Purchase by Common Agent at Auction Voidable
The defendant was the ‘common agent’ for the sale of the assets of an insolvent partnership and purchased some of the assets at a judicial auction.
Held: The purchase was voidable, even though it was made at a sale by auction.
Who bears the Expense of a Ranking and Sale? – Election of the Common Agent. – Can the Common Agent be a Purchaser? – Expense of an interim Warrant. The Common agent in a ranking is disqualified from purchasing at the judicial sale carried on under his direction.
Lord Cranworth
3 Paton 378, (1795) 3 ER 432
Commonlii
Scotland
Cited by:
Cited – Newgate Stud Company, Newgate Stud Farm Llc v Penfold, Penfold Bloodstock Limited ChD 21-Dec-2004
The claimants sought damages from the defendant. He had been employed to manage their horse-racing activities, and it was alleged that he had made secret profits. The defendant denied any dishonesty, saying all matters were known to the deceased . .
At Court of Session – The Governor And Company of Undertakers For Raising Thames Water In York Buildings v Alexander Mackenzie, Writer, To The Signet PC 15-May-1795
Who bears the Expense of a Ranking and Sale? – Election of the Common Agent. – Can the Common Agent be a Purchaser? – Expense of an interim Warrant. . .
Lists of cited by and citing cases may be incomplete.
Equity, Insolvency
Leading Case
Updated: 01 November 2021; Ref: scu.220725