By Jerry De Melo, Cadwalader, Wickersham & Taft

In its decision last week, The Court of Appeal held that the High Court was wrong to hold that the terms of the Spectrum debenture, which was in the commonly used "Siebe Gorman" form, were insufficient to create a fixed charge on the basis that the book debts were under the control of and available for use by the company in the ordinary course of its business through their collection and the ordinary operation of its bank account.

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