The deceased had a valuable life insurance policy. Before an operation he wrote it in trust with no consideration. He died in the operation. He was insolvent. The issue was as to when the policy was to be valued.
Held: The property was to be valued at the time it was assigned. Following Brewin Dolphin, the valuer was not to take into account events which occurred after the assignment was completed, save to the extent that they were relevant at the date of the transaction. The valuation was for the judge.
Judges:
Andrew Morritt VC
Citations:
Times 23-Nov-2002, Gazette 30-Jan-2003, [2002] EWHC 2416 (Ch), [2003] BPIR 489
Links:
Jurisdiction:
England and Wales
Citing:
Cited – Phillips (Liquidator of A J Bekhor and Co ) and Another v Brewin Dolphin Bell Lawrie HL 18-Jan-2001
The company sold its business to the respondent for one pound, but the respondent agreed to sublease computer equipment for an amount equivalent to the value of the company. The company defaulted, and the computer equipment was recovered. The . .
See Also – Reid v Ramlort Ltd IHCS 14-Oct-1998
A Scottish court has no jurisdiction to act in a Scottish bankruptcy case could not act to retrieve property assigned without consideration to an English company with no connection to Scotland other than the gift. . .
Full Hearing – Ramlort Ltd v Michael James Meston Reid CA 8-Jul-2004
The company sought to claim under a life policy. The deceased had died in Scotland insolvent. The trustee of the policy had declared that he held it on trust for the claimant, but the defendant, the judicial factor of the estate, said the . .
Cited by:
See also – Reid v Ramlort Ltd IHCS 14-Oct-1998
A Scottish court has no jurisdiction to act in a Scottish bankruptcy case could not act to retrieve property assigned without consideration to an English company with no connection to Scotland other than the gift. . .
Preliminary hearing – Re Thoars (Dec’d); Reid v Ramlort Ltd ChD 2003
The company claimed the benefit of an insurance policy. They had paid certain premiums and the trustee had made a declaration that it was held on trust for the company. The insured died in Scotland, intestate and insolvent.
Held: The . .
Cited – Golden Strait Corporation v Nippon Yusen Kubishka Kaisha (‘The Golden Victory’) HL 28-Mar-2007
The claimant sought damages for repudiation of a charterparty. The charterpary had been intended to continue until 2005. The charterer repudiated the contract and that repudiation was accepted, but before the arbitrator could set his award, the Iraq . .
Lists of cited by and citing cases may be incomplete.
Insolvency
Updated: 13 October 2022; Ref: scu.178119
