(111) Under pre-PPSA law, a notice in respect of a charge over a book debt
, as distinct from an absolute assignment of a book debt
, had to be lodged at the Australian Securities and Investments Commission in order for it to be valid against a liquidator or an administrator of the chargor: see Corporations Act 2001 (Cth) ss 262(l)(f), 266 as repealed by Personal Property Securities (Corporations and Other Amendments) Act 2010 (Cth) sch 1 item 18.
She also argues that book debt
and commodity money exchanges "confined commercial transactions to relatively insular communities," (38) as though mere currency would have overcome poor transportation networks, rocky soil, low population density, the high cost of labor relative to land, and every other impediment to the production of a commercial surplus, and propelled people into a wider economic world.
"The Brumark decision, which is likely to become law in the UK early next year, means that banks can no longer have a fixed charge on book debts
, " explained Spielbichler.
Businesses may need to start shopping around for fresh sources of borrowing this autumn as new rules start to kick in that govern the use of book debts
as security, warns Vicki Simpson, property finance partner at Birmingham law firm, Needham & James.
Now, as a result of the High Court ruling, banks can only retrieve money from book debt
after the demands of employees and liquidators have been satisfied.
'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
Revolving working capital loans can be offered to highly reputed and credit worthy customers against their stocks and book debts
. The requirement is worked out in terms of the actual and proA[degrees] jected levels of inventory and receivables, less the amount of creditors.
He added: We had quite high book debts
but we weren''t worried about that because we knew all the customers.
* Includes a sub-limit of Rs.15.0 million on book debts
Joint administrator Mark Getliffe said efforts are continuing to realise assets, particularly book debts
"Let's face it," said the fellow, "you have stock of electric parts, you have stock of finished goods and you have book debts
of money owed to you.