Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Fixed charge definition

What does Fixed charge mean? A fixed charge is a security interest over specific, identifiable assets. The chargor cannot sell or otherwise deal with those assets (or their proceeds) without the charge holder’s consent, and the security attaches on creation. In England and Wales and Northern Ireland, case law (notably Spectrum Plus) distinguishes fixed from floating charges by looking at control and the chargor’s freedom to deal; free dealing usually means a floating charge. In Ireland, similar principles apply, supported by case law and the Companies Act 2014. Fixed charges are commonly taken over land, plant and machinery, shares, intellectual property and receivables (often...

Multiple fixed charges over registered land: priority, tacking, marshalling and enforcement where equity is insufficient (England and Wales)

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Practice notes

Throughout this Practice Note, the terms ‘borrower’ and ‘Mortgagor’ are treated as equivalent, and likewise ‘lender’ and ‘mortgagee’. This Practice Note applies to Fixed charges as well, although it does not examine the marginal practical distinction between a fixed charge and a mortgage—see Practice Note: Mortgages for further reading on this topic.

Priority of mortgages over registered land

Under registered land, where several loans are secured over the same property by separate mortgages, each mortgagee is entitled to be paid out of the sale proceeds strictly and in accordance with the mortgages’ order of priority. The basic rule is that any two charges rank in the sequence of their creation (Millet J in Macmillan Inc v Bishopsgate Investment Trust plc (No 3))...

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Peter Levaggi

Charles Russell Speechlys LLP

Peter Levaggi, Partner, Charles Russell Speechlys LLP Peter is a Solicitor Advocate with Higher Rights of Audience and has a thriving commercial property litigation practice dealing with every aspect of contentious landlord and tenant work. Peter has a strong reputation in the property litigation field and has a substantial national client base and he also specialises in insolvency issues arising in the context of property. He is the Head of the Property Insolvency Group and the Property Litigation Group. He is named as leader in his field in Legal 500 and Chambers who say he "heads up the practice and is extremely well reputed for his crisp delivery and deep knowledge." Peter regularly writes articles and books on property and insolvency issues (he was the author of the Law Society's Guide to Enforcement Law 2nd edition published in 2014 and Jordon's Property...

Web page updated on 21/05/2026

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