A company registered in Guernsey issued debentures creating floating charges over real and personal property in England. The court was asked whether the debentures ought to be deemed to be within the Bills of Sales Acts and so ought to have been registered as bills of sale in circumstances where the company was not obliged by the law of Guernsey to keep a register of charges.
Held: The court applied Read v Joannon and Standard Manufacturing in the effect that all debentures of incorporated bodies were exempt from the Act of 1878; ‘there was a little error in the judgment of Vaughan Williams J.’ in Great Northern Ry. Co. and, ‘I must say that the reasoning of Wills J. in [Read v Joannon] commends itself to my mind.’
Judges:
Phillimore J
Citations:
[1908] 1 KB 667
Jurisdiction:
England and Wales
Citing:
Cited – In re Standard Manufacturing Co CA 1891
Company debentures were expressly excepted from the operation of the Bills of Sales Act (1878) Amendment Act 1882 by section 17 of that Act because they were debentures ‘issued by any mortgage, loan, or other incorporated company’. Nor were . .
Cited by:
Cited – Online Catering Ltd v Acton and Another CA 10-Feb-2010
The claimant agreed for the defendant to repair its fleet of vehicles. The defendant, having fees outstanding, entered the claimants’ premises and removed vehicles saying falsely that they were to be repaired, and then refused to return them. The . .
Cited – N V Slavenburg’s Bank v Intercontinental Natural Resources Ltd ChD 1980
The Bermudan company defendant had assigned stocks as a security. The security was not registered, and nor did the company have any registration within the UK. It was not the practice of the Registrar of Companies to accept particulars of charges . .
Lists of cited by and citing cases may be incomplete.
Company
Updated: 02 May 2022; Ref: scu.414893
