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An account of floating charges in Scots law should not begin merely with the arrival of the statutory floating charge in 1961. Rather, it is important to also understand the relationship between ‘floating’ security and Scots law prior to the Companies (Floating Charges) (Scotland) Act 1961. This can be described as the ‘pre-history’ of floating charges and is the focus of the present chapter.
The Scots common law rules on creating security rights are restrictive and long established. The position espoused principally by the institutional writers remains broadly applicable today. However, statutory creations, most notably the floating charge, have changed the landscape in this area. Exploring the reasons for Scots law's earlier rejection of security rights comparable to floating charges can help us assess whether this remained a justifiable approach as time progressed. After examining the common law position in Scotland, including with reference to Roman law and early Scots law, the chapter will consider the development of the floating charge in English law. This form of security was explicitly rejected by Scottish courts but later served as a model when the reform of security over moveable property was being considered by the Law Reform Committee for Scotland (LRCS), which led to the introduction of the statutory floating charge. The controversial status of the floating charge in English law, after it first appeared in the mid-to-late nineteenth century, may help explain why there was little pressure to introduce a similar security in Scots law until well into the twentieth century.
C. THE MICRO PICTURE: RECENTLY LIQUIDATED COMPANIES
(1) Methodology
(2) Results
(3) Implications
D. THE MICRO PICTURE IN CONTEXT: TERMS OF FLOATING CHARGES
E. CONCLUSION APPENDIX
A. INTRODUCTION
The rest of this book outlines the historical, theoretical and practical elements of the floating charge in Scotland. In this chapter, we explore empirically how important the floating charge is for Scottish companies. Empirical research provides an original method of reviewing the world as we find it. Companies are usually brought into existence by registration at Companies House. Fixed securities and floating charges created by a company must be registered against that company at Companies House within twenty-one days of their creation to be valid. The records of Companies House are freely available and ripe for empirical study. This chapter examines Companies House data and uses three different empirical techniques to review the floating charge in practice.
First, Companies House is subject to freedom of information requirements and therefore we submitted freedom of information requests to ascertain the macro picture regarding the creation of floating charges. Secondly, we utilised data obtained on Scottish companies who filed certain insolvency (liquidation) forms between 1 October 2019 and 30 September 2020 to review this set of companies and identify their use of floating charges. Thirdly, we reviewed a sample of the floating charges granted by such companies to identify and examine certain key terms included in these instruments.
Legal empirical research has been compared to attempts to verify a pre-existing hunch and, as such, legal empirical research does not need to be held up to the same level of statistical scrutiny that other social sciences require. Our first method of analysis overcomes any risk, as it presents a holistic overview of the floating charges granted by Scottish companies. Our second and third methods rely on a smaller sample, and therefore there may be limits as to their extrapolability. Nonetheless, our results are stark – the floating charge is an integral part of Scottish corporate finance. In addition, our examination of the terms of a sample of floating charges shows some commonplace terms and variations thereof and highlights the potential for future research.
(2) Against fixed securities arising by operation of law
(3) Against other floating charges
(4) Against diligences
(5) Against other security rights
D. NEGATIVE PLEDGES
E. RANKING AGREEMENTS
F. ATTACHMENT, RANKING AND ENFORCEMENT
(1) Attachment and ranking
(2) Appointing and enforcing
G. RANKING AND DISTRIBUTION
(1) Liquidation
(2) Receivership
(3) Administration
(4) Enforcement by fixed security holder
H. FURTHER RANKING ISSUES
(1) Circles of priority
(2) Catholic and secondary security
(3) Offside goals rule
I. CONCLUSION
A. INTRODUCTION
A floating charge and the debt it secures do not exist in isolation. They need to interact with other obligations due by the granter and other claims on the granter's property. In common parlance it is said to be necessary to establish how security ‘ranks’. Ranking denotes a comparison between two things: whether X is preferred to Y. In a legal context, ranking often focuses on respective priorities as far as an asset is concerned: how X ranks against Y in respect of asset Z. However, the term ranking in its wider sense actually aggregates two key concepts together. First, the freedom enjoyed by the granter in respect of the assets over which security is granted prior to its enforcement: is the granter free to dispose of the asset (and, if so, what happens to any proceeds), and are there any other restrictions on what can be done with the relevant asset? This can be seen as a form of ranking between a secured creditor and the granter as to control over the use of the asset in question. Secondly, the respective priorities of creditors’ claims in competitions involving assets, which is particularly relevant in the context of insolvency. The most thorough and systematic categorisation of commercial law principles in Scotland comes from George Joseph Bell, who himself had a considerable underlying interest in insolvency law. Indeed, Bell discussed ranking issues at length in the context of the division of a bankrupt's estate and codified certain court decisions dealing with competitions between secured creditors (including diligence creditors) in his ‘canons of ranking’.
(4) Passage of the Companies (Floating Charges) (Scotland) Bill
E. PROVISIONS OF THE COMPANIES (FLOATING CHARGES) (SCOTLAND) ACT 1961
(1) ‘Definition’ of floating charge
(2) Attachment
(3) Definition of ‘fixed security’
(4) Ranking
(5) Diligence
(6) Registration of charges
(7) Assignation of floating charges
(8) Receivers
F. CONCLUSION
A. INTRODUCTION
The introduction of the floating charge was a watershed moment for Scots commercial law. It represented a significant departure from the pre-existing law of security rights, and involved a conscious attempt to more closely align Scots law with English law. There were only ten years between the expression of judicial antipathy to floating charges in Carse v Coppen and an adapted version of the English floating charge being introduced by the Companies (Floating Charges) (Scotland) Act 1961 (the 1961 Act). The following decades have, however, witnessed much uncertainty and litigation regarding the operation of floating charges. On this point, the drafting of relevant legislation has often been criticised as ambiguous and unclear. This has hindered the development of a coherent law of floating charges in Scotland. The genesis of various important provisions that remain applicable within the Companies Act 1985 and Insolvency Act 1986 can be tracedto the 1961 Act, as can the registration of charges regime which is now found within the Companies Act 2006 in altered form. Consequently, an enhanced awareness of the origins of legislative provisions and their original intended purpose may be useful for the future progress of the law.
Some commentators have reflected upon the arrival of the floating charge and discussed provisions of the 1961 Act, while also commenting on the Report by the Law Reform Committee for Scotland (LRCS) that preceded and precipitated that legislation. However, there has been little examination of the circumstances and process(es) that culminated in the enactment of the 1961 Act as well as the origins of its provisions.
To assess differences in cognition functions and gross brain structure in children seven years after an episode of severe acute malnutrition (SAM), compared with other Malawian children.
Design
Prospective longitudinal cohort assessing school grade achieved and results of five computer-based (CANTAB) tests, covering three cognitive domains. A subset underwent brain MRI scans which were reviewed using a standardized checklist of gross abnormalities and compared with a reference population of Malawian children.
Setting
Blantyre, Malawi.
Participants
Children discharged from SAM treatment in 2006 and 2007 (n 320; median age 9·3 years) were compared with controls: siblings closest in age to the SAM survivors and age/sex-matched community children.
Results
SAM survivors were significantly more likely to be in a lower grade at school than controls (adjusted OR = 0·4; 95 % CI 0·3, 0·6; P < 0·0001) and had consistently poorer scores in all CANTAB cognitive tests. Adjusting for HIV and socio-economic status diminished statistically significant differences. There were no significant differences in odds of brain abnormalities and sinusitis between SAM survivors (n 49) and reference children (OR = 1·11; 95 % CI 0·61, 2·03; P = 0·73).
Conclusions
Despite apparent preservation in gross brain structure, persistent impaired school achievement is likely to be detrimental to individual attainment and economic well-being. Understanding the multifactorial causes of lower school achievement is therefore needed to design interventions for SAM survivors to thrive in adulthood. The cognitive and potential economic implications of SAM need further emphasis to better advocate for SAM prevention and early treatment.
The proportion of adults aged 60 years and over is expected to increase over the coming decades. This ageing of the population represents an important health issue, given that marked reductions to cerebral macro- and microstructural integrity are apparent with increasing age. Reduced cerebral structural integrity in older adults appears to predict poorer cognitive performance, even in the absence of clinical disorders such as dementia. As such, it is becoming increasingly important to identify those factors predicting cerebral structural integrity, especially factors that are modifiable. One such factor is nutritional intake. While the literature is limited, data from available cross-sectional studies indicate that increased intake of nutrients such as B vitamins (for example, B6, B12 and folate), choline, n-3 fatty acids and vitamin D, or increased adherence to prudent whole diets (for example, the Mediterranean diet) predicts greater cerebral structural integrity in older adults. There is even greater scarcity of randomised clinical trials investigating the effects of nutritional supplementation on cerebral structure, though it appears that supplementation with B vitamins (B6, B12 and folic acid) or n-3 fatty acids (DHA or EPA) may be beneficial. The current review presents an overview of available research examining the relationship between key nutrients or adherence to select diets and cerebral structural integrity in dementia-free older adults.
The discovery of the first electromagnetic counterpart to a gravitational wave signal has generated follow-up observations by over 50 facilities world-wide, ushering in the new era of multi-messenger astronomy. In this paper, we present follow-up observations of the gravitational wave event GW170817 and its electromagnetic counterpart SSS17a/DLT17ck (IAU label AT2017gfo) by 14 Australian telescopes and partner observatories as part of Australian-based and Australian-led research programs. We report early- to late-time multi-wavelength observations, including optical imaging and spectroscopy, mid-infrared imaging, radio imaging, and searches for fast radio bursts. Our optical spectra reveal that the transient source emission cooled from approximately 6 400 K to 2 100 K over a 7-d period and produced no significant optical emission lines. The spectral profiles, cooling rate, and photometric light curves are consistent with the expected outburst and subsequent processes of a binary neutron star merger. Star formation in the host galaxy probably ceased at least a Gyr ago, although there is evidence for a galaxy merger. Binary pulsars with short (100 Myr) decay times are therefore unlikely progenitors, but pulsars like PSR B1534+12 with its 2.7 Gyr coalescence time could produce such a merger. The displacement (~2.2 kpc) of the binary star system from the centre of the main galaxy is not unusual for stars in the host galaxy or stars originating in the merging galaxy, and therefore any constraints on the kick velocity imparted to the progenitor are poor.
St Patrick's Day parades have so often been a barometer of Irish identity, one day which reflects the shifting meanings of Irishness across the globe. The New York parade in 2015 was no different. Indeed, the controversial appearance in the parade, for the first time, of an LGBTQ organisation marked the culmination of decades of debate about how Irishness is (and should) be represented through the St Patrick's Day celebration. The Out@NBCUniversal group became the first gay participants officially sanctioned by the parade organisers. Representing the event's television broadcaster, the hundred or so employees of NBC who marched in 2015 were the first LGBTQ representatives to join the parade since the organising committee, led largely by the Ancient Order of Hibernians (AOH), decided to ban the Irish Lesbian and Gay Organisation (ILGO) from marching in 1991. That year, the ILGO did manage to march, but under the auspices of Division 7 of the Manhattan AOH. In protest against the decision to ban the ILGO from the main parade, Mayor David Dinkins walked with the ILGO and was pelted with beer cans by a crowd whose sympathies lay emphatically with the parade organisers. Despite being the only LGBTQ group allowed to march in 2015, the appearance of Out@NBCUniversal was significant, then, in marking a shift towards the greater acceptance of homosexuality in the Irish diaspora. More importantly, the debate about LGBTQ representation at the NYC parade reveals the great diversity of Irish identities throughout the world. While the New York parade was dominated during the 1990s and 2000s by a socially conservative (and explicitly Catholic) vision of Irishness, others reflected a greater plurality. In New York itself, since 2000 the ‘St Pat's for All’ parade in Queens has welcomed ‘all to celebrate Irish heritage and culture regardless of race, gender, creed or sexual orientation’. In Ireland, Fintan O'Toole has led criticism of the New York parade's exclusion of the ILGO and his spat in the Irish Times in March 1998 with historian Marion Casey reflects what Mary Hickman has termed ‘the heterogeneous formation’ of the Irish diaspora.
This paper offers a critical perspective on the changing organisational structure of the Western commercial aircraft industry. The role of systems integration based on risk-sharing partnerships for new aircraft programmes is explored. We find that build-to-print subcontracting relationships are being replaced by internationally devolved design and engineering tasks for airframe development, signaling a profound change in the geography of commercial aircraft production. While sensible from a financial standpoint, the international outsourcing of design-intensive production entails substantial amounts of technology transfer–including the delivery of proprietary knowledge to risk-sharing partners. For several of the advanced market economies, including Canada, France, Germany, the UK, and the US, the long-range strategic downside is that foreign risk-sharing partners could eventually become competitors. Systems integration on a risk-sharing basis also implies home-country joblosses among skilled workers with expertise in design, engineering, and R&D.
Suboptimal uptake of the measles, mumps and rubella (MMR) vaccine by certain socioeconomic groups may have contributed to recent large measles outbreaks in the UK. We investigated whether socioeconomic deprivation was associated with MMR vaccine uptake over 16 years. Using immunization data for 72 351 children born between 1995 and 2012 in Liverpool, UK, we examined trends in vaccination uptake. Generalized linear models were constructed to examine the relative effect of socioeconomic deprivation and year of birth on MMR uptake. Uptake of MMR1 by age 24 months ranged between 82·5% in 2003 [95% confidence interval (CI) 81·2–83·7] and 93·4% in 2012 (95% CI 92·7–94·2). Uptake of MMR2 by age 60 months ranged between 65·3% (95% CI 64·4–67·4) in 2006 and 90·3% (95% CI 89·4–91·2) in 2012. In analysis adjusted for year of birth and sex, children in the most deprived communities were at significantly greater risk of not receiving MMR1 [risk ratio (RR) 1·70, 95% CI 1·45–1·99] and MMR2 (RR 1·36, 95% CI 1·22–1·52). Higher unemployment and lower household income were significantly associated with low uptake. Contrary to concerns about lower MMR uptake in affluent families, over 16 years, children from the most socioeconomically deprived communities have consistently had the lowest MMR uptake. Targeted catch-up campaigns and strategies to improve routine immunization uptake in deprived areas are needed to minimize the risk of future measles outbreaks.
Nine vervet monkeys and nine baboons were infected with eggs of Echinococcus granulosus per as. Six of the vervets and one of the baboons possessed hydatid cysts at autopsy, 15–28 months post-infection. The sequential IgG response to hydatid fluid and protoscolex antigens showed considerable inter-animal variation. Infected vervets and baboons became seropositive after an average of 8 months post-infection. Considerable fluctuation in the IgG response was observed, particularly to the hydatid fluid antigen which, in humans, may contribute to the existence of a significant proportion of seronegative individuals. Vervets, in particular, may be useful to study immunological events associated with exposure, development and resolution of hydatid disease in outbred human populations.
Taenia cestodes were obtained from 5 different definitive host species in Kenya and 175 different samples were examined by classical morphological methods and by isoenzyme analysis using isoelectric focusing in agarose. Gels were stained for 17 different enzymes and 3 of these were used in the construction of isoenzyme profiles. The samples fell into 25 zymodemes, and no zymodeme contained more than 1 species of Taenia, indicating that isoenzyme analysis can reliably be used for the identification of species of this genus.
Intravenous glucose tolerance tests were performed on thirty-four sows when they were either non-pregnant or in very early pregnancy. It was found that there was a relation between each sow's glucose tolerance and the mean of the mean birth weight of all her litters. The relation was expressed by the equation Y = 0.013T + 0.81 (R.S.D. ± 0–124 kg) where Y = birth weight and T = glucose tolerance as minutes for blood glucose to return to fasting concentration. The correlation coefficient was +0.58. The addition of further variables to the equation (sow's live weight at test, sow's parity at test and the number of pigs per litter) did not give any useful improvement of the estimate of birth weight.
The experimental animals were sows which had been made thin by underfeeding for several parities (thin sows), and siblings which had received adequate energy (standard sows).
The energy metabolism of three thin anoestrous and three non-pregnant standard sows were measured at 20 and 5 °C. There were no differences between the two groups of sows. The fall in temperature increased the average maintenance requirement by 60% from 476 to 753 kJ/kg0·75/day (1192–1922 kJ/kg0·56/day).
The tissue insulation of the thin sows was 28% lower than that of the standard sows, although this difference was not statistically significant. The thin sows compensated by having a better external insulation. The average total body conductance was 306 kJ/m2/°C/day.
The standard sows were in positive nitrogen balance (+ 4·2 g/day, 95% confidence limits 1·5 to 7·0 gN) and the thin sows in negative nitrogen balance (– 4·4 g/day, 95% confidence limits – 2·1 to – 6·8 g N) at energy equilibrium. It is suggested that this difference might be explained if the total nitrogen requirement of the two groups of sows was similar, but that their requirement for energy was related to their body surface area.
There were no differences between the two groups of sows in their digestive efficiency, but the digestibilities of both energy and nitrogen were reduced at 5 °C.
It is concluded that the primary cause of the ‘thin sow syndrome’ is underfeeding, particularly in cold environments. Other features of the syndrome are probably a consequence of undernutrition and depletion of the body energy reserves.
Six pairs of gilts were taken at first mating. One of each pair was given about half the A.R.C. recommended amounts of protein and energy during pregnancy and lactation until she became anoestrus (thin group). The other gilt of each pair was given the same amount of protein, but double the amount of energy (standard group).
All the thin sows lost condition and became infertile. Their appearance conformed to that of sows with the ‘thin sow syndrome’. This took up to three reproductive cycles. There was no clear effect on the number of piglets born, but the litters of the thin sows contained an increasing proportion of small piglets. One of the thin sows died in her second pregnancy. The standard sows performed well producing an average of 10·3 piglets weighing 1·4 kg over three parities.
There were no differences between the two groups in their digestive efficiency. The thin sows retained less nitrogen in the later stages (days 80–100) of their first pregnancy than did the standard sows.
There were no differences between the groups in milk production during the first lactation when litters were standardized at eight piglets. There was some evidence that in the second lactation the thin sows secreted less fat and lactose.
The five remaining thin sows were repleted at the end of the experiment when their average weight was 96 kg. They were mated as quickly, produced litters which were as large, and piglets which were as heavy as those produced by the standard sows whose mating weight was 182 kg.
Teouma, an archaeological site on Efate Island, Vanuatu, features the earliest cemetery yet discovered of the colonizers of Remote Oceania, from the late second millennium B.C. In order to investigate potential migration of seventeen human individuals, we measured isotopes of strontium (87Sr/86Sr), oxygen (δ18O), and carbon (δ13C), as well as barium (Ba) and strontium (Sr) concentrations, in tooth enamel from skeletons excavated in the first two field seasons. The majority of individuals cluster with similar isotope and Ba/Sr ratios, consistent with a diet of marine resources supplemented with plants grown on the local basaltic soils. Four outliers, with distinctive 87Sr/86Sr and δ18O, are probably immigrants, three of which were buried in a distinctive position (supine, with the head to the south) with higher Ba/Sr and δ13C, consistent with a terrestrial, nonlocal diet. Among the probable immigrants was a male buried with the crania of three of the locally raised individuals on his chest.