The company had collected savings from consumers toward ‘christmas packs’. It went into liquidation. The revenue asserted claims for unsecured creditors saying that no trust had been created in favour of the savers.
Held: No Quistclose type trust was created on payment to the company’s agent. The court considered the classes of creditors and the payments to be made to them.
Judges:
Warren J
Citations:
[2009] EWHC 2580 (Ch)
Links:
Statutes:
Jurisdiction:
England and Wales
Citing:
Cited – Barclays Bank Ltd v Quistclose Investments Ltd; etc HL 31-Oct-1968
R Ltd were in serious financial difficulties. The company’s overdraft with the appellant bank was almost twice its permitted limit. The company sought a loan of 1 million pounds from a financier, who was willing to lend the company that sum provided . .
Lists of cited by and citing cases may be incomplete.
Insolvency
Updated: 26 August 2022; Ref: scu.377219