Siebe Gorman

freedom of the company to deal with the assets in the ordinary course of business rather than the two first criteria focusing on the nature of the secured assets. The breakthrough decision on the distinction of charges over book debts became the Siebe Gorman case where Slade J held that the restrictions placed on the company’s power to deal with the proceeds of the debts gave the bank a degree of control which was inconsistent with a floating charge and therefore the debenture given to Barclays was