A bankruptcy order was made in 1984. Under the 1914 Act the trustee in bankruptcy got title to all the assets of the bankrupt as of the date of the act of bankruptcy. So, the trustee owned the partnership assets. The wife drew andpound;11,700 out of those assets and invested in potato futures. By November 1984, she had made andpound;50,000 using that money. The trustee sought to recover that sum.
Held: It was the fruit of his money. A trustee in bankruptcy was entitled to an account of profits of investments withheld from him.
Judges:
Miller LJ
Citations:
Gazette 22-May-1996, Times 13-May-1996, [1997] Ch 159
Statutes:
Jurisdiction:
England and Wales
Cited by:
Cited – Foskett v McKeown and Others HL 18-May-2000
A property developer using monies which he held on trust to carry out a development instead had mixed those monies with his own in his bank account, and subsequently used those mixed monies to pay premiums on a life assurance policy on his own life, . .
Cited – Smithkline Beecham Plc Glaxosmithkline UK Ltd and Another v Apotex Europe Ltd and others (No 2) CA 23-May-2006
The parties to the action had given cross undertakings to support the grant of an interim injunction. A third party subsequently applied to be joined, and now sought to take advantage of the cross undertakings to claim the losses incurred through . .
Lists of cited by and citing cases may be incomplete.
Insolvency, Equity
Updated: 10 April 2022; Ref: scu.90004