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Salomon's Case
is a landmark UK company law case. The effect of the House of Lords' unanimous ruling was to uphold firmly the doctrine of corporate personality, as set out in the Companies Act 1862, so that creditors of an insolvent company could not sue the company's shareholders for payment of outstanding debts. Facts Mr Aron Salomon made leather boots or shoes as a sole proprietor. His sons wanted to become business partners, so he turned the business into a limited liability company. This company purchased Salomon's business at an excessive price for its value. His wife and five elder children became subscribers and the two elder sons became directors. Mr Salomon took 20,001 of the company's 20,007 shares which was payment from A Salomon & Co Limited for his old business (each share was valued at £1). Transfer of the business took place on 1 June 1892. The company also issued to Mr Salomon £10,000 in debentures. On the security of his debentures, Mr Salomon received an advance of £5, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Judicial Functions Of The House Of Lords
Whilst the House of Lords of the United Kingdom is the upper chamber of Parliament and has government ministers, it for many centuries had a judicial function. It functioned as a court of first instance for the trials of peers, for impeachments, and as a court of last resort in the United Kingdom and prior, the Kingdom of Great Britain and the Kingdom of England. Appeals were technically not to the House of Lords, but rather to the King-in-Parliament. In 1876, the Appellate Jurisdiction Act devolved the appellate functions of the House to an Appellate Committee, composed of Lords of Appeal in Ordinary (informally referred to as Law Lords). They were then appointed by the Lord Chancellor in the same manner as other judges. During the 20th and early 21st century, the judicial functions were gradually removed. Its final trial of a peer was in 1935, and in 1948, the use of special courts for such trials was abolished. The procedure of impeachment became seen as obsolete. In 2009, t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
In Re George Newman & Co
IN, In or in may refer to: Places * India (country code IN) * Indiana, United States (postal code IN) * Ingolstadt, Germany (license plate code IN) * In, Russia, a town in the Jewish Autonomous Oblast Businesses and organizations * Independent Network, a UK-based political association * Indiana Northeastern Railroad (Association of American Railroads reporting mark) * Indian Navy, a part of the India military * Infantry, the branch of a military force that fights on foot * IN Groupe , the producer of French official documents * MAT Macedonian Airlines (IATA designator IN) * Nam Air (IATA designator IN) Science and technology * .in, the internet top-level domain of India * Inch (in), a unit of length * Indium, symbol In, a chemical element * Intelligent Network, a telecommunication network standard * Intra-nasal (insufflation), a method of administrating some medications and vaccines * Integrase, a retroviral enzyme Other uses * ''In'' (album), by the Outsiders, 1967 * In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sydney Templeman, Baron Templeman
Sydney William Templeman, Baron Templeman, MBE, PC (3 March 1920 – 4 June 2014) was a British judge. He served as a Lord of Appeal in Ordinary from 1982 to 1995. Early life and career Templeman was born on 3 March 1920, the son of Herbert William Templeman (a coal merchant) & his wife Lilian née Pheasant. He was educated at Southall Grammar School and St John's College, Cambridge, where he was a scholar and read History. His studies were interrupted by World War II. In 1941, he was commissioned into the 4 Gorkha Rifles, and saw action on the Northwest Frontier, at Arakan, Imphal, and Burma. For his wartime service, he was mentioned in dispatches, and was demobilised as an honorary Major, and then later appointed an MBE for his war service. After the War, he returned to Cambridge to finish his studies, and read Law. He was called to the bar by the Middle Temple, where he was a Harmsworth Scholar, but joined Lincoln's Inn ''ad eundem'' as a MacMahon Scholar. He also practiced ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency Act 1986
The Insolvency Act 1986c 45 is an Act of the Parliament of the United Kingdom that provides the legal platform for all matters relating to personal and corporate insolvency in the UK. History The Insolvency Act 1986 followed the publication and most of the findings in the Cork Report, including the introduction of the Individual Voluntary Arrangement (IVA) and Company Voluntary Arrangement (CVA) procedures. Elements of the Act have been updated by the Enterprise Act 2002 which came into enforcement on 1 April 2004 and introduced amongst other things the popular "out-of-court" administration route.Lyndon Norley, Kirkland & Ellis International LLP and Joseph Swanson and Peter Marshall, Houlihan Lokey (2008). A Practitioner's Guide to Corporate Restructuring. City & Financial Publishing, 1st edition Those considering the main Act should also refer to the Insolvency Rules 1986 and numerous Regulations and other amending legislation since 1986, and also to the best practice which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Preferential Payments In Bankruptcy Amendment Act 1897
S The Preferential Payments in Bankruptcy Amendment Act 1897 (61 Vict. c.19) was an Act of Parliament of the United Kingdom, affecting UK insolvency law. It amended the category of " preferential payments" for rates, taxes and wages, to take priority over a floating charge in an insolvent company's assets. The Act was passed in broad response to the decision of the House of Lords in . at paragraph 132, per Lord Walker: "''Saloman v Saloman & Co Ltd'' was decided by this House on 16 November 1896. WIth remarkable promptness Parliament responded by enacting sections 2 and 3 of the Preference Payments in Bankrtupcy Amendment Act 1897". Section 1 of the Preferential Payments in Bankruptcy Act 1888 first introduced the concept. It was amended by section 2 of the Preferential Payments in Bankruptcy Amendment Act 1897. The provisions were re-enacted in the Companies (Consolidation) Act 1908, the Companies Act 1929 and the Companies Act 1948. Its provisions were largely ineffective a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trade Creditor
Trade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market. An early form of trade, barter, saw the direct exchange of goods and services for other goods and services, i.e. trading things without the use of money. Modern traders generally negotiate through a medium of exchange, such as money. As a result, buying can be separated from selling, or earning. The invention of money (and letter of credit, paper money, and non-physical money) greatly simplified and promoted trade. Trade between two traders is called bilateral trade, while trade involving more than two traders is called multilateral trade. In one modern view, trade exists due to specialization and the division of labour, a predominant form of economic activity in which individuals and groups concentrate on a small aspect of production, but use their output in trades for other products and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Floating Charge
A floating charge is a security interest over a fund of changing assets of a company or other legal person. Unlike a fixed charge, which is created over ascertained and definite property, a floating charge is created over property of an ambulatory and shifting nature, such as receivables and stock. The floating charge 'floats' or 'hovers' until the point at which it is converted ("crystallised") into a ''fixed charge'', attached to specific assets of the business. This crystallisation can be triggered by a number of events. In most common law jurisdictions it is an implied term in the security documents creating floating charges that a cessation of the company's right to deal with the assets (including by reason of insolvency proceedings) in the ordinary course of business leads to automatic crystallisation. Additionally, security documents will usually include express terms that a default by the person granting the security will trigger crystallisation. In most countries float ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Malins
Sir Richard Malins (9 March 1805 – 15 January 1882) was an English barrister, judge, and politician. Early life The third son of William Malins of Ailston, Warwickshire, by his wife Mary, eldest daughter of Thomas Hunter of Pershore, Worcestershire, and was born at Evesham on 9 March 1805. He was educated at a private school, and then entered Caius College, Cambridge in 1823, where he graduated B.A. in 1827. He had already joined the Inner Temple in 1825, and was called to the bar 14 May 1830. Malins practised as an equity draughtsman and conveyancer in Fig Tree Court, Temple, and later in New Square and in Stone Buildings, Lincoln's Inn. He made his way professionally without backing, interest, concentrated on real property law and the interpretation of wills, and built up a court practice in equity. He trained in his chambers numerous pupils, including Hugh Cairns who was his assistant for some time. In 1849 Malins transferred his membership from the Inner Temple to Li ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statute
A statute is a formal written enactment of a legislative authority that governs the legal entities of a city, state, or country by way of consent. Typically, statutes command or prohibit something, or declare policy. Statutes are rules made by legislative bodies; they are distinguished from case law or precedent, which is decided by courts, and regulations issued by government agencies. Publication and organization In virtually all countries, newly enacted statutes are published and distributed so that everyone can look up the statutory law. This can be done in the form of a government gazette which may include other kinds of legal notices released by the government, or in the form of a series of books whose content is limited to legislative acts. In either form, statutes are traditionally published in chronological order based on date of enactment. A universal problem encountered by lawmakers throughout human history is how to organize published statutes. Such publications h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Edward Macnaghten, Baron Macnaghten
Edward Macnaghten, Baron Macnaghten, (3 February 1830 – 17 February 1913) was an Anglo-Irish law lord, barrister, rower, and Conservative- Unionist politician. Early life and rowing Macnaghten was born in Bloomsbury, London, the second son of Sir Edmund Workman-Macnaghten, Bt., but grew up mainly at Roe Park, Limavady. He attended school in Sunderland and university at Trinity College Dublin and Trinity College, Cambridge, graduating Bachelor of Arts in 1852. At Cambridge, he was secretary of the Pitt Club. Macnaghten was a rower at Cambridge. In 1851, he was runner up to E. G. Peacock in the Diamond Challenge Sculls at Henley Royal Regatta, but avenged this the following year with a win. Macnaghten rowed bow for Cambridge in the Oxford and Cambridge Boat Race in 1852 which was won by Oxford. Also in 1852, he turned the tables on Peacock to win the Diamond Challenge Sculls from him at Henley. Legal and political career After being called to the Bar by Lincoln's Inn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macnaghten E Vanity Fair 1895-10-31
Macnaghten may refer to: *Clan Macnaghten *Daniel M'Naghten, namesake of the M'Naghten rules *Edward Macnaghten *Elliot Macnaghten *Half Hung MacNaghten *Macnaghten Baronets *Melville Macnaghten *William Hay Macnaghten (1793-1841), killed in the First Anglo-Afghan War See also * Macnaughtan * McNaughton {{Disambiguation, surname ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Farrer Herschell, 1st Baron Herschell
Farrer Herschell, 1st Baron Herschell, (2 November 1837 – 1 March 1899), was Lord High Chancellor of Great Britain in 1886, and again from 1892 to 1895. Life Childhood and education Herschell was born on 2 November 1837 in Brampton, Hampshire. His parents were Helen Skirving Mowbray and the Rev. Ridley Haim Herschell, who was a native of Strzelno, in Prussian Poland. When Ridley was a young man, he converted from Judaism to Christianity and took a leading part in founding the British Society for the Propagation of the Gospel Among the Jews. He eventually settled down to the charge of a Nonconformist chapel near the Edgware Road, in London, where he ministered to a large congregation. Farrer was educated at a grammar school in South London and attended lectures at the University of Bonn as a teenager, where his family lived for six months in 1852. In 1857 he took his BA degree with honours in Greek and mathematics at University College London, University of London, receivin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
