In the case of a compulsory liquidation the date on which a floating charge is crystallised was the date on which the winding up order was made and not the date on which the winding up petition was presented.
References: [1982] 1 WLR 1245
This case is cited by:
- Cited – Buchler and another (as joint liquidators of Leyland DAF Limited) v Talbot and another (as joint administrative receivers of Leyland DAF Limited) and Stichting Ofasec and others HL 4-Mar-2004
The liquidator sought to recover his expenses from assets charged under a floating charge in priority to the chargee.
Held: Barleycorn was decided in error. The liquidators costs incurred in an insolvent winding up were not to be charged . .
(, [2004] UKHL 9, , Times 05-Mar-04, Gazette 25-Mar-04, [2004] 2 WLR 582, [2004] AC 298) - Not followed – In Re Portbase Clothing Ltd; Mould v Taylor 1993
The company had given two debentures, one fixed and one floating. Their priority was fixed by a deed of priority. On insolvency the liquidator sought direction as to the application of the assets.
Held: The deed made the bank’s floating charge . .
([1993] Ch 388)
These lists may be incomplete.
Last Update: 27 November 2020; Ref: scu.194252
