View source for Siebe Gorman & Co Ltd v Barclays Bank Ltd

{{Short description|UK insolvency law case}}
{{Use Oxford spelling|date=April 2017}}
{{Use dmy dates|date=April 2017}}
{{Infobox court case
| name = Siebe Gorman & Co Ltd v Barclays Bank Ltd
| court = [[High Court of Justice]]
| image = File:Aa_aerorlox1.jpg
| caption = A Siebe Gorman [[rebreather]].
| date decided =
| full name =
| citations =  [1979] 2 Lloyd’s Rep 142
| judges = [[Christopher Slade|Slade J]]
| prior actions =
| subsequent actions =
| opinions =
| transcripts =
| keywords = [[Floating charge]]
}}
'''''Siebe Gorman & Co Ltd v Barclays Bank Ltd''''' [1979] 2 Lloyd's Rep 142 is a [[UK insolvency law]] case, concerning the definition of a floating charge. It was an influential decision for many years, but is now outdated as authority in light of the House of Lords decision in ''[[Re Spectrum Plus Ltd]]''.
==Facts==
[[Siebe Gorman]], a diving equipment company, granted a [[debenture]] in favour of [[Barclays Bank]] to secure a loan. The document was expressed to create a ‘first fixed charge’ over all present and future [[book debts]]. It required Siebe Gorman to pay the proceeds of its book debts into a Barclays Bank account, and prohibited Siebe Gorman from creating any other charges on those book debts, or assigning the book debts to anyone else. So there was a prohibition on dealing with the book debts before collection of them. Barclays also had the right to obtain absolute control by giving notice, but that right was never exercised.
==Judgment==
{{Clist floating charge}}
[[Christopher Slade|Slade J]] held that it was a fixed charge. The restrictions on Siebe Gorman's power gave the bank enough control to be inconsistent with being a floating charge.
==Authority==
Although the case remained good law for many years, it was doubted by the [[Judicial committee of the Privy Council|Privy Council]] in {{cite bailii|litigants=[[Re Brumark Investments Ltd]]|year=2001|court=UKPC|num=28}}, and then formally overruled by the [[Judicial functions of the House of Lords|House of Lords]] in {{cite bailii|litigants=[[Re Spectrum Plus Ltd]]|year=2005|court=UKHL|num=41}}.
==See also==
{{Clist co security}}
*[[UK company law]]
*[[Floating charge]]
*[[Voidable floating charge]]
==Notes==
{{reflist|2}}
==References==
*
{{DEFAULTSORT:Siebe Gorman and Co Ltd v Barclays Bank Ltd}}
[[Category:United Kingdom insolvency case law]]
[[Category:High Court of Justice cases]]
[[Category:1979 in United Kingdom case law]]
[[Category:Barclays litigation]]