The secured claims of debenture holders are pursued, not in the winding up, but by enforcement of the debenture holders’ proprietary rights as chargees of the assets in question. A creditor is a person who ‘is to be considered as entirely outside the company, who is merely seeking to enforce a claim, not against the company, but to his own property’
References: (1877) 6 Ch D 339
Judges: James LJ
Jurisdiction: England and Wales
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)
These lists may be incomplete.
Last Update: 27 November 2020; Ref: scu.194245 br>