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Barclays Bank Ltd V Quistclose Investments Ltd
(sub nom ''Quistclose Investments Ltd v Rolls Razor Ltd'') is a leading property, unjust enrichment and trusts case, which invented a new species of proprietary interest in English law. A "Quistclose trust" arises when an asset is given to somebody for a specific purpose and if, for whatever reason, the purpose for the transfer fails, the transferor may take back the asset. If a debtor undertakes to use the loan in a particular way and segregates the creditor's money from his general assets, and the debtor becomes insolvent, the creditor's money is refundable and is not available to pay the debtor's other creditors. If the trust fails (because the purpose is not or cannot be fulfilled), the sums become subject to a resulting trust in favour of the person who originally advanced the credit and the person to whom the sums were advanced holds them as trustee. Facts Rolls Razor Ltd owed £484,000 to Barclays Bank Ltd. It still needed more money to pay a dividend, which it had dec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Reid, Baron Reid
James Scott Cumberland Reid, Baron Reid, (30 July 1890 – 29 March 1975) was a Scottish Unionist politician and judge. His reputation is as one of the most outstanding judges of the 20th century. Life He was born on 30 July 1890 in Drem, East Lothian the son of James Reid a Solicitor of the Supreme Courts (SSC) and his wife, Kate Scott. Educated at Edinburgh Academy, he then studied law at Jesus College, Cambridge, graduating BA in 1910 and LLB in 1911. He was admitted as an advocate in 1914. He was commissioned into the 8th battalion Royal Scots in World War I and was seconded to the Machine Gun Corps in 1916, serving in Mesopotamia and reaching the rank of Major. He resigned his commission in 1921. He was appointed a King's Counsel in 1932. He was Member of Parliament (MP) for Stirling and Falkirk from October 1931 until his defeat in November 1935, and for Glasgow Hillhead from June 1937 until September 1948. He served as Solicitor General for Scotland from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liquidator (law)
In law, a liquidator is the officer appointed when a company goes into winding-up or liquidation who has responsibility for collecting in all of the assets under such circumstances of the company and settling all claims against the company before putting the company into dissolution. Liquidator is a person officially appointed to 'liquidate' a company or firm. Their duty is to ascertain and settle the liabilities of a company or a firm. If there are any surplus, then those are distributed to the contributories. Origins In English law, the term "liquidator" was first used in the Joint Stock Companies Act 1856. Prior to that time, the equivalent role was fulfilled by "official managers" pursuant to the amendments to the Joint Stock Companies Winding-Up Act 1844 passed in 1848 - 1849. Powers In most jurisdictions, a liquidator's powers are defined by statute. Certain powers are generally exercisable without the requirement of any approvals; others may require sanction, either by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Secured Creditor
A secured creditor is a creditor with the benefit of a security interest over some or all of the assets of the debtor. In the event of the bankruptcy of the debtor, the secured creditor can enforce security against the assets of the debtor and avoid competing for a distribution on liquidation with the unsecured creditors. In most legal systems, secured creditors also have the option of releasing their security and proving in the liquidation Liquidation is the process in accounting by which a company is brought to an end in Canada, United Kingdom, United States, Ireland, Australia, New Zealand, Italy, and many other countries. The assets and property of the company are redistrib ..., although, in practice, they would rarely do so. Any creditor with a lien on all or a portion of an asset, such as a mortgage on real estate or a bank loan, is said to be a secured creditor. See also * Preferential creditor References {{finance-stub Credit Bankruptcy Insolvency ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unsecured Creditor
An unsecured creditor is a creditor other than a preferential creditor that does not have the benefit of any security interests in the assets of the debtor. In the event of the bankruptcy of the debtor, the unsecured creditors usually obtain a ''pari passu'' distribution out of the assets of the insolvent company on a liquidation in accordance with the size of their debt after the secured creditors have enforced their security and the preferential creditors have exhausted their claims. Although in a liquidation the unsecured creditors will usually realize the smallest proportion of their claims, in some legal systems, unsecured creditors who are also indebted to the insolvent debtor can (and in some jurisdictions, must) set off the debts, putting the unsecured creditor with a matured liability to the debtor in a pre-preferential position. See also * Preferential creditor * Secured creditor A secured creditor is a creditor with the benefit of a security interest over some or a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Company (law)
A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Companies take various forms, such as: * voluntary associations, which may include nonprofit organizations * business entities, whose aim is generating profit * financial entities and banks * programs or educational institutions A company can be created as a legal person so that the company itself has limited liability as members perform or fail to discharge their duty according to the publicly declared incorporation, or published policy. When a company closes, it may need to be liquidated to avoid further legal obligations. Companies may associate and collectively register themselves as new companies; the resulting entities are often known as corporate groups. Meanings and definitions A company can be defined as an "artificial pe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Segregated Account
Segregation may refer to: Separation of people * Geographical segregation, rates of two or more populations which are not homogenous throughout a defined space * School segregation * Housing segregation * Racial segregation, separation of humans into racial groups in daily life ** Racial segregation in the United States, a specific period in U.S. history * Religious segregation, the separation of people according to their religion * Residential segregation, the physical separation of two or more groups into different neighbourhoods * Sex segregation, the physical, legal, and cultural separation of people according to their biological sex * Occupational segregation, the distribution of people based upon demographic characteristics, most often gender, both across and within occupations and jobs * Age segregation, separation of people based on their age and may be observed in many aspects of some societies * Health segregation. Segregation by health condition. Separation of objects ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re Kayford
''Re Kayford Ltd (in liquidation)'' 9751 WLR 279 is a UK insolvency law and English trusts law case, concerning the creation of a trust over payments made by consumers, in an insolvent company. Facts The directors of Kayford Ltd, a mail order business, were concerned about insolvency. They were receiving pre-payments for goods from their customers, and were concerned about this being taken by other creditors. They got advice from their solicitors who said that they should open another account and deposit money from customers into that account. Suppliers of Kayford Ltd became insolvent, and soon Kayford Ltd also found it could not survive. It went into insolvent liquidation and the creditors claimed that the money in the accounts was part of the company’s assets. It was contended that instead the money was held on trust for Kayford’s customers. Judgment Megarry J held that the money was subject to a trust. It fulfilled all the requirements for creation of a trust, includi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul V Constance
/ 9771 W.L.R. 527 is an English trust law case. It sets out what will be sufficient to establish that someone has intended to create a trust, the first of the "three certainties". It is necessary that a settlor's "words and actions ... show a clear intention to dispose of property ... so that someone else acquires a beneficial interest." Facts Mr Constance's marriage broke down, and he moved in with Ms Paul. After a workplace accident he received £950 in damages, and following discussions with a bank manager, paid it into a new joint account. They were unmarried, so the account was just put in Mr Constance's sole name. He said repeatedly, ‘the money is as much yours as mine’. They paid in joint bingo winnings too, and they made a £150 withdrawal, which they split. But 13 months later, Mr Constance died without a will. Ms Paul claimed the account was hers. Mrs Constance reappeared and claimed the money was hers. Judgment The Court of Appeal held that the parties' words an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Twinsectra V Yardley
is a leading case in English trusts law. It provides authoritative rulings in the areas of ''Quistclose'' trusts and dishonest assistance. Facts Twinsectra Ltd sued an entrepreneur, Mr Yardley, and two solicitors, Mr Sims and Mr Paul Leach (of Godalming), for failing to repay a £1m loan. Twinsectra Ltd had given £1m to Mr Sims to pass onto Mr Yardley as a loan for buying real estate near Apperley Bridge, Bradford. Twinsectra Ltd had said it would only give the loan if someone guaranteed Mr Yardley's repayment. Mr Yardley's solicitor, Mr Leach, refused to give the guarantee, but Mr Sims accepted. Mr Sims had owed £1.5m to Mr Yardley from previous dealings. They agreed that if Mr Sims took the loan into his account first, the prior debts would be considered repaid. Mr Sims promised Twinsectra Ltd to not release the money unless the loan conditions were satisfied. The clause read as follows. However, Mr Sims then gave the money to Mr Yardley’s solicitor anyway (Mr Leach) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Obiter Dictum
''Obiter dictum'' (usually used in the plural, ''obiter dicta'') is a Latin phrase meaning "other things said",''Black's Law Dictionary'', p. 967 (5th ed. 1979). that is, a remark in a legal opinion that is "said in passing" by any judge or arbitrator. It is a concept derived from English common law, whereby a judgment comprises only two elements: ''ratio decidendi'' and ''obiter dicta''. For the purposes of judicial precedent, ''ratio decidendi'' is binding, whereas ''obiter dicta'' are persuasive only. Significance A judicial statement can be ''ratio decidendi'' only if it refers to the crucial facts and law of the case. Statements that are not crucial, or which refer to hypothetical facts or to unrelated law issues, are ''obiter dicta''. ''Obiter dicta'' (often simply '' dicta'', or ''obiter'') are remarks or observations made by a judge that, although included in the body of the court's opinion, do not form a necessary part of the court's decision. In a court opinion, ''obiter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Court Of Appeal Of England And Wales
The Court of Appeal (formally "His Majesty's Court of Appeal in England", commonly cited as "CA", "EWCA" or "CoA") is the highest court within the Senior Courts of England and Wales, and second in the legal system of England and Wales only to the Supreme Court of the United Kingdom. The Court of Appeal was created in 1875, and today comprises 39 Lord Justices of Appeal and Lady Justices of Appeal. The court has two divisions, Criminal and Civil, led by the Lord Chief Justice and the Master of the Rolls and Records of the Chancery of England respectively. Criminal appeals are heard in the Criminal Division, and civil appeals in the Civil Division. The Criminal Division hears appeals from the Crown Court, while the Civil Division hears appeals from the County Court, High Court of Justice and Family Court. Permission to appeal is normally required from either the lower court or the Court of Appeal itself; and with permission, further appeal may lie to the Supreme Court. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leonard Hoffmann, Baron Hoffmann
Leonard Hubert "Lennie" Hoffmann, Baron Hoffmann (born 8 May 1934) is a retired senior South African–British judge. He served as a Lord of Appeal in Ordinary from 1995 to 2009. Well known for his lively decisions and willingness to break with convention, he has had an especially large impact on the interpretation of contracts, shareholder actions in UK company law, in restricting tort liability for public authorities, human rights and intellectual property law, in particular patents. Currently, he serves as a Non-Permanent Judge of the Court of Final Appeal of Hong Kong. Early life Born 8 May 1934 in Cape Town, Leonard Hubert Hoffmann was the son of a well-known solicitor who co-founded what has become Africa's largest law firm, Edward Nathan Sonnenbergs. Education He was educated at the University of Cape Town and then attended The Queen's College, Oxford, as a Rhodes Scholar, where he studied for the BCL degree and won the Vinerian Scholarship. Between 1961 and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
