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Anti-deprivation Rule
The anti-deprivation rule (also known as fraud upon the bankruptcy law) is a principle applied by the courts in common law jurisdictions (other than the United States) in which, according to Mellish LJ in ''Re Jeavons, ex parte Mackay'', "a person cannot make it a part of his contract that, in the event of bankruptcy, he is then to get some additional advantage which prevents the property being distributed under the bankruptcy laws." Wood VC had earlier observed that "the law is too clearly settled to admit of a shadow of doubt that no person possessed of property can reserve that property to himself until he shall become bankrupt, and then provide that, in the event of his becoming bankrupt, it shall pass to another and not to his creditors." General scheme It arises from the general principle (known as the "rule against repugnancy" in property law) that a grantor may not derogate from his own grant by giving an absolute interest in an asset and then providing for it to be clawe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Common Law
In law, common law (also known as judicial precedent, judge-made law, or case law) is the body of law created by judges and similar quasi-judicial tribunals by virtue of being stated in written opinions."The common law is not a brooding omnipresence in the sky, but the articulate voice of some sovereign or quasi sovereign that can be identified," ''Southern Pacific Company v. Jensen'', 244 U.S. 205, 222 (1917) (Oliver Wendell Holmes, dissenting). By the early 20th century, legal professionals had come to reject any idea of a higher or natural law, or a law above the law. The law arises through the act of a sovereign, whether that sovereign speaks through a legislature, executive, or judicial officer. The defining characteristic of common law is that it arises as precedent. Common law courts look to the past decisions of courts to synthesize the legal principles of past cases. '' Stare decisis'', the principle that cases should be decided according to consistent principled rules so ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Administration (law)
As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions, similar to bankruptcy in the United States. It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business. The process – in the United Kingdom colloquially called being "under administration" – is an alternative to liquidation or may be a precursor to it. Administration is commenced by an administration order. A company in administrative receivership is operated by an administrator (as interim chief executive with custodial responsibility for the company's assets and obligations) on behalf of its creditors. The administrator may recapitalize the business, sell the business to new owners, or demerge it into elements that can be sold and close the remainder. Most countries distinguish between voluntary (board-decided) and involuntary (court-decided) receivership. In voluntary administrative receivership, the administ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alberta Court Of Appeal
The Court of Appeal of Alberta (frequently referred to as Alberta Court of Appeal or ABCA) is a Canadian appellate court. Jurisdiction and hierarchy within Canadian courts The court is the highest in Alberta, Canada. It hears appeals from the Alberta Court of King's Bench, the Provincial Court of Alberta, and administrative boards and tribunals, as well as references from the Lieutenant Governor in Council (essentially the Alberta Cabinet). Some administrative appeals may bypass the Court of King's Bench, commonly orders made by professional discipline boards under the ''Medical Profession Act'', the ''Legal Profession Act'', but also under the ''Energy Resources Conservation Act''. Appeals from the Court of Appeal lie with the Supreme Court of Canada, Canada's court of last resort. Other than certain criminal matters, appeals to the Supreme Court of Canada are heard only by leave of that court. Since the Supreme Court denies leave in most cases, the Court of Appeal is th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supreme Court Of Canada
The Supreme Court of Canada (SCC; french: Cour suprême du Canada, CSC) is the Supreme court, highest court in the Court system of Canada, judicial system of Canada. It comprises List of Justices of the Supreme Court of Canada, nine justices, whose decisions are the ultimate application of Canadian law, and grants permission to between 40 and 75 litigants each year to appeal decisions rendered by provincial, territorial and federal Appeal, appellate courts. The Supreme Court is bijural, hearing cases from two major legal traditions (common law and Civil law (legal system), civil law) and bilingual, hearing cases in both Official bilingualism in Canada, official languages of Canada (English language, English and French language, French). The effects of any judicial decision on the common law, on the interpretation of statutes, or on any other application of law, can, in effect, be nullified by legislation, unless the particular decision of the court in question involves applicatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
McCarthy Tétrault
McCarthy Tétrault LLP is a leading Canadian law firm that delivers integrated business law, litigation services, tax law, real property law, labour and employment law nationally and globally through offices in Vancouver, Calgary, Toronto, Montréal, Québec City, London (UK), as well as New York City. McCarthy Tétrault LLP is a Seven Sisters (law firms). Among the Seven Sisters, the reigning top players are McCarthy Tetrault LLP, Stikeman Elliott LLP, Osler Hoskin & Harcourt LLP and Blake Cassels & Graydon LLP. McCarthy Tétrault is the only law firm listed in the Report on Business Top 25 Best B2B Brands by ''The Globe and Mail'' in 2021, and it has the second strongest law firm brand in Canada according to ''Thomson Reuters’'' Regional Law Firm Brand Indexes 2021. The firm represents Canadian and international clients, including major public institutions, financial services organizations, mining companies, manufacturers, pharmaceutical companies and other corporations. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Purchase Money Security Interest
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the ''collateral'') which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. One of the most common examples of a security interest is a mortgage: a person borrows money from the bank to buy a house, and they grant a mortgage over the house so that if they default in repaying the loan, the bank can sell the house and apply the proceeds to the outstanding loan. Although most security interests are created by agreement between the parties, it is also possible for a security interest to arise by operation of law. For example, in many jurisdictions a mechanic who repairs a car benefits from a lien over the car for the cost of repairs. This lien arises by operation of law in the absence of any agreement between the parties. Most security interests are grant ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quistclose Trust
A ''Quistclose'' trust is a trust created where a creditor has lent money to a debtor for a particular purpose. If the debtor uses the money for any other purpose, then it is held on trust for the creditor. Any inappropriately spent money can then be traced, and returned to the creditors. The name and trust comes from the House of Lords decision in '' Barclays Bank Ltd v Quistclose Investments Ltd'' (1970), although the underlying principles can be traced back further. There has been much academic debate over the classification of ''Quistclose'' trusts in existing trusts law: whether they are resulting trusts, express trusts, constructive trusts or, as Peter Millett, Baron Millett, Lord Millett said in ''Twinsectra Ltd v Yardley'', illusory trusts. At least one textbook has been written dedicated solely to exploring issues around the true nature and classification of ''Quistclose'' trusts. Peter Millett, Baron Millett, Lord Millett, writing extra-judicially, has called the ''Q ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retention Of Title
A retention of title clause (also called a reservation of title clause or a ''Romalpa'' clause in some jurisdictions) is a provision in a contract for the sale of goods that the title to the goods remains vested in the seller until the buyer fulfils certain obligations (usually payment of the purchase price). Purpose The main purpose of retention of title ("ROT" or "RoT") clauses is to ensure that where goods are supplied on credit, if the buyer subsequently goes into bankruptcy, the seller can repossess the goods. They are often seen as a natural extension of the credit economy; where suppliers are expected to sell goods on credit, there is a reasonable expectation that if they are not paid they should be able to repossess the goods. Nonetheless, in a number of jurisdictions, insolvency regimes or credit arrangement regimes prevent title retention clauses from being enforced where doing so would upset administration of the regime. Retention of title clauses are mandated in the Eu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry Cotton (judge)
Sir Henry Cotton (20 May 1821 – 22 February 1892) was a British judge. He was a Lord Justice of Appeal from 1877, when he was made a Privy Counsellor, until his retirement in 1890. Early life He was born in Leytonstone. His father William Cotton later became Governor of the Bank of England. His brother William Charles Cotton was a clergyman and beekeeper. His sister Sarah married Sir Henry Acland, who founded Acland Hospital in her memory. He attended Eton College, and later Christ Church, Oxford, where he was a student until 1852. He graduated B.A. in 1843. Career He entered Lincoln's Inn in 1843 and was called to the bar in 1846. He quickly acquired a large practice in the equity courts, and through the influence of his father was appointed standing counsel to the Bank of England. In 1866, he took silk In the United Kingdom and in some Commonwealth countries, a King's Counsel ( post-nominal initials KC) during the reign of a king, or Queen's Counsel (p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liquidation
Liquidation is the process in accounting by which a company is brought to an end in Canada, United Kingdom, United States, Ireland, Australia, New Zealand, Italy, and many other countries. The assets and property of the company are redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when customs, an authority or agency in a country responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry. Liquidation may either be compulsory (sometimes referred to as a ''creditors' liquidation'' or ''receivership'' following bankruptcy, which may result in the court creating a "liquidation trust") or voluntary (sometimes referred to as a ''shareholders' liquidation'', although some voluntary liquidations are controlled by the creditors). The ter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ISDA Master Agreement
The ISDA Master Agreement, published by the International Swaps and Derivatives Association, is the most commonly used master service agreement for OTC derivatives transactions internationally. It is part of a framework of documents, designed to enable OTC derivatives to be documented fully and flexibly. The framework consists of a master agreement, a schedule, confirmations, definition booklets, and credit support documentation. The master agreement is a document agreed to between two parties that sets out standard terms that apply to all the transactions entered into between those parties. Each time that a transaction is entered into, the terms of the master agreement apply automatically and do not need to be re-negotiated. Although it is often viewed as a tool for banks and financial institutions, the Master Agreement is widely used by a wide variety of counterparties. Advantages The master agreement is quite lengthy, and the negotiation process can be burdensome, but on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Eagle International Air Lines Ltd V Compaigne Nationale Air France
''British Eagle International Air Lines Ltd v Cie Nationale Air France'' 9751 WLR 758 is a UK insolvency law case, concerning priority of creditors in a company winding up. Facts A number of airlines agreed to set up a clearing house to manage debt and credit accounts among themselves. Each airline in the group owed multiple and changing debts to one another, so to make settlements easier, participants were not meant to claim against one another, but simply enter their transactions in the clearing house, and then settle the balance at the end of each month. The clearing house fell under the authority of the International Air Transport Association, or IATA. British Eagle went into liquidation, and owed money to the clearing house overall, but was a creditor to Air France. The liquidator attempted to recover the money from Air France and Air France argued it was bound by the clearing house scheme, and could only collect money after netting out the claims of creditors of British Ea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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