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NatWest V Spectrum Plus Limited
was a UK company law decision of House of Lords that settled a number of outstanding legal issues relating to floating charges and recharacterisation risk under the English common law. However, the House of Lords also discussed the power of the court to make rulings as to the law that were "prospective only" to mitigate potential harshness when issuing a ruling that was different from what the law had previously been understood to be. Facts Spectrum Plus Ltd ("Spectrum") carried on the business of a manufacturer of dyes, paints, pigments and other chemical products for the paint industry. Spectrum opened an overdraft facility, and made an agreement with, National Westminster Bank Plc ("NatWest") that said it was granting a fixed charge, or in the words of the contract, a "specific charge fall book debts and other debts… now and from time to time due or owing to pectrum to secure a £250,000 overdraft. Spectrum was prohibited from charging or assigning debts, and was requi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Judicial Functions Of The House Of Lords
Whilst the House of Lords of the United Kingdom is the upper chamber of Parliament and has government ministers, it for many centuries had a judicial function. It functioned as a court of first instance for the trials of peers, for Impeachment in the United Kingdom, impeachments, and as a court of last resort in the United Kingdom and prior, the Kingdom of Great Britain and the Kingdom of England. Appeals were technically not to the House of Lords, but rather to the King-in-Parliament. In 1876, the Appellate Jurisdiction Act devolved the appellate functions of the House to an Appellate Committee, composed of Lords of Appeal in Ordinary (informally referred to as Law Lords). They were then appointed by the Lord Chancellor in the same manner as other judges. During the 20th and early 21st century, the judicial functions were gradually removed. Its final trial of a peer was in 1935, and in 1948, the use of special courts for such trials was abolished. The procedure of impeachment b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Test Case (law)
In case law, a test case is a legal action whose purpose is to set a precedent. Test cases are brought to court as a means to provide a clearer definition to laws with disputed meaning and/or intent. An example of a test case might be a legal entity who files a lawsuit to see if the court considers a certain law or a certain legal precedent applicable in specific circumstances. This is useful, for example, to validate later filing similar lawsuits. Government agencies sometimes bring test cases to confirm or expand their powers.In FTC v. Dean Foods Co., the FTC sought to establish its power to obtain preliminary injunctions in anti-merger cases. In FTC v. Sperry & Hutchinson Co., the FTC sought to establish its power to invoke section 5 of the FTC Act, 15 U.S.C. sec. 45, against business practices that were "unfair" without being similar to antitrust violations. In United States v. Glaxo Group Ltd., the Justice Department sought to establish its power to invalidate patents even ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Practice Statement (Judicial Precedent)
The Practice Statement 9663 All ER 77 was a statement made in the House of Lords by Lord Gardiner LC on 26 July 1966 on behalf of himself and the Lords of Appeal in Ordinary, that they would depart from precedent in the Lords in order to achieve justice. Background Until the year 1966, the House of Lords in the United Kingdom was bound to follow all of its previous decisions under the principle of '' stare decisis'', even if this created "injustice" and "unduly restrict(s) the proper development of the law" ('' London Tramways Co. v London County Council'' 898AC 375). The Practice Statement 1966 is authority for the House of Lords to depart from their previous decisions. It does not affect the precedentail value of cases in lower courts; all other courts that recognise the Supreme Court (formerly the House of Lords) as the court of last resort are still bound by Supreme Court (and House of Lords) decisions. Before this, the only way a binding precedent could be avoided was to crea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agnew V Commissioners Of Inland Revenue
''Agnew v Commissioners of Inland Revenue'', more commonly referred to as is a decision of the Privy Council relating to New Zealand and UK insolvency law, concerning the taking of a security interest over a company's assets, the proper characterisation of a floating charge, and the priority of creditors in a company winding-up. Facts Brumark Investments Ltd gave security over debts to its bank, Westpac. The terms were that its security was a fixed charge, but a floating charge when proceeds were collected (the same as drafted as in ''Re New Bullas Trading Ltd''). Brumark was free to collect debts for its own account and to use proceeds in its business. Brumark went into receivership. The receivers collected the outstanding debts. Fisher J held that uncollected debts were subject to a fixed charge, as the parties had agreed. So they were not subject to claims of preferential creditors. The NZ Court of Appeal overturned this and held that the fact Brumark could collect the debt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re Keenan Bros Ltd
Re or RE may refer to: Geography * Re, Norway, a former municipality in Vestfold county, Norway * Re, Vestland, a village in Gloppen municipality, Vestland county, Norway * Re, Piedmont, an Italian municipality * Île de Ré, an island off the west coast of France ** Le Bois-Plage-en-Ré, a commune on that island * Re di Anfo, a torrent (seasonal stream) in Italy * Re di Gianico, Re di Niardo, Re di Sellero, and Re di Tredenus, torrents in the Val Camonica * Réunion (ISO 3166-1 code), a French overseas department and island in the Indian Ocean Music * Re, the second syllable of the scale in solfège ** Re, or D (musical note), the second note of the musical scale in ''fixed do'' solfège * Re: (band), a musical duo based in Canada and the United States Albums * ''Re'' (Café Tacuba album) * ''Re'' (Les Rita Mitsouko album) * ''Re.'' (Aya Ueto album) * ''Re:'' (Kard EP) Other media * Resident Evil, popular video game franchise of survival horror * ''...Re'' (film), a 201 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sarah Worthington
Dame Sarah Elizabeth Worthington, (''née'' Monks; born 18 February 1955) is a British legal scholar, barrister, and Deputy High Court Judge in the Chancery Division, specialising in company law, commercial law, and equity. From 2011 to 2022, she was the Downing Professor of the Laws of England at the University of Cambridge. She is Treasurer of the British Academy and a trustee of the British Museum. Early life and education The then Sarah Monks was born on 18 February 1955 in Barnsley, Yorkshire, England. Her parents moved soon after her birth to Uganda, and then to Kenya, where she lived until she was 8 years old. They then moved to Australia. She studied natural science and mathematics at the Australian National University, graduating with a Bachelor of Science (BSc) degree in 1974. From 1975 to 1976, she was a doctoral candidate at the University of Queensland, undertaking cancer research; she left without completing. In 1977, while training to be a teacher, she completed ... [...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] |
Business As Usual (business)
Business as usual (BAU), the normal execution of standard functional operations within an organisation, forms a possible contrast to projects or programmes which might introduce change. BAU may also stand in contradistinction to external events which may have the effect of unsettling or distracting those inside an organisation. Goals The maintenance of BAU is the primary goal of business continuity planning (BCP). In climatology "Business as usual" is a phrase is frequently used in climate change studies to warn of the dangers of not implementing changes in order to prevent the world from warming further. See also * Business continuity planning Business continuity may be defined as "the capability of an organization to continue the delivery of products or services at pre-defined acceptable levels following a disruptive incident", and business continuity planning (or business continuity a ... * Business operations * Conceptual framework References Business continui ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nicholas Phillips, Baron Phillips Of Worth Matravers
Nicholas Addison Phillips, Baron Phillips of Worth Matravers, (born 21 January 1938) is a British former senior judge. Phillips was the inaugural President of the Supreme Court of the United Kingdom, holding office between October 2009 and October 2012. He was the last Senior Lord of Appeal in Ordinary and the first Lord Chief Justice of England and Wales to be head of the English judiciary when that function was transferred from the Lord Chancellor in April 2006. Before his chief justiceship, he was Master of the Rolls from 2000 to 2005. He sits as a crossbencher. Early life Phillips was born 21 January 1938. He was educated at Bryanston School (where he was appointed a governor of the school in 1975, he has been chairman of its governors since 1981). He undertook National Service with the Royal Navy and the Royal Naval Volunteer Reserve, being commissioned as an officer. After two years' military service he went to King's College, Cambridge, where he read law. In 1962, he w ... [...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] |
Re New Bullas Trading Ltd
''Re New Bullas Trading Ltd'' 9941 BCLC 485 is a UK insolvency law case, concerning the definition of a floating charge. It held, somewhat controversially, that it was possible to separate a book debt from its proceeds, and that it was possible to create a fixed charge over the book debt but only a floating charge over the proceeds. At the time the decision attracted a great deal of academic commentary, much of it hostile. It is now outdated as authority, being first doubted by the Privy Council in , and then formally overruled by the House of Lords in . Facts New Bullas Trading Ltd granted a charge over book debts in favour of 3i plc. It said this was a fixed charge over the uncollected debts and a floating charge over their proceeds, which went into a designated bank account (or another one that 3i could specify in writing). Knox J held this was impossible. He said there was a floating charge throughout, so the company’s preferential creditors were entitled in an admin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re Brumark Investments Ltd
''Agnew v Commissioners of Inland Revenue'', more commonly referred to as is a decision of the Privy Council relating to New Zealand and UK insolvency law, concerning the taking of a security interest over a company's assets, the proper characterisation of a floating charge, and the priority of creditors in a company winding-up. Facts Brumark Investments Ltd gave security over debts to its bank, Westpac Westpac Banking Corporation, known simply as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney, New South Wales. Established in 1817 as the Bank of New South Wales, .... The terms were that its security was a fixed charge, but a floating charge when proceeds were collected (the same as drafted as in '' Re New Bullas Trading Ltd''). Brumark was free to collect debts for its own account and to use proceeds in its business. Brumark went into receivership. The receivers collected the outstanding de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |