a liquidation in accordance with the size of their debt after the secured creditors have enforced their security and the preferential creditors have exhausted their claims. Although in a liquidation Liquidation is the process in accounting by which a Company (law), company is brought to an end. The assets and property of the business are redistributed. When a firm has been liquidated, it is sometimes referred to as :wikt:wind up#Noun, w ... the unsecured creditors will usually realize the smallest proportion of their claims, in some legal systems, unsecured creditors who are also indebted to the insolvent debtor can (and in some jurisdictions, must) set off t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Winding Up
Liquidation is the process in accounting by which a company is brought to an end. The assets and property of the business are redistributed. When a firm has been liquidated, it is sometimes referred to as wound-up or dissolved, although dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when customs, an authority or agency in a country responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry. Liquidation may either be compulsory (sometimes referred to as a ''creditors' liquidation'' or ''receivership'' following bankruptcy, which may result in the court creating a "liquidation trust"; or sometimes a court can mandate the appointment of a liquidator e.g. ''wind-up order'' in Australia) or voluntary (sometimes referred to as a ''shareholders' liquidation'' or ''members' liquidation'', although some voluntary liquidations are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Court Of Appeal Of England And Wales
The Court of Appeal (formally "His Majesty's Court of Appeal in England", commonly cited as "CA", "EWCA" or "CoA") is the highest court within the Senior Courts of England and Wales, and second in the legal system of England and Wales only to the Supreme Court of the United Kingdom. The Court of Appeal was created in 1875, and today comprises 39 Lord Justices of Appeal and Lady Justices of Appeal. The court has two divisions, Criminal and Civil, led by the Lady Chief Justice and the Master of the Rolls respectively. Criminal appeals are heard in the Criminal Division, and civil appeals in the Civil Division. The Criminal Division hears appeals from the Crown Court, while the Civil Division hears appeals from the County Court, High Court of Justice and Family Court. Permission to appeal is normally required from either the lower court or the Court of Appeal itself; and with permission, further appeal may lie to the Supreme Court. Its decisions are binding on all courts, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re Panama, New Zealand, And Australian Royal Mail Co
''Re Panama, New Zealand, and Australian Royal Mail Co'' (1870) 5 Ch App 318 is generally accepted as the first decision under English law to recognise a floating charge. The reported decision is extremely short, and the judgment itself is only two pages. The word "floating charge" does not appear in it. Decision The case related to an appeal by a debenture holder against an order of Malins VC. The appeal came before Sir G.M. Giffard LJ. The issue centred upon the company's ability to assign all of its "undertaking" to a mortgagee, and whether undertaking included the proceeds of sale of vessels belonging to the company. The appellants relied upon the decision of the House of Lords The House of Lords is the upper house of the Parliament of the United Kingdom. Like the lower house, the House of Commons of the United Kingdom, House of Commons, it meets in the Palace of Westminster in London, England. One of the oldest ext ... in '' Holroyd v Marshall'' (1862) 10 HLC 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
After-acquired Property
After-acquired property has multiple meanings in law. Real property In other areas of law The term "after-acquired property" also arises in the context of bankruptcy, secured transactions, and the law of wills. In this context, "after-acquired property" is simply property which is acquired by a borrower after a security agreement is signed, by a debtor after a bankruptcy case is commenced, or by a testator after a will is made. In the case of secured transactions, whether the after acquired property becomes part of the collateral pledged by the borrower is dependent upon both the language of the security agreement and § 9-204 of the Uniform Commercial Code The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been established as law with the goal of harmonizing the laws of sales and other commercial transactions across the United States through U .... See also * After acquired property clause References Real property ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
