|
Royal Trust Bank V National Westminster Bank Plc
''Royal Trust Bank v National Westminster Bank plc'' 996BCC 613 was a decision of the Court of Appeal in relation to the nature of a floating charge. This decision, together with an academic article written by Roy Goode, is sometimes looked upon as the turning point in relation to the stricter requirements in relation to control of the proceeds of book debts and other future receivables laid down in subsequent cases. Facts Brookes Associates Finance Limited was in the business of providing equipment under hire purchase agreements. In 1992 Royal Trust Bank (called RTB in the judgment) extended finance to the company, and took a deed of charge under which the company purported to charge the benefit of certain hire purchase agreements deposited with RTB. Those deeds of charge required all sums paid to the company under the hire purchase agreement to be deposited into a specified bank account which the company was required to open with RTB. No such bank account was ever opened, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Court Of Appeal Of England And Wales
The Court of Appeal (formally "His Majesty's Court of Appeal in England", commonly cited as "CA", "EWCA" or "CoA") is the highest court within the Senior Courts of England and Wales, and second in the legal system of England and Wales only to the Supreme Court of the United Kingdom. The Court of Appeal was created in 1875, and today comprises 39 Lord Justices of Appeal and Lady Justices of Appeal. The court has two divisions, Criminal and Civil, led by the Lord Chief Justice and the Master of the Rolls and Records of the Chancery of England respectively. Criminal appeals are heard in the Criminal Division, and civil appeals in the Civil Division. The Criminal Division hears appeals from the Crown Court, while the Civil Division hears appeals from the County Court, High Court of Justice and Family Court. Permission to appeal is normally required from either the lower court or the Court of Appeal itself; and with permission, further appeal may lie to the Supreme Court. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jonathan Parker
Sir Jonathan Frederic Parker (born 8 December 1937) is a retired British Lord Justice of Appeal. Education Sir Jonathan was born in Bishop's Stortford, Hertfordshire, the son of Sir Edmund Parker (1908–1981) and Elizabeth Mary Butterfield (died 1984). His father was a distinguished accountant who was senior partner of Price Waterhouse & Co. and president of the Institute of Chartered Accountants in England and Wales from 1967–68. He was educated at Winchester College and then Magdalene College, Cambridge. Career He was called to the Bar in 1962. He was appointed as Queen's Counsel in 1979. He became a Bencher of the Inner Temple in 1985, and served as head of chambers at 11 Old Square, Lincoln's Inn. He became a High Court Judge in the Chancery Division in 1991 when he received the customary knighthood. He then became a Lord Justice of Appeal in 2000, whereupon he was appointed to the Privy Council in the usual way. He retired from the bench in 2007. He also ser ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Court Of Appeal (England And Wales) Cases
A court of appeals, also called a court of appeal, appellate court, appeal court, court of second instance or second instance court, is any court of law that is empowered to hear an appeal of a trial court or other lower tribunal. In much of the world, court systems are divided into at least three levels: the trial court, which initially hears cases and reviews evidence and testimony to determine the facts of the case; at least one intermediate appellate court; and a supreme court (or court of last resort) which primarily reviews the decisions of the intermediate courts, often on a discretionary basis. A particular court system's supreme court is its highest appellate court. Appellate courts nationwide can operate under varying rules. Under its standard of review, an appellate court decides the extent of the deference it would give to the lower court's decision, based on whether the appeal were one of fact or of law. In reviewing an issue of fact, an appellate court ordinar ... [...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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom Company 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re Spectrum Plus Ltd
was a UK company law decision of House of Lords that settled a number of outstanding legal issues relating to floating charges and recharacterisation risk under the English common law. However, the House of Lords also discussed the power of the court to make rulings as to the law that were "prospective only" to mitigate potential harshness when issuing a ruling that was different from what the law had previously been understood to be. Facts Spectrum Plus Ltd ("Spectrum") carried on the business of a manufacturer of dyes, paints, pigments and other chemical products for the paint industry. Spectrum opened an overdraft facility, and made an agreement with, National Westminster Bank Plc ("NatWest") that said it was granting a fixed charge, or in the words of the contract, a "specific charge fall book debts and other debts… now and from time to time due or owing to pectrum to secure a £250,000 overdraft. Spectrum was prohibited from charging or assigning debts, and was requ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re Brumark Investments Ltd
''Agnew v Commissioners of Inland Revenue'', more commonly referred to as is a decision of the Privy Council relating to New Zealand and UK insolvency law, concerning the taking of a security interest over a company's assets, the proper characterisation of a floating charge, and the priority of creditors in a company winding-up. Facts Brumark Investments Ltd gave security over debts to its bank, Westpac Westpac Banking Corporation, known simply as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney, New South Wales. Established in 1817 as the Bank of New South Wales, .... The terms were that its security was a fixed charge, but a floating charge when proceeds were collected (the same as drafted as in '' Re New Bullas Trading Ltd''). Brumark was free to collect debts for its own account and to use proceeds in its business. Brumark went into receivership. The receivers collected the outstanding de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re New Bullas Trading Ltd
''Re New Bullas Trading Ltd'' 9941 BCLC 485 is a UK insolvency law case, concerning the definition of a floating charge. It held, somewhat controversially, that it was possible to separate a book debt from its proceeds, and that it was possible to create a fixed charge over the book debt but only a floating charge over the proceeds. At the time the decision attracted a great deal of academic commentary, much of it hostile. It is now outdated as authority, being first doubted by the Privy Council in , and then formally overruled by the House of Lords in . Facts New Bullas Trading Ltd granted a charge over book debts in favour of 3i plc. It said this was a fixed charge over the uncollected debts and a floating charge over their proceeds, which went into a designated bank account (or another one that 3i could specify in writing). Knox J held this was impossible. He said there was a floating charge throughout, so the company’s preferential creditors were entitled in an admin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Siebe Gorman & Co Ltd V Barclays Bank Ltd
''Siebe Gorman & Co Ltd v Barclays Bank Ltd'' 9792 Lloyd's Rep 142 is a UK insolvency law case, concerning the definition of a floating charge. It was an influential decision for many years, but is now outdated as authority in light of the House of Lords decision in ''Re Spectrum Plus Ltd''. Facts Siebe Gorman, a diving equipment company, granted a debenture in favour of Barclays Bank to secure a loan. The document was expressed to create a ‘first fixed charge’ over all present and future book debts. It required Siebe Gorman to pay the proceeds of its book debts into a Barclays Bank account, and prohibited Siebe Gorman from creating any other charges on those book debts, or assigning the book debts to anyone else. So there was a prohibition on dealing with the book debts before collection of them. Barclays also had the right to obtain absolute control by giving notice, but that right was never exercised. Judgment Slade J held that it was a fixed charge. The restrictions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re Brightlife Ltd
''Re Brightlife Ltd'' 9871 Ch 200 is a UK insolvency law case, concerning the conversion of a floating charge into a fixed charge ("crystallisation"). It held that an automatic crystallisation clause was part of the parties’ freedom of contract. It could not be limited by court created public policy exceptions. The significance of the case was largely outpaced by the Insolvency Act 1986 section 251, which said a floating charge was one that was created as a floating charge. Facts Brightlife Ltd had a charge over book debts in favour of Norandex, its bank. The charge said it was a "first specific charge" and did not allow Brightlife to sell, factor or discount debts without written consent. A debenture holder gave the company a notice converting the floating charge into a fixed charge a week before a voluntary winding up resolution was passed. Counsel argued public policy required restriction on crystallising events, one reason being that an automatic crystallisation clause ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banker's Right To Combine Accounts
Under English law, a bank has a general right to combine accounts where a customer has multiple accounts with the same bank. The right has been recognised since at least 1860. However it was not until 1975 in the House of Lords decision in '' National Westminster Bank Ltd v Halesowen Presswork & Assemblies Ltd'' 972AC 785 that it was finally determined that this was a type of set-off right rather than anything related to the banker's lien (a separate common law right). Typically the right will be exercised where one account is overdrawn and the other is in credit so that the bank can secure full repayment of overdraft without the need to take any further action with respect to the customer. The broad rationale is that separate numbered accounts are set up for administrative convenience only, but the legal duty upon a bank to "account" to its customers for the sums held by it only extends to the net sum. Mutuality In order for the bank to combine accounts there must be mut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Constructive Trust
A constructive trust is an equitable remedy imposed by a court to benefit a party that has been wrongfully deprived of its rights due to either a person obtaining or holding a legal property right which they should not possess due to unjust enrichment or interference, or due to a breach of fiduciary duty, which is intercausative with unjust enrichment and/or property interference. It is a type of implied trust (''i.e.'', it is created by conduct, not explicitly by a settlor). Definition Constructive trusts are imposed by operation of law. They are also referred to as implied trusts. They are not subject to formality requirements. Unlike a resulting trust, which also arises by operation of law, a constructive trust does not give effect to the imputed/presumed intention of the parties. Instead, constructive trusts are largely said to be triggered by unconscionability. This is the idea that a defendant would be unjustly enriched if they were allowed to keep property for themsel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
.jpg "Click for more on -> Court Of Appeal (England And Wales) Cases")