Houldsworth and Another v The Yorkshire Woolcombers' Association, Limited, and Illingworth
Citation
[1904] AC 355
Transcript
[1]
Case history
Prior action
[1903] 2 Ch 284, known in the Court of Appeal as Re Yorkshire Woolcombers Association
Court membership
Judges sitting
Lord Chancellor Halsbury, Lord Macnaghten, Lord James of Hereford, Lord Lindley
Keywords
Security interest
priority
floating charge
Illingworth v Houldsworth [1904] AC 355 (known as or Re Yorkshire Woolcombers Association in the Court of Appeal) is a UK insolvency law case, concerning the taking of a security interest over a company's assets with a floating charge. In the Court of Appeal Romer LJ held that a key to a floating charge, as opposed to a fixed charge was that the company can carry on its business with assets subject to the charge.
The case is fairly unusual in English law in that is more frequently cited for the Court of Appeal's decision than for the subsequent decision of the House of Lords. This is principally because of the attempt by Romer LJ to describe or define the core characteristics of a floating charge. Despite stating explicitly: "I certainly do not intend to attempt to give an exact definition of the term 'floating charge,'" his description has been almost universally accepted and endorsed. The three core characteristics which he identified were:
the charge is on a class of assets of a company, present and future;
that class is one which, in the ordinary course of the business of the company, would be changing from time to time; and
until some future step is taken by or on behalf of the chargee, the company may carry on its business in the ordinary way and deal with the assets within the particular class of assets.
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Forster Liberal Bradford East Angus Holden Liberal Bradford West Alfred Illingworth Liberal Brecknockshire William Fuller-Maitland Liberal Brentford Octavius...
Gibson 16,729 41.1 -9.9 Labour A W Brown 12,336 30.3 +5.0 Liberal Hubert Houldsworth 11,685 28.7 5.0 Majority 4,393 10.8 -14.9 Turnout 40,750 Unionist hold...
Liberal Bradford East William Sproston Caine Liberal Bradford West Alfred Illingworth Liberal Brecknockshire William Fuller-Maitland Liberal Brentford James...
Liberal Bradford East Henry Byron Reed Conservative Bradford West Alfred Illingworth Liberal Brecknockshire William Fuller-Maitland Liberal Brentford Octavius...
Manchester N Hutton Schwann Manchester NE Fergusson Clynes Manchester NW Houldsworth Churchill Joynson-Hicks Kemp Randles Manchester S Roscoe Campbell Peel...
Julia Myra Hess (LLD) Sir Hubert Houldsworth (LLD) Sir John Huggins (LLD) John James Ilett (MA) Gertrude Illingworth (MA) James Laybourn (MA) Dame Hilda...
Horrocks, Civil Assistant, War Office. Colonel William Thomas Reginald Houldsworth, TD, JP, DL, For services to Agriculture in the West of Scotland. Hubert...
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