Charges over book debts in the United Kingdom and Australia : the way forward

Is it possible to create a fixed charge over book debts? This question was recently decided by the House of Lords in National Westminster Bank plc v. Spectrum Plus Limited & Ors [2005] UKHL 41 where the full House was against the idea of a fixed charge on book debts and insisted that only a
floating charge had been created. The law in this area is still vague and uncertain in Australia. This article argues that the financiers and the companies should be given the freedom to decide how they wish to structure their charge documents. The article sets out to argue that it is possible to create a sustained workable fixed charge or even a multiple combination of fixed and floating charge over book debts and argues that this would be the only way for both the financiers and the companies to do business together, in respect to the use of book debts as security for a loan. The author explains how this could be possible and how the proposed model would not deny the statutory priority rights of the preferential creditors.

A need for national regulation on property investment advice and marketeering - suggestions put forward

The property investment advice and marketeering industry is currently unregulated in Australia. There is no uniform national or state regulation in this area. The only protection and remedies currently available are those under the general consumer protection laws scattered in various Acts, and even so, these have numerous problems.This article sets out to argue for a new set of laws to regulate property investment advice and marketeering. In providing suggestions for reform, the article also argues that, to overcome the constitutional difficulty, a national co-operative approach is the only way to move forward in this area and suggests that a new regulator be set up to administer and enforce the new proposed laws on property investment advice and marketeering.

An analysis of microband orientation in hot deformed aluminium alloy AA5052 using forward and reverse torsion

The effects of strain path reversal on the macroscopic orientation of microbands in AA5052 have been studied using high resolution electron backscatter diffraction. Deformation was carried using two equal steps of forward/forward or forward/reverse torsion at a temperature of 300°C and strain rate of 1s-1 to a total equivalent tensile strain of 0.5. In both cases microbands were found in the majority of grains examined with many having more than one set. The microbands appear to cluster at specific angles to the macroscopic deformation. For the forward/forward condition microbands clustered around -20° and +45° to the maximum principle stress direction and at ± 30-35° to the principal strain direction. For the forward/reverse condition significantly more spread in microband angle was observed though peaks were visible at ±35° with respect to principal stress direction and at -40° and +30° with respect to the principal strain direction of the reverse torsion. This suggests the microbands formed in the forward deformation have or are dissolving and any new microbands formed are related to the deformation conditions of the final strain path.

HRM research in China : looking back and looking forward

Purpose – The purpose of this paper is to provide an overview of the field of human resource management (HRM) in China, with insights drawn from recent times to several millennia earlier, with a view to informing the further work that needs to be done to better understand managing people in China.
Design/methodology/approach – The authors examined Chinese ancient texts related to people management and drew on reviews of HRM research in China since the establishment of the People’s Republic of China in 1949 till current times, to draw lessons for HRM in China today and for the future.
Findings – The 2,500 year gap that separates the literatures studied as part of this review cannot hide the striking similarities between the conceptual views about the importance of people and their management in the two periods. Yet, there remains a lack of empirical studies of the Chinese style of HRM practices. The majority of recent research in the field of HRM in China is focussed on comparison between HRM practices in various types of enterprises operating in China and those in the west, with the apparent aim of better understanding the latter rather than the former.
Originality/value – As China is rapidly becoming a key global player, and its enterprises represent an increasing share of the global market, it is crucial to understand how Chinese firms have managed their people at home and globally to achieve performance outcomes. Are there lessons other firms, especially those in emerging markets could learn? What are the implications for building global
management and organisational knowledge? This paper provides some directions for future research about HRM in China, which may help gain a better understanding of the Chinese style of management and further develop management and organisation theories in the China context.

Mental health, criminal justice and culture : some ways forward?

Objective: This paper aims to offer an overview of the mental health needs of Indigenous men and women in the criminal justice system and how Indigenous cultural perspectives on mental health might infl uence forensic mental health service provision.
Conclusion: There is a need for both mental health and criminal justice agencies to collaborate more closely in developing new models of service provision that incorporate Indigenous perspectives on social and emotional wellbeing, recognize culturally specifi c mental health risk and protective factors in relation to prevention, early intervention and treatment, and take advantage of the opportunities for treatment that arise in the context of criminal justice system intervention.

A study of plastic deformation during axisymmetric forward spiral extrusion and its subsequent mechanical property changes

Axisymmetric forward spiral extrusion (AFSE) accumulates large strains in its sample while extruding it through a die with engraved spiral grooves. A three-dimensional finite element model of AFSE has been developed using ABAQUS to investigate the deformation mode in detail, including the effect of groove geometry and the heterogeneity of plastic deformation. The numerical results demonstrated that the strain distribution in the AFSE sample cross section is linear in the radial direction within a concentric core while the distribution, outside the core, in the vicinity of the grooves is non-linear and non-axisymmetric. Mechanical properties and grain structure changes of the deformed sample were investigated. Improvements of mechanical properties in the processed samples can be attributed to the domination of the shear deformation mode in a plane normal to the extrusion axis and consequently the elongation of grains in the tangential direction

Effect of feed temperature and membrane orientation on pre-treatment sludge volume reduction through forward osmosis

This study focuses on volume reduction of pre-treatment sludge as well as on dilution of reverse osmosis (RO) concentrate through emerging forward osmosis (FO) technology where RO concentrate draws water from the pre-treatment sludge (feed solution) in order to reduce pre-treatment sludge volume and increase the RO water recovery. Experiments were carried out using two different types of sludge i.e. (1) synthetic pre-treatment sludge (Lab sludge) which has lower salinity and (2) actual sludge from Perth Seawater Desalination Plant, Australia (Perth Seawater Desalination Plant (PSDP) sludge) which has higher salinity. Effect of membrane orientation (FO and pressure-retarded osmosis (PRO) modes) and temperature of pre-treatment sludge on permeate water flux was investigated. There was a significant increase in water flux from 3.2 to 10.2 LMH (i.e. ~3 times higher) when temperature increased from 20 to 40°C for Lab sludge in PRO mode. However, there is no significant effect of temperature on water flux in FO mode for Lab sludge. On the contrary for PSPD sludge, there was no effect on water flux with increase in temperature at PRO mode. Dissolved ions in the porous side increased the severity of concentrative internal concentration polarization; hence, it could reduce the flux. There was no significant change in water flux when temperature increased from 20 to 40°C for PSDP sludge in FO mode. However, higher amount of water has permeated from Lab sludge compared to PSDP sludge in FO mode. © 2014 © 2014 Balaban Desalination Publications. All rights reserved.

Estimating cointegrated panels with common factors and the forward rate unbiasedness hypothesis

This article proposes a bias-adjusted estimator for use in cointegrated panel regressions when the errors are cross-sectionally correlated through an unknown common factor structure. The asymptotic distribution of the new estimator is derived and is examined in small samples using Monte Carlo simulations. For the estimation of the number of factors, several information-based criteria are considered. The simulation results suggest that the new estimator performs well in comparison to existing ones. In our empirical application, we provide new evidence suggesting that the forward rate unbiasedness hypothesis cannot be rejected. © The Author 2007.