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Re Spectrum Plus Ltd
''Re Spectrum Plus Ltd'' () (UKHL 41 ) was a UK company law decision of House of Lords which settled a number of outstanding legal issues relating to floating charges and recharacterisation risk under the English common law. However, the House of Lords also discussed the power of the court to make rulings as to the law which were "prospective only", so as to mitigate potential harshness when issuing a ruling which was different from what the law had previously been understood to be.
==Facts==
Spectrum Plus Ltd made dyes, paint, pigments and chemical products for painting. It made an agreement with National Westminster Bank Plc that said it was granting a fixed charge, or in the words of the contract, a "specific charge () all book debts and other debts… now and from time to time due or owing to ()" in order to secure a £250,000 overdraft. Spectrum Plus was prohibited from charging or assigning debts, and was required to pay the proceeds of collection into a Natwest account. But there were no restrictions on Spectrum’s operation of the account. Spectrum’s account was always overdrawn but it used the proceeds of the debts as and when it was necessary. When Spectrum went into liquidation, Natwest argued that the charge was a fixed charge over book debts and proceeds. The Inland Revenue, which was a major creditor, argued the debenture was merely a floating charge, so its claim for tax owed took priority over the bank under Insolvency Act 1986 section 175. At stake was merely £16,136, but the case was a test case.
It was apparent that if the House of Lords decided in favour of the Inland Revenue, the expectations a significant number of banks, who had relied on being able to have "fixed charges", and thus absolute priority in insolvency, would be defeated. Many people had assumed, or at least argued they had assumed that the law since ''Siebe Gorman & Co Ltd v Barclays Bank Ltd''〔() 2 Lloyd’s Rep 142〕 was that if book debts were paid into a separate account, then a charge over them would be deemed to be fixed. Accordingly it was submitted that if the Lords were to overrule ''Siebe Gorman'', they should only do so prospectively, and not retrospectively.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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