Wynn-Parry J said: ‘the word ‘disposition’, taken by itself, and used in its most extended meaning, is no doubt wide enough to include the act of extinguishment’, but he rejected such a wide interpretation of that word in the Finance Act 1940, partly because it produced ‘a quite unexpected result’ and partly because in other sections of that Act ‘it is clear that where the legislature intended that … ‘disposition’ should include ‘extinguishment’, it was at pains to make express provision’. Accordingly, the extinguishment of a liability to pay insurance premiums did not amount to a ‘disposition’ for the purposes of section 44(1) of the 1940 Act.
Judges:
Wynn-Parry J
Citations:
[1954] 1 WLR 1228
Jurisdiction:
England and Wales
Cited by:
Cited – Akers and Others v Samba Financial Group SC 1-Feb-2017
Saad Investments was a Cayman Islands company in liquidation. The liquidator brought an action here, but the defendant sought a stay saying that another forum was clearly more appropriate. Shares in Saudi banks were said to be held in trust for the . .
Lists of cited by and citing cases may be incomplete.
Insolvency
Updated: 18 July 2022; Ref: scu.640395
