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Re Atlantic Computer Systems Plc (No 1)
''Re Atlantic Computer Systems plc (No 1)'' Atlantic Computers">Atlantic Computer Systems plc, recently taken over by British and Commonwealth Holdings, had hired a set of computers. It went into insolvency. The company lending the computers attempted to repossess them. The administrators argued this was impermissible. Judgment The Court of Appeal held that the computers could not be repossessed directly. The landlords and hire purchase sellers could not get money as an expense of administrative receivership either, because ‘the lessor or owner of goods has his remedies.’ Nicholls LJ gave guidance on exercising security rights against companies in administration. Referring to the old s 11, he said the following.992Ch 505, 541-4 See also * UK insolvency law *'' Soden v British and Commonwealth Holdings plc'' 998 Year 998 ( CMXCVIII) was a common year starting on Saturday (link will display the full calendar) of the Julian calendar. Events By place Europe * ... [...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] |
UK Insolvency Law
United Kingdom insolvency law regulates companies in the United Kingdom which are unable to repay their debts. While UK bankruptcy law concerns the rules for natural persons, the term insolvency is generally used for companies formed under the Companies Act 2006. "Insolvency" means being unable to pay debts. Since the Cork Report of 1982, the modern policy of UK insolvency law has been to attempt to rescue a company that is in difficulty, to minimise losses and fairly distribute the burdens between the community, employees, creditors and other stakeholders that result from enterprise failure. If a company cannot be saved it is "liquidated", so that the assets are sold off to repay creditors according to their priority. The main sources of law include the Insolvency Act 1986, the Insolvency Rules 1986 (replaced in England and Wales from 6 April 2017 by the Insolvency Rules (England and Wales) 2016 – see below), the Company Directors Disqualification Act 1986, the Employment Rig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Atlantic Computers
Atlantic Computers plc (also Atlantic Computer Systems plc) was a British computer lessor and technology services firm, set up in 1975, that collapsed in 1990. Its fall also brought down its parent company British and Commonwealth Holdings, a financial services firm which had acquired it for £434 million in 1988. The company leased computers systems using complex 'Flexlease' agreements, which allowed a lessee to update to a new lease after a three years or to cancel the lease after five years. These terms made Atlantic vulnerable to large liabilities incurred if invoked which were often not covered by the value of the equipment itself. During acquisition talks, Atlantic misrepresented its contingent liabilities and by the time of its collapse, had more than £550m in debt. While its American arm filed for Chapter 11 bankruptcy on 5 July 1990, the British firm had been placed in administration with PricewaterhouseCoopers on 18 April. The group employed around 1,400 people at the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British And Commonwealth Holdings
British and Commonwealth Holdings plc was a financial services company which used to be a constituent of the FTSE 100 Index. History The Company was originally established in 1955 when Clan Line Steamers was merged with Union Castle to form The British & Commonwealth Shipping Company, a shipping business. Until 1987 its major shareholder was Caledonia Investments, which since 1951 has been controlled by Clan Line's founding Cayzer family. British & Commonwealth were the ultimate owners of British United Airways (BUA), Britain's largest wholly private, independent airline of the 1960s, as well as its subsidiaries and sister companies, including British United Air Ferries and British United Island Airways (BUIA). They were also a shareholder of Bristow Helicopters, at the time the UK's biggest helicopter company as well as one of the largest in the world,''High Risk: The Politics of the Air'', pp. 256/7 acquiring full control in 1985. In 1969 British and Commonwealth Shipping ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hire Purchase
A hire purchase (HP), also known as an installment plan, is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g., 40% of the total) and repaying the balance of the price of the asset plus interest over a period of time. Other analogous practices are described as closed-end leasing or rent to own. In other words installment means to let a thing without giving total price while payment will be given in a given time period. The buyer will pay monthly agreement installment. The hire purchase agreement was developed in the United Kingdom in the 19th century to allow customers with a cash shortage to make an expensive purchase they otherwise would have to delay or forgo. For example, in cases where a buyer cannot afford to pay the asked price for an item of property as a lump sum but can afford to pay a percentage as a deposit, a hire-purchase contract allows the buyer to hire the goods for a monthly rent. When a sum equal t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Royal Trust Bank V Buchler
''Royal Trust Bank v Buchler'' 989BCLC 130 is a UK insolvency law case, which decided that before a creditor may enforce security, it must show it is appropriate to do so. Facts Mr Buchler's company borrowed £500,000 from Royal Trust Bank. It purchased and refurbished some property to let it out again. The loan was secured by a charge entitling the bank to appoint a receiver. When an administrator was appointed, he decided it would be best to go ahead letting the property and then sell. Letting failed. The administrator decided to sell. The property got £850,000, and the bank sought leave under the Insolvency Act 1986 s.11(3) (see now, Schedule B) to enforce its security. Judgment Peter Gibson J refused the bank leave. He held the bank failed to discharge its burden of showing a proper case to enforce security. The decision to delay the property's sale was a sound one, and if it was sold the bank could be paid in full. If the bank was allowed to appoint a receiver, costs woul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Science Research Council V Nassé
Science is a systematic endeavor that builds and organizes knowledge in the form of testable explanations and predictions about the universe. Science may be as old as the human species, and some of the earliest archeological evidence for scientific reasoning is tens of thousands of years old. The earliest written records in the history of science come from Ancient Egypt and Mesopotamia in around 3000 to 1200 BCE. Their contributions to mathematics, astronomy, and medicine entered and shaped Greek natural philosophy of classical antiquity, whereby formal attempts were made to provide explanations of events in the physical world based on natural causes. After the fall of the Western Roman Empire, knowledge of Greek conceptions of the world deteriorated in Western Europe during the early centuries (400 to 1000 CE) of the Middle Ages, but was preserved in the Muslim world during the Islamic Golden Age and later by the efforts of Byzantine Greek scholars who brought Greek ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bristol Airport Plc V Powdrill
Bristol () is a city, ceremonial county and unitary authority in England. Situated on the River Avon, it is bordered by the ceremonial counties of Gloucestershire to the north and Somerset to the south. Bristol is the most populous city in South West England. The wider Bristol Built-up Area is the eleventh most populous urban area in the United Kingdom. Iron Age hillforts and Roman villas were built near the confluence of the rivers Frome and Avon. Around the beginning of the 11th century, the settlement was known as (Old English: 'the place at the bridge'). Bristol received a royal charter in 1155 and was historically divided between Gloucestershire and Somerset until 1373 when it became a county corporate. From the 13th to the 18th century, Bristol was among the top three English cities, after London, in tax receipts. A major port, Bristol was a starting place for early voyages of exploration to the New World. On a ship out of Bristol in 1497, John Cabot, a Venetian, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
