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Re MC Bacon Ltd
''Re MC Bacon Ltd'' 990BCLC 324 is a leading UK insolvency law case, concerning transactions at an undervalue ( Insolvency Act 1986, s 238) and voidable preferences ( Insolvency Act 1986, s 239). The court held that where a person granting security to a bank under commercial pressure from the bank, there was no "intention to prefer" the bank under the meaning in the Act. The granting of the security was a response to the commercial pressure, and not an intention to prefer one creditor above others. Although the decision is only a first instance decision in the United Kingdom, it has been followed in a number of other jurisdictions in relation to the proper determination of intention to prefer. Facts MC Bacon Ltd imported bacon, its main office on 192-194 Trundley’s Road, London. Started in 1973 it did normal bacon and then from 1983 diversified into gammon steaks, joints and rashered bacon. But in 1986 Dee Corporation, its principal supplier withdrew. Two directors, Mr Crea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
High Court Of Justice
The High Court of Justice in London, known properly as His Majesty's High Court of Justice in England, together with the Court of Appeal of England and Wales, Court of Appeal and the Crown Court, are the Courts of England and Wales, Senior Courts of England and Wales. Its name is abbreviated as EWHC (England and Wales High Court) for legal citation purposes. The High Court deals at Court of first instance, first instance with all high value and high importance Civil law (common law), civil law (non-criminal law, criminal) cases; it also has a supervisory jurisdiction over all subordinate courts and tribunals, with a few statutory exceptions, though there are debates as to whether these exceptions are effective. The High Court consists of three divisions: the King's Bench Division, the #Chancery Division, Chancery Division and the #Family Division, Family Division. Their jurisdictions overlap in some cases, and cases started in one division may be transferred by court order to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wrongful Trading
Wrongful trading is a type of civil wrong found in UK insolvency law, under Section 214 Insolvency Act 1986. It was introduced to enable contributions to be obtained for the benefit of creditors from those responsible for mismanagement of the insolvent company. Under Australian insolvency law the equivalent concept is called " insolvent trading". The Insolvency Act 1986 The principle of wrongful trading was introduced in the Insolvency Act 1986, to complement the concept of fraudulent trading. Unlike fraudulent trading, wrongful trading needs no finding of 'intent to defraud' (which requires a heavy burden of proof). Wrongful trading is therefore a less serious, and more common offence than fraudulent trading. Under UK insolvency law, wrongful trading occurs when the directors of a company have continued to trade a company past the point when they: *"knew, or ought to have concluded that there was no reasonable prospect of avoiding insolvent liquidation"; and *they did not tak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
High Court Of Justice Cases
High may refer to: Science and technology * Height * High (atmospheric), a high-pressure area * High (computability), a quality of a Turing degree, in computability theory * High (tectonics), in geology an area where relative tectonic uplift took or takes place * Substance intoxication, also known by the slang description "being high" * Sugar high, a misconception about the supposed psychological effects of sucrose Music Performers * High (musical group), a 1974–1990 Indian rock group * The High, an English rock band formed in 1989 Albums * ''High'' (The Blue Nile album) or the title song, 2004 * ''High'' (Flotsam and Jetsam album), 1997 * ''High'' (New Model Army album) or the title song, 2007 * ''High'' (Royal Headache album) or the title song, 2015 * ''High'' (EP), by Jarryd James, or the title song, 2016 Songs * "High" (Alison Wonderland song), 2018 * "High" (The Chainsmokers song), 2022 * "High" (The Cure song), 1992 * "High" (David Hallyday song), 1988 * " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom Insolvency Case Law
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe Television * ''United'' (TV series), a 1990 BBC Two documentary series * ''United!'', a soap opera that aired on BBC One from 1965-19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re Agriplant Services Ltd
''Re Agriplant Services Ltd'' [1997] 2 BCLC 598 is a UK insolvency law case, concerning voidable preferences under s 239 of the Insolvency Act 1986. It is an example of what will be considered an unlawful and voidable preference when a company is close to insolvency. Facts Agriplant leased some equipment from Closed Asset Finance Ltd (CAF) for its agricultural and earth moving business. It owed £20,000 to CAF, and the debt was guaranteed by Agriplant's majority shareholder, Mr George Sagar. An accountant advised no payments should be made to any creditors, but when Agriplant got more money on one of its contracts, it paid off CAF. It went into liquidation shortly after. One of the liquidators was the accountant. The liquidators sought an order that Mr Sagar or CAF should repay the £20,000 sum. Mr Sagar argued he had no desire to put himself or CAF in a better position before liquidation began. Judgment Jonathan Parker J ordered repayment by Closed Asset Finance Ltd of the £20, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy Act 1914
The Bankruptcy Act 1914 ( 4 & 5 Geo. 5. c. 59) was an Act of the Parliament of the United Kingdom which formed the primary source of UK insolvency law for approximately 70 years. It came into force on 1 January 1915 repealing a number of earlier statutes. It was substantially repealed by the short-lived Insolvency Act 1985. The Act is generally regarded as a consolidation of earlier statutes relating to bankruptcy. Although the Act is expressed solely with reference to the bankruptcy of individuals, section 317 of the Companies Act 1948 The Companies Act 1948 (11 & 12 Geo.6 c.38) was an Act of the Parliament of the United Kingdom, which regulated UK company law. Its descendant is the Companies Act 2006. Cases decided under this Act *''Bushell v Faith'' 970AC 1099 *''Scottish ... applied many of its provisions to corporate insolvencies.That section provides: "''In the winding up of an insolvent company ... the same rules shall prevail and be observed with regard to t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transaction At An Undervalue
An undervalue transaction is a transaction entered into by a company who subsequently goes into bankruptcy which the court orders be set aside, usually upon the application of a liquidator for the benefit of the debtor's creditors. This can occur where the transaction was seriously disadvantageous to the company and the company was insolvent or in immediate risk of becoming insolvent. Overview Under ordinary principles of contract law, the courts will not generally look into the adequacy of the consideration provided by either side. However, if a company is in real peril of going bankrupt, many legal systems provide for a mechanism which allows these transactions to be unwound, so as to prevent prejudice to the creditors of the company. Normally, for a transaction to be set aside as an undervalue transaction, the liquidator or equivalent must demonstrate that: #the consideration received by the company in the transaction, in money or money's worth is significantly less than the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Voidable Preference
An unfair preference (or "voidable preference") is a legal term arising in bankruptcy law where a person or company transfers assets or pays a debt to a creditor shortly before going into bankruptcy, that payment or transfer can be set aside on the application of the liquidator or trustee in bankruptcy as an unfair preference or simply a preference. Overview The law on unfair preferences varies from country to country, but characteristically, to set a transaction or payment aside as an unfair preference, the liquidator will need to show that: #the person or company was insolvent at the time the payment was made (either on the ''cash-flow'' test, or on the ''balance sheet'' test - it varies from country to country) #the person or company then went into bankruptcy within a specified time thereafter, usually referred to as the ''vulnerability period'' #the payment had the effect of putting the creditor in a better position than other unsecured creditors #in some jurisdictions, it is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Leonard Knox
Sir John Leonard Knox (6 August 1925 – 28 May 2015) was a British High Court judge, sitting in the Chancery division. He was appointed on 26 July 1985, and retired on 30 September 1996. Whilst sitting he was styled as Mr Justice Knox or Knox J. Prior to his elevation to the bench, Sir John practised as a barrister from what is now termed Radcliffe Chambers. He was Attorney-General of the Duchy of Lancaster from 1984 to 1986. Notable cases Notable judicial decisions that Knox J was involved in included: * '' Smith v Croft (No 2)'' 988Ch 114 relating to derivative claims. * '' Re Produce Marketing Consortium Ltd (No 2)'' 9895 BCC 569 relating to wrongful trading. * ''Re New Bullas Trading Ltd'' 9941 BCLC 485 at first instance, relating to floating charges. Knox J's decision at first instance was reversed by the Court of Appeal, but that decision was later overruled by the House of Lords in , effectively validating Knox J's original decision. * '' Re MC Bacon Ltd (No 1)'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re MC Bacon Ltd (No 2)
''Re MC Bacon Ltd'' 991Ch 127 is a UK insolvency law case relating specifically to the recovery the legal costs of the liquidator in relation to an application to set aside a floating charge as an unfair preference. The court held that because the right of action was vested in the liquidator (rather than the company itself) then those claims were not claims for realising or getting in the assets of the company, and therefore were not expenses of the liquidation. Accordingly, they were not recoverable under the preferential regime reserved for expenses of the liquidation. The court also gave useful guidance in the discussion of the proper application and context of applications by liquidators in relation to preferences and claims relating to wrongful trading. Facts MC Bacon Ltd was an importer of bacon which went into insolvent liquidation. Before going into liquidation the company had granted a debenture containing a floating charge in favour of its bank. At the time the c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shadow Director
A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law) and the organization's own constitution and by-laws. These authorities may specify the number of members of the board, how they are to be chosen, and how often they are to meet. In an organization with voting members, the board is accountable to, and may be subordinate to, the organization's full membership, which usually elect the members of the board. In a stock corporation, non-executive directors are elected by the shareholders, and the board has ultimate responsibility for the management of the corporation. In nations with codetermination (such as Germa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unfair Preference
An unfair preference (or "voidable preference") is a legal term arising in bankruptcy law where a person or company transfers assets or pays a debt to a creditor shortly before going into bankruptcy, that payment or transfer can be set aside on the application of the liquidator or trustee in bankruptcy as an unfair preference or simply a preference. Overview The law on unfair preferences varies from country to country, but characteristically, to set a transaction or payment aside as an unfair preference, the liquidator will need to show that: #the person or company was insolvent at the time the payment was made (either on the ''cash-flow'' test, or on the ''balance sheet'' test - it varies from country to country) #the person or company then went into bankruptcy within a specified time thereafter, usually referred to as the ''vulnerability period'' #the payment had the effect of putting the creditor in a better position than other unsecured creditors #in some jurisdictions, it is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
