The claimant asserted as against the liquidator, a floating and registered charge over the company’s assets. The liquidator said that it had been granted within the twelve months prior to the onset of the insolvency, was caught by section 245(3)(b), and requested rectification of the register. The claimants relied on an opinion from senior counsel.
Held: The request for rectification of the register of charges was refused. The claimant had not a security interest at the time when he advanced the money; and, even had such a security interest existed, it would not be appropriate to exercise the discretion under section 404 in the claimant’s favour.
Keyser QC J
[2011] EWHC 2318 (Ch)
Bailii
Insolvency Act 1986 245(3)(b), Companies Act 2006 1096 1097, Companies Act 1985 395(1) 404, Companies Act 2006 (Commencement No. 8 Transitional Provisions and Savings) Order 2008
England and Wales
Citing:
Cited – Re Joplin Brewery Co Ltd ChD 1902
The applicants, owners of a solvent family business, sought to register a charge over the company’s assets out of time.
Held: Buckley J saw the application under s 15 of the 1900 Act as a similar application to the application to register out . .
Cited – in Re Resinoid and Mica Products Ltd CA 1967
(From 1967) An order extending time for registration of a charge will not normally be made after a company has gone into liquidation. . .
Cited – Victoria Housing Estates Ltd v Ashpurton Estates Ltd CA 1982
Although the Court has jurisdiction to extend the time for registration of a charge, its settled practice is not to do so when the company that granted the charge has already entered into liquidation. An application to extend the time for . .
Cited – In re Anglo-Oriental Carpet Manufacturing Company ChD 1903
Debentures creating a charge had been issued, but not registered within 21 days. On 1 November 1901, an order was made with the usual proviso (‘without prejudice to the rights of parties acquired prior to the time when such trust deed and debentures . .
Mentioned – In Re Jackson and Bassford Ltd ChD 1906
Buckley J distinguished between (1) an agreement to give security which was ‘so expressed as to create a present equitable right to a security’ and was thus registrable against te company registers; and (2) an agreement to give security which was so . .
Cited – In re Ehrmann Brothers Ltd CA 1906
Debentures had been issued after 1 January 1901 secured by a floating charge. It was was not registered in time. The judge had permitted registration, with a proviso as contained in In re I C Johnson, and registration was completed. A compulsory . .
Cited – Re Shoe Lace Ltd, Power v Sharp Investments Ltd CA 1993
A debenture was executed on 24th July 1990. Money earlier advanced by the chargee in anticipation of and in consideration for the debenture, including an advance made on 16th July 1990, had not been made ‘at the same time as’ the creation of the . .
Cited – In re MIG Trust Ltd CA 1933
An application under section 85 of the 1929 Act was opposed by the company at an early stage and before the matter came on for hearing. The mortgagor company was hopelessly insolvent and a winding up petition was impending. A few days later, on the . .
Lists of cited by and citing cases may be incomplete.
Insolvency, Company
Updated: 02 November 2021; Ref: scu.444302