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Re London Wine Co (Shippers) Ltd
''Re London Wine Shippers'' 986PCC 121 is an English trusts law case, concerning the necessity of ascertaining assets subject to a trust. It has been distinguished by '' Hunter v Moss'', and ''Re Harvard Securities Ltd'', and may not be consistent with the general policy of insolvency law as seen in '' Re Lehman Brothers International (Europe)''. Facts Unsecured creditors of a bankrupt wine trading company, London Wine Shippers Ltd, argued that they should be able to claim the bottles of wine they had paid for. The fine wine company had gone into receivership, and the remaining wine stock was a valuable asset. The bottles that the customers had bought had not yet been individually identified. The company had not even promised to provide wine from its current stocks. Judgment Oliver J held that even if the company had said the wine was to come from current stocks, the trust would in any event have been uncertain. There could be no award for specific performance because the Sale ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Trusts Law
English trust law concerns the protection of assets, usually when they are held by one party for another's benefit. Trusts were a creation of the English law of property and obligations, and share a subsequent history with countries across the Commonwealth and the United States. Trusts developed when claimants in property disputes were dissatisfied with the common law courts and petitioned the King for a just and equitable result. On the King's behalf, the Lord Chancellor developed a parallel justice system in the Court of Chancery, commonly referred as equity. Historically, trusts have mostly been used where people have left money in a will, or created family settlements, charities, or some types of business venture. After the Judicature Act 1873, England's courts of equity and common law were merged, and equitable principles took precedence. Today, trusts play an important role in financial investment, especially in unit trusts and in pension trusts (where trustees and fun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hunter V Moss
''Hunter v Moss'' 994 1 WLR 452 is an English trusts law case from the Court of Appeal concerning the certainty of subject matter necessary to form a trust. Moss promised Hunter 50 shares in his company as part of an employment contract, but failed to provide them. Hunter brought a claim against Moss for them, arguing that Moss's promise had created a trust over those 50 shares. The constitution of trusts normally requires that trust property be segregated from non-trust property for the trust to be valid, as in ''Re London Wine Co (Shippers) Ltd''. 986PCC 121 On this occasion, however, both Colin Rimer in the High Court of Justice and Dillon, Mann and Hirst LJJ in the Court of Appeal felt that, because this case dealt with intangible rather than tangible property, this rule did not have to be applied. Because all the shares were identical, it did not matter that they were not segregated, and the trust was valid. The decision was applied in ''Re Harvard Securities'', creating a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re Harvard Securities Ltd
is an English trusts law case, concerning the Three certainties#Certainty of subject matter, certainty of subject matter in a trust. Facts The liquidator of Harvard Securities Ltd, a stockbroking company, applied under the Insolvency Act 1986 section 112 to determine whether the company or its clients held a beneficial interest in shares of which the company held possession. Harvard Securities business was buying blocks of Australian or US shares, which it sold onto clients in parcels. It retained legal title of the shares, as a nominee for each client. But the parcels were not registered individually in the names of the clients. The company then went insolvent. It was also necessary to determine the applicable law. If the clients had a beneficial interest in the shares, it meant that they would not be available for the liquidator. Judgment Neuberger J held that English law applied to the US shares (Australian law to the Australian shares, up to those sold after the 14 July), an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re Lehman Brothers International (Europe)
''Re Lehman Brothers International (Europe)'' 012UKSC 6is an English trusts law and UK insolvency law case, concerning the certainty of subject matter to create a trust. Facts Lehman Brothers International (Europe) was the UK subsidiary of Lehman Brothers Holdings Inc, the US parent that had gone in Chapter 11 bankruptcy proceedings. It had held money on behalf of many clients, including some affiliates of Lehman. The client money rules of Financial Services Authority were in the Client Assets Sourcebook, chapter 7, issued under the FSMA 2000 section 138. FSMA 2000 section 139 permitted FSA rulemaking for ‘clients’ money being held on trust in accordance with the rules’, and accordingly CASS 7.7.2R said that client money was to be held on trust for the purpose of the client money rules. If a firm failed, the client money distribution rules in CASS 7.9 applied. But under CASS 7.4, a firm could either (1) pay money into a segregated account or (2) put the money into the fi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankrupt
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, and the term ''bankruptcy'' is therefore not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian ''banca rotta'', literally meaning "broken bank". The term is often described as having originated in renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment so that the public could see that the banker, the owner of the bench, was no longer in a condition to continue his business, although some dismiss this as a false etymology. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Specific Performance
Specific performance is an equitable remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such as to complete performance of the contract. It is typically available in the sale of land law, but otherwise is not generally available if damages are an appropriate alternative. Specific performance is almost never available for contracts of personal service, although performance may also be ensured through the threat of proceedings for contempt of court. Specific performance is commonly used in the form of injunctive relief concerning confidential information or real property. While specific performance can be in the form of any type of forced action, it is usually to complete a previously established transaction, thus being the most effective remedy in protecting the expectation interest of the innocent party to a contract. It is usually the opposite of a prohibitory injunction, but there are mandatory injunctions that have a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sale Of Goods Act
Sale of Goods Acts (with variations) regulate the sale of goods in several legal jurisdictions including Malaysia, New Zealand, the United Kingdom and the common law provinces of Canada. The Bill for an Act with this short title will have been known as a Sale of Goods Bill during its passage through Parliament. Sale of Goods Acts may be a generic name either for legislation bearing that short title or for all legislation which relates to the sale of goods. Implied Terms Seller Has the Right to Sell One can only transfer the ownership of a good if they are also the owner. The third party who bought in good faith will be weaker than the claim of the original owner. Description Goods must correspond with their descriptions. If it is not, the seller will face strict liability. For business-to-consumer transactions this term cannot be excluded from the contract, however this term might be excluded in business-to-business transactions. Satisfactory Quality (USA: Warrant of Me ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Trust Law
English trust law concerns the protection of assets, usually when they are held by one party for another's benefit. Trusts were a creation of the English law of property and obligations, and share a subsequent history with countries across the Commonwealth and the United States. Trusts developed when claimants in property disputes were dissatisfied with the common law courts and petitioned the King for a just and equitable result. On the King's behalf, the Lord Chancellor developed a parallel justice system in the Court of Chancery, commonly referred as equity. Historically, trusts have mostly been used where people have left money in a will, or created family settlements, charities, or some types of business venture. After the Judicature Act 1873, England's courts of equity and common law were merged, and equitable principles took precedence. Today, trusts play an important role in financial investment, especially in unit trusts and in pension trusts (where trustees and f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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