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In an English case reported earlier this year (<I>Re Spectrum Plus Limited</I>) the Vice-Chancellor delivered the latest instalment in the long running debate on what is required to establish a fixed charge on book debts. It is the first reported decision in England and Northern Ireland since the judgment of the Privy Council in the New Zealand <I>Brumark</I> case, which is, strictly speaking, only of persuasive authority to the courts here.