8.2.5 defects in the Website will be corrected. marketing Deacons' own legal services and/or related products. We kindly ask clients for their understanding and co-operation when we make requests for personal and financial information. 5. Priority. Cookies are small text files that are downloaded to your device by websites you visit. In fact, floating charge holders are required to wait until fixed charge holders and preferential creditors have received their money before they can begin to recoup their debts. Your personal data may also be disclosed where we are required to do so by law. Accordingly, in the absence of any restrictions under the terms of the Floating Charge, the Borrower (as chargor) would prima facie have been permitted to sell/assign the charged receivables to the Other Creditor, provided no crystallisation event had occurred, so that the Other Creditor's interest in the receivables would have priority over that of the Bank's. We may, however, collect a very limited amount of your personal data (by "personal data", we mean information about you or which can be used to ascertain your identity). Under a floating charge, the borrower (or chargor) may continue to deal with its assets subject to the charge in the ordinary course of business until the charge crystallises and the creditor takes steps to enforce it. Under and in accordance with the terms of the Personal Data (Privacy) Ordinance (“PDPO”) and guidelines issued pursuant thereto, any individual may: check whether Deacons holds data about him/her and may request access to such data; request Deacons to correct any data relating to him/her which are inaccurate; request Deacons to specify its policies and practices in relation to data and to be informed of the kind of personal data held by Deacons; request Deacons to cease using his/her personal data for its marketing purposes. a legal assignment which has not yet been perfected by notice to the contract counterparty, notice being one of the requirements for a legal assignment under s9 LARCO), the rule in Dearle v Hall can still apply. Previously, it was unclear as to whether the doctrine of constructive notice by registration extended to notice of all particulars (including negative pledge and automatic crystallisation clauses) which had been registered with the Companies Registry. Creation of a pledge by way of "attornment" was described in Official Assignee of Madras v Mercantile Bank of India [1935] AC 53 ("Madras"), where was held that "If…the goods [are] in the custody of a third person, who held for the bailor…the pledge could be effected by a change of the possession of the third party, that is by an order to him from the pledgor to hold for the pledgee, the change being perfected by the third party attorning to the pledgee, that is acknowledging that he thereupon held for him; there was thus a change of possession and a constructive delivery". 30. A valid fixed and floating charge may be a ‘royal flush’ if you imagine creditor priorities to be a game of poker. It can cover assets currently held, or those that may come into the chargor’s possession in the future. Company charges after the PPSA. In the absence of any restriction under the terms of the Floating Charge prohibiting the Borrower from granting subsequent interests, as between the Bank's Floating Charge over the Borrower's cash (including cash deposited with the Other Creditor), and the Other Creditor's fixed charge over such cash, prima facie, the Borrower would have been impliedly authorised to grant the subsequent fixed charge to the Other Creditor, as this would have been in the ordinary course of its business (see para. It’s also important to note that a fixed charge gives the lender a higher position in the queue than a floating charge for the repayment of the debt in the event of the borrower’s insolvency. 10. Please note that removal of cookies may affect your use and experience of our website. The Notice of Crystallisation accordingly successfully converted the floating charge into a fixed charge. Data held by the Firm relating to data subjects will be kept confidential but the Firm is authorised to provide such information to: any person when the Firm is compelled to make disclosure under the requirements of any law binding on it or any of its branches, including, without limitation, tax authorities; any person with the express or implied consent of the data subject; any person where the interests of the Firm require disclosure; any person where the public interest requires disclosure; any agent, contractor, or third party service provider who provides administrative, telecommunications, computer or other services to the Firm in connection with the operation of its practice; any other person under a duty of confidentiality to the Firm including member of Deacons and other associated law firms and related business which has undertaken to keep such information confidential; Personnel Department staff of the Firm and supervisors of the data subject during the course of his/her employment; and. As the Bank's Floating Charge covers all of the Borrower's assets, the Bank would also have a floating charge over all of the Borrower's cash. You may wish to visit the official website of the Office of the Privacy Commission http://www.pco.org.hk for more information about this Ordinance.Â, It is our policy to protect the privacy of users of the Website. Under and in accordance with the terms of the Personal Data (Privacy) Ordinance (the 'Ordinance') any individual: has the right to check whether the Firm holds data about him/her and the right of access to such data; has the right to require the Firm to correct any data relating to him/her which is inaccurate; has the right to ascertain the Firm's policies and practices in relation to data and to be informed of the kind of personal data held by the Firm. by the joint operation of a negative pledge clause and automatic crystallisation clause), the Other Creditor's fixed charge should still take priority (provided that it did not have actual notice of the negative pledge clause). Amongst other things, the paper proposed that the different types of consensual security interest in English law (the pledge, the contractual lien, the mortgage (legal and equitable) and the charge They are as follows: 1. If any of these cookies notice of an earlier registered interest permitted applicable. 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