Earlier in the year there was a discussion on AWEB re:peer to peer lending and invoice discounting.
If you are interested in this subject there is a case analysis by Alan Berg in Journal of Business Law.
I have a PDF copy but not sure about copyright and dont want to turn Henry red !
Journal Article - Case Comment
Charges over book debts: the Spectrum case in the Court of Appeal.
Publication Date: 2004
Subject: Banking and finance. Other related subjects: Insolvency
Keywords: Book debts; Debentures; Fixed charges; Floating charges; Liquidation; Priorities
Abstract: Examines the Court of Appeal's ruling in Re Spectrum Plus Ltd (In Liquidation) on whether a charge over a company's present and future book debts, expressed to be a fixed charge and contained in a debenture given to a bank, should be recharacterised as a floating charge after the company went into creditors' voluntary liquidation. Considers the significance of a covenant to pay the proceeds of the book debts into the company's account with the bank in order to secure an overdraft facility, noting the requirements to be met by the debenture for the charge to be characterised as fixed, and highlights the issues to be resolved by the House of Lords.
Cases cited: Siebe Gorman & Co Ltd v Barclays Bank Ltd  2 Lloyd's Rep. 142 (Ch D)
Brumark Investments Ltd, Re  UKPC 28;  2 A.C. 710 (PC (NZ))
Spectrum Plus Ltd (In Liquidation), Re  EWCA Civ 670;  Ch. 337 (CA (Civ Div))
© 2012 Sweet & Maxwell