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Company Charges Spectrum and Beyond

Author: Joshua Getzler; Jennifer Payne
Publisher: Oxford University Press
ISBN: 9780199299935
Published In: August 2006
Format: Hardback , 336 pages
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Only work of its kind to concentrate on the Spectrum Plus case
Timely publication of the topic addressed
A very distinguished contributor team of academics and practitioners including many leading experts
Full consideration of the legal implications of the case such as the divide between fixed and floating charges, and the effect more generally on insolvency and security law
Coverage of the impact for the commercial world and especially for banks

This exciting volume draws together the views of some of the most eminent figures in corporate law and finance regarding the law on fixed and floating charges. The focus for the book is the litigation in the case of Spectrum Plus, which culminated in a House of Lords judgment in June 2005 ([2005] UKHL 41).

This decision has important commercial implications, not only for the parties in the case but also for the business community at large, including banks and other lenders, and practitioners in corporate finance and insolvency. The litigation also raises important juristic questions regarding the fixed/floating charge divide such as the theoretical basis for that divide, how the divide is determined, why it exists at all and whether it ought to be maintained as a coherent doctrine and a beneficial policy. The decision also has important ramifications in both security law and insolvency law and it provides a challenge to some of our most basic conceptions of freedom of contract and the assignability of rights and assets in law and equity.

These issues, amongst others, are explored by the contributors to this book. The contributors include Gabriel Moss, who was one of the QCs involved in the Spectrum litigation, Sir Roy Goode, Michael Bridge, John Armour, Robert Stevens, Sarah Worthington, Julian Franks and Oren Sussman, Jenny Payne and Louise Gullifer, Philip Wood, Joshua Getzler, Look Chan Ho, and Nicholas Frome and Kate Gibbons.

Readership: Solicitors, barristers and academics advising on/working in corporate finance and insolvency. Will be of interest to in-house teams at banks and other lenders.

Lord Millett: Foreword

The Editors: Preface

1: Gabriel Moss: Fictions and Floating Charges: Some Reflections on the House of Lords' Decision in Spectrum

2: Sir Roy Goode: The Case for the Abolition of the Floating Charge

3: Sarah Worthington: Floating Charges: The Use and Abuse of Doctrinal Analysis

4: Louise Gullifer and Jennifer Payne: The Characterization of Fixed and Floating Charges

5: Nicholas Frome and Kate Gibbons: Spectrum: An End to the Conflict or the Signal for a New Campaign?

6: Philip R Wood: A Review of Brumark and Spectrum in an International Setting

7: Robert Stevens: Security After the Enterprise Act

8: Look Chan Ho: The Debenture-Holder's Liability in Unjust Enrichment after Spectrum

9: John Armour: Should We Redistribute in Insolvency?

10: Joshua Getzler: The Role of Security over Future and Circulating Capital: Evidence from the British Economy circa 1850-1920

11: Julian Franks and Oren Sussman: The Economics of English Insolvency: Some Recent Developments

12: Michael Bridge: The Law Commission's Proposals for the Reform of Corporate Security Interests

Joshua Getzler, Fellow and Tutor, St Hugh's College, Oxford, and Jennifer Payne, Travers Smith Lecturer in Corporate Finance Law, University of Oxford, and Fellow of Merton College, Oxford

Contributors:

John Armour, Cambridge University

Professor Michael Bridge, University College London

Professor Julian Franks, London Business School

Nicholas Frome, Clifford Chance

Dr Joshua Getzler, University of Oxford

Kate Gibbons, Clifford Chance

Professor Sir Roy Goode, University of Oxford

Louise Gullifer, University of Oxford

Look Chan Ho, Freshfields Bruckhaus Derringer

The Rt Hon Lord Millett

Gabriel Moss QC, 3/4 South Square

Jennifer Payne, University of Oxford

Robert Stevens, University of Oxford

Dr Oren Sussman, Said Business School

Philip Wood, Allen & Overy LLP, University of Oxford, Cambridge University, London School of Economics

Professor Sarah Worthington, London School of Economics

""this work will find its audience in reformers of laws on corporate insolvency, security and personal property, and with others not engaged in law reform, but who are interested in it - be they in England, Australia or elsewhere" " - Sydney Law Review

""...[A] collection of essays by a distinguished group of academics and practitioners with great experience in this area....This is an important book. It explores the main issues concerning fixed and floating charges with which we are currently faced. It provides overwhelming support for the proposition that the artificial, uncertain and expensive distinction drawn by insolvency law between fixed and floating charges needs to be abolished." " - Richard Calnan, Law Quarterly Review