Re New Bullas Trading Ltd [1994] 1 BCLC 485 is a UK insolvency law case, concerning the definition of a floating charge.

[2] It is now outdated as authority, being first doubted by the Privy Council in Re Brumark Investments Ltd [2001] UKPC 28, and then formally overruled by the House of Lords in Re Spectrum Plus Ltd [2005] UKHL 41.

He said there was a floating charge throughout, so the company’s preferential creditors were entitled in an administrative receivership to priority under Insolvency Act 1986 s 40 with regard to uncollected debts.

In essence, he held that the wording did allow them to have such a form of security, the parties were free to make such arrangements.

Although the case remained good law for many years, it was doubted by Lord Millett sitting in the Privy Council in Re Brumark Investments Ltd [2001] UKPC 28, before finally being formally overruled by a seven-member House of Lords in Re Spectrum Plus Ltd [2005] UKHL 41.