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Vol 20 (2023) - Issue 6
Article preview
Fixed or Floating? Re Avanti Communications Revisits the Characterisation of Charges
Charlotte Cooke, Barrister, and Rabin Kok, Barrister, South Square, London, UKSynopsis
Re Avanti Communications Ltd [2023] EWHC 940 (Ch) is the first major decision in almost 20 years (since Re Spectrum Plus) on the characterisation of fixed and floating charges. The charged assets were a satellite, orbital slots and ground stations used to operate it.
The accretion of academic opinion on Spectrum before Avanti suggested that it was necessary for there to be a 'total embargo' on use of a charged asset for the charged to be fixed, as long as the chargor has no 'significant commercial freedom' to deal with the asset.
Avanti is a serious challenge to this view and will, no doubt, be welcomed by many.
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