46) This, I argued, reflected a world of relations between debtors and creditors that was rather different from the world of
book debt.
The case before the House of Lords concerned the issue of whether or not a charge on
book debts could be considered 'fixed', an issue important for lenders as it ranks them ahead of any unsecured creditors in the event of the company's insolvency.
However, the bank's right to rely on a fixed charge on
book debts in this way has been delivered a serious blow by a Privy Council Judgment in the case of Brumark Investments.
Kings and Ross have decided to hold the meeting by correspondence, inviting creditors to get in touch by this Thursday, March 13, when a vote will be made on their proposals to market and sell the company's assets and collect the
book debts.
But banks have also felt able to allow those companies to withdraw and generally make use of the proceeds of those
book debts without the status of the fixed charge being affected.
Big Bear is paying a consideration of 7m [pounds sterling] which, together with the value of
book debts of 2.
It operated successfully because the legal maximum interest rate of 5 percent (before the Usury Laws were repealed in the 1830s) could be exceeded by an internal credit transaction (confined to the
book debts of the firm) with a graduated price structure; the length of this internal credit was, if necessary, extended by payments made in bills of exchange.
Hypothecated assets of m/s jai shree rice mills: stock and
book debts and plant and machinery of m/s jai shree rice mills.
The deal included the domain name, goodwill and leasehold property but not the
book debts, investment in CPP Milan, Zagato licence or any assets relating to Spyker.
He said: "With the ever increasing levels of
book debts that companies are carrying, there is more pressure than ever to recover debts before they become 'bad debts
Under the leadership of David Birks, BHP Law acted for KPMG as administrators in relation to the collection of
book debts.
Robert Surridge, associate at Lees Lloyd Whitley, said: "With the ever increasing levels of
book debts companies are carrying, there is more pressure than ever to recover debts before they become bad debts.
