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Spectrum follows Brumark on charges over book debts with potential far-reaching effect By James Croke, Jerry De Melo, partners in the Capital Markets group of Cadwalader, Wickersham & Taft; James Douglas, partner in the Financial Restructuring group; and Elisa Kerr, associate in the Capital Markets group

A recent test case in the Chancery Division has focused on the proper characterization of a charge over book debts (in American parlance, accounts receivables). On Jan.15, in his judgment rendered in the case of National Westminster Bank vs. Spectrum Plus Limited, the Vice-Chancellor has dealt with this issue...

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