old equitable rule was a form of common law consumer protection, which held that if a person contracted for a mortgage, they must always have the right to pay off the debt and get full title to their pr

In commercial practice the term "debenture" typically refers to the document that evidences a secured debt, although in law the definition may also cover unsecured debts (like any "IOU").[46] The legal definition is relevant for certain tax statutes, so for instance in British India Steam Navigation Co v IRC[47] Lindley J held that a simple "acknowledgement of indebtedness" was a debenture, which...

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business, including a fluctuating body of assets that is traded with day today, or assets that a comp

    The law permits creditors making contracts with a company before insolvency to take a security interest over a company's property. If the security is refers to some specific asset, the holder of this "fixed charge" may take the asset away free from anybody else's interest in order to satisfy the debt. If two charges are created over the same property, the charge holder with the...

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ionately. Creditors who fall into the same class will share proportionally in the losses (e.g. each credi

The Insolvency Act 1986 priority list    Fixed charge holders    Insolvency practitioner fees and expenses, s 176ZA    Preferential creditors, ss 40, 115, 175, 386 and Sch 6    Ring fenced fund for unsecured creditors, s 176A and SI 2003/2097    Floating charge holders    Unsecured creditors, s 74(2)(f)   ...

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