swarb.co.uk - law index
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Financial Services - From: 1849 To: 1899
This page lists 2 cases, and was prepared on 20 May 2019.
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 Chapleo v Brunswick Permanent Building Society; 1881 - (1881) 6 QBD 696
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Ex parte Ward (1882) 22 Ch D 132
1882
CA
Cotton LJ
Insolvency, Financial Services
The court was asked whether a creditor might petition for bankruptcy on a liability as a broker who had failed to settle sums due on purchasing shares on the London Stock Exchange. He was declared a defaulter under the Exchange rules as to £5,623. The petition was met with a plea that their claim was not for a liquidated sum due at law or in equity as required by s.6 of the 1869 Act but was a claim for unliquidated damages. Held: The claim was for a debt in a liquidated sum. The Stock Exchange rules were incorporated into the contract and the contract itself provided the means of ascertaining the amount due.
Cotton LJ said: "Rule 170 in the case of a defaulter really alters the original contract, and provides a new contract as between the defaulter and his creditor, and then the amount of the liability is fixed and ascertained in accordance with that altered contract."
Bankruptcy Act 1869 6
1 Citers
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