''Re Atlantic Computer Systems plc (No 1)''
EWCA_Civ_20is_a_
EWCA_Civ_20is_a_UK_insolvency_law">990
EWCA_Civ_20
is_a_UK_insolvency_law_case_concerning_the_administration_procedure_when_a_company_is_unable_to_repay_its_debts.
_Facts
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is a UK insolvency law case concerning the administration procedure when a company is unable to repay its debts.
Facts
Atlantic Computers">Atlantic Computer Systems plc, recently taken over by British and Commonwealth Holdings, had hired a set of computers. It went into insolvency. The company lending the computers attempted to repossess them. The administrators argued this was impermissible.
Judgment
The Court of Appeal held that the computers could not be repossessed directly. The landlords and hire purchase
A hire purchase (HP), also known as an installment plan, is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g., 40% of the total) and repaying the balance of the price of the asset pl ...
sellers could not get money as an expense of administrative receivership either, because ‘the lessor or owner of goods has his remedies.’ Nicholls LJ gave guidance on exercising security rights against companies in administration. Referring to the old s 11, he said the following.992
Year 992 ( CMXCII) was a leap year starting on Friday (link will display the full calendar) of the Julian calendar.
Events
By place
Worldwide
* Winter – A superflare from the sun causes an Aurora Borealis, with visibility as fa ...
Ch 505, 541-4
See also
*UK insolvency law
United Kingdom insolvency law regulates companies in the United Kingdom which are unable to repay their debts. While UK bankruptcy law concerns the rules for natural persons, the term insolvency is generally used for companies formed under the ...
*''Soden v British and Commonwealth Holdings plc
''Soden v British and Commonwealth Holdings plc'' 998AC 298 is a UK insolvency law case, decided in the House of Lords. It decided that damages for negligent misrepresentation inducing purchase of company shares are not "sums due" to shareholder ...
'' 998
Year 998 ( CMXCVIII) was a common year starting on Saturday (link will display the full calendar) of the Julian calendar.
Events
By place
Europe
* Spring – Otto III retakes Rome and restores power in the papal city. Crescenti ...
AC 298, misrepresentation claims of shareholders were not the same as claims by shareholders, and so not subordinated to the claims of other creditors.
Notes
{{reflist, 2
References
*L Sealy and S Worthington, ''Cases and Materials in Company Law'' (9th edn OUP 2010)
*R Goode, ''Principles of Corporate Insolvency Law'' (4th edn Sweet & Maxwell 2011)
United Kingdom insolvency case law
1990 in United Kingdom case law
Court of Appeal (England and Wales) cases