Re Yorkshire Woolcombers Association Ltd

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Re Yorkshire Woolcombers Association [1904] AC 355 is a UK insolvency law case, concerning the taking of a security interest over a company's assets and priority of creditors in a company winding up. Yorkshire Woolcombers Association Ltd had gotten loans from various guarantors, organised by a trustee called Mr Illingworth. Then it went and got an overdraft from a bank. The guarantors requested repayment, but the Association could not, so it gave security over its book debts to the guarantors "by way of floating security all its other property and assets both present and future, and its undertaking, but not including capital for the time being uncalled." The Association, however, also had the power to deal with its assets in an unfettered manner until any crystallising event took place.