Re Brumark Investments Ltd
Open-knowledge reference entry
Agnew v Commissioners of Inland Revenue, more commonly referred to as Re Brumark Investments Ltd [2001] UKPC 28 is a decision of the Privy Council relating to New Zealand and UK insolvency law, concerning the taking of a security interest over a company's assets, the proper characterisation of a floating charge, and the priority of creditors in a company winding-up.
Facts
Brumark Investments Ltd gave security over debts to its bank, Westpac. The terms were that its security was a fixed charge, but a floating charge when proceeds were collected (the same as drafted as in Re New Bullas Trading Ltd). Brumark was free to collect debts for its own account and to use proceeds in its business. Brumark went into receivership. The receivers collected the outstanding debts.
Fisher J held that uncollected debts were subject to a fixed charge, as the parties had agreed. So they were not subject to claims of preferential creditors. The Court of Appeal of New Zealand overturned this and held that the fact Brumark could collect the debts for its own account (and hence remove them from the bank's security) made it a floating charge. So the preferential creditors had a prior claim.
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This entry incorporates text from “Re Brumark Investments Ltd” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.