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Article: Charge Over Book Debts: The Question of Control

TitleCharge Over Book Debts: The Question of Control
Authors
Issue Date2004
PublisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/
Citation
Hong Kong Law Journal, 2004, v. 34 n. 2, p. 227-244 How to Cite?
AbstractIn Agnew v Commissioner of Inland Revenue, the Privy Council decided that for a fixed charge to be created over a company's present and future book debts, the chargee must exercise control over both the uncollected book debts and their realised proceeds. Agnew has thus cast doubt upon the correctness of Siebe Gorman v Barclays Bank Limited, where the debenture in question did not specifically restrict the chargor's freedom to draw on the proceeds after they were paid into a designated account with the chargee. Recently, a Siebe Gorman-type debenture came under judicial scrutiny in National Westminster Bank plc v Spectrum Plus Limited. The English High Court held that the control conferred by a Siebe Gorman-type debenture was deficient, whereas the English Court of Appeal took a completely different view. The issue of control concerning charges over book debts is therefore still unsettled. This article examines the control requirement in the light of recent cases.
DescriptionAnalysis
Persistent Identifierhttp://hdl.handle.net/10722/87719
ISSN
2015 Impact Factor: 0.215
2015 SCImago Journal Rankings: 0.101

 

DC FieldValueLanguage
dc.contributor.authorYoung, Jen_HK
dc.date.accessioned2010-09-06T09:33:31Z-
dc.date.available2010-09-06T09:33:31Z-
dc.date.issued2004en_HK
dc.identifier.citationHong Kong Law Journal, 2004, v. 34 n. 2, p. 227-244en_HK
dc.identifier.issn0378-0600en_HK
dc.identifier.urihttp://hdl.handle.net/10722/87719-
dc.descriptionAnalysis-
dc.description.abstractIn Agnew v Commissioner of Inland Revenue, the Privy Council decided that for a fixed charge to be created over a company's present and future book debts, the chargee must exercise control over both the uncollected book debts and their realised proceeds. Agnew has thus cast doubt upon the correctness of Siebe Gorman v Barclays Bank Limited, where the debenture in question did not specifically restrict the chargor's freedom to draw on the proceeds after they were paid into a designated account with the chargee. Recently, a Siebe Gorman-type debenture came under judicial scrutiny in National Westminster Bank plc v Spectrum Plus Limited. The English High Court held that the control conferred by a Siebe Gorman-type debenture was deficient, whereas the English Court of Appeal took a completely different view. The issue of control concerning charges over book debts is therefore still unsettled. This article examines the control requirement in the light of recent cases.-
dc.languageengen_HK
dc.publisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/en_HK
dc.relation.ispartofHong Kong Law Journalen_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.titleCharge Over Book Debts: The Question of Controlen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0378-0600&volume=34&issue=2&spage=227&epage=244&date=2004&atitle=Charge+Over+Book+Debts+-+The+Question+of+Control%27en_HK
dc.identifier.emailYoung, J: jykyoung@hku.hken_HK
dc.identifier.authorityYoung, J=rp01291en_HK
dc.description.naturepublished_or_final_version-
dc.identifier.hkuros96512en_HK
dc.identifier.volume34-
dc.identifier.issue2-
dc.identifier.spage227-
dc.identifier.epage244-

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