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Welsh Development Agency V Export Finance Co Ltd
''Welsh Development Agency v Export Finance Co Ltd'' [1992] BCLC 148 (often abbreviated to ''WDA v Exfinco'') is a judicial decision of the Court of Appeal of England and Wales, English Court of Appeal. The decision related to a number of aspects relating to complex financing arrangement, but is most often cited for the decision in relation to recharacterisation. The decision is now probably the leading English law case in relation to recharacterisation risk in financial transactions. Facts The Parrot Corporation was a company which manufactured and exported floppy disks. The company was a start-up venture funded by the Welsh Development Agency (WDA). As part of the financing provided to the company by the WDA, the WDA took security by means of an all-assets floating charge over the company's assets and undertaking. The company then sought to raise further finance from the Export Finance Co Ltd (Exfinco). That financing was documented principally under a master agreement w ... [...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 Courts of England and Wales#Senior Courts of England and Wales, 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 of England and Wales, Lord Chief Justice and the Master of the Rolls, 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 (England and Wales), County Court, High Court of Justice and Family Court (England and Wales ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security Interest
In finance, a security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the ''collateral'') which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations. One of the most common examples of a security interest is a mortgage: a person borrows money from the bank to buy a house, and they grant a mortgage over the house so that if they default in repaying the loan, the bank can sell the house and apply the proceeds to the outstanding loan. Although most security interests are created by agreement between the parties, it is also possible for a security interest to arise by operation of law. For example, in many jurisdictions a mechanic who repairs a car benefits from a lien over the car for the cost of repairs. This lien arises by operation of law in the absence of any agreement between the parties. Most security interests are grant ... [...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] |
Fraud
In law, fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong. The purpose of fraud may be monetary gain or other benefits, for example by obtaining a passport, travel document, or driver's license, or mortgage fraud, where the perpetrator may attempt to qualify for a mortgage by way of false statements. Internal fraud, also known as "insider fraud", is fraud committed or attempted by someone within an organisation such as an employee. A hoax is a distinct concept that involves deliberate deception without the intention of gain or of materially damaging or depriving a vi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Touchstone (metaphor)
As a metaphor, a touchstone refers to any physical or intellectual measure by which the validity or merit of a concept can be tested. It is similar in use to an acid test, litmus test in politics, or, from a negative perspective, a shibboleth where the criterion is considered by some to be out-of-date. The word was introduced into literary criticism by Matthew Arnold in "Preface to the volume of 1853 poems" (1853) to denote short but distinctive passages, selected from the writings of the greatest poets, which he used to determine the relative value of passages or poems which are compared to them. Arnold proposed this method of evaluation as a corrective for what he called the "fallacious" estimates of poems according to their "historic" importance in the development of literature, or else according to their "personal" appeal to an individual critic. Origin of the term A touchstone is a small tablet of dark stone such as fieldstone, slate, or lydite, used for assaying precious ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mark Romer, Baron Romer
Mark Lemon Romer, Baron Romer, PC (9 August 1866 – 19 August 1944) was a British barrister and judge. Biography Romer was born in Crawley, Sussex, the second son of Sir Robert Romer, later a Lord Justice of Appeal, and Betty, née Lemon, daughter of Mark Lemon, founding editor of ''Punch''. He was educated at Rugby and Trinity Hall, Cambridge, where he read Mathematics, graduating as a junior optime. He was called to the bar by Lincoln's Inn in 1890. Practicing at the Chancery bar, he was made a King's Counsel in 1906 and attached himself to the court of Mr Justice Parker, then that of Mr Justice Sargant when Parker was elevated to the House of Lords. Romer was appointed a judge of the Chancery Division of the High Court in 1922, in succession to Sir Arthur Frederick Peterson, and received the customary knighthood the same year. In 1929, he was made a Lord Justice of Appeal and sworn of the Privy Council. On 5 January 1938, he was appointed a Lord of Appeal in Ordina ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kenneth Diplock, Baron Diplock
William John Kenneth Diplock, Baron Diplock, (8 December 1907 – 14 October 1985) was a British barrister and judge who served as a lord of appeal in ordinary between 1968 and until his death in 1985. Appointed to the English High Court in 1956 and the Court of Appeal five years later, Diplock made important contributions to the development of constitutional and public law as well as many other legal fields. A frequent choice for governmental inquiries, he is also remembered for proposing the creation of the eponymous juryless Diplock courts. Of him, Lord Rawlinson of Ewell wrote that "to his generation Diplock was the quintessential man of the law". Early life and legal career Kenneth Diplock was born in South Croydon, the son of solicitor William John Hubert Diplock and his wife Christine Joan Diplock, ''née'' Brooke. He was educated at Whitgift School in Croydon and University College, Oxford, where he read chemistry and graduated with a second-class degree in 1929. He ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Andrew Murray, 1st Viscount Dunedin
Andrew Graham Murray, 1st Viscount Dunedin, (21 November 1849 – 21 August 1942) was a Scottish politician and judge. He served as Secretary for Scotland between 1903 and 1905, as Lord Justice General and Lord President of the Court of Session between 1905 and 1913 and as a Lord of Appeal in Ordinary between 1913 and 1932. Background and education Murray was the son of Thomas Graham Murray WS LLD (1816-1891) and Caroline Jane Tod, daughter of John Tod. His father and grandfather were solicitors, and founding partners of the Edinburgh firm Tods Murray & Jamieson. He was educated at Harrow and Trinity College, Cambridge. Political and legal career, 1891–1905 Murray was called to the Scottish Bar in 1874 and became a Queen's Counsel in 1891. The latter year he was also elected Member of Parliament for Bute, a seat he held until 1905, and appointed Solicitor General for Scotland in Lord Salisbury's Conservative administration. The Conservatives lost power in 1892 but when ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Legal Maxim
A legal maxim is an established principle or proposition of law, and a species of aphorism and general maxim. The word is apparently a variant of the Latin , but this latter word is not found in extant texts of Roman law with any denotation exactly analogous to that of a legal maxim in the Medieval or modern definition, but the treatises of many of the Roman jurists on and are to some degree collections of maxims. Most of the Latin maxims originate from the Medieval era in European states that used Latin as their legal language. The attitude of early English commentators towards the maximal of the law was one of unmingled adulation. In Thomas Hobbes, ''Doctor and Student'' (p. 26), they are described as of the same strength and effect in the law as statutes. Not only, observes Francis Bacon in the preface to his collection of maxims: The use of maxims will be "in deciding doubt and helping soundness of judgment, but, further, in gracing argument, in correcting unprofitable ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Board Of Directors
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 Germ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Torts (Interference With Goods) Act 1977
The Torts (Interference with Goods) Act 1977 was an Act of Parliament to amend the law in England, Wales and Northern Ireland concerning conversion and other torts affecting goods. Under the act, detinue was abolished. See also *Trespass in English law Trespass in English law is an area of tort law broadly divided into three groups: trespass to the person, trespass to goods, and trespass to land. Trespass to the person comes in three variants: assault, which is "to act in such a way that the ... References English tort law United Kingdom Acts of Parliament 1977 {{UK-statute-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
