Abstract
What is the place in Australian law of the English Court of Appeal's decision in New Bullas Trading on security over book debts after the New Zealand Court of Appeal 's decision in Re Brumark Investments? This paper answers that question by placing both decisions in a broader context. That context is the present law of secured transactions and the practices of whole undertaking secured lenders. Also considered are the possibilities for future reform of Australian law along lines suggested by the New Zealand Personal Property Securities Act 1999.