In re MC Bacon Ltd (No2): ChD 1991

A claim was made by the liquidator for reimbursement, out of a fund in the hands of a secured creditor, of costs, which included costs the liquidator had been ordered to pay the secured creditor following the dismissal of the action in which he sought to invalidate the creditor’s security as a voidable preference.
Held: The action was dismissed when the liquidator called no evidence: ‘the expenses of realising or getting in the assets do not include the costs of an unsuccessful attempt to recover an asset’
Millett J observed that it would be ‘difficult to imagine anything more unjust’ than making the order sought.
Millett J
[1991] Ch 127, [1990] BCLC 607, [1990] BCC 430, [1990] 3 WLR 646
England and Wales
Cited by:
CitedLB Holdings Intermediate 2 Ltd, The Joint Administrators of v Lehman Brothers International (Europe), The Joint Administrators of and Others SC 17-May-2017
In the course of the insolvent administration of the bank, substantial additional sums were received. Parties appealed against some orders made on the application to court for directions as to what was to be done with the surplus.
Held: The . .

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Updated: 20 February 2021; Ref: scu.641433