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Re Curtain Dream Plc
''Re Curtain Dream plc'' 990BCLC 925 is a judicial decision of the English courts in relation to recharacterisation. It held that where a transaction was documented in a certain way to mask the true nature of the transaction, the court could disregard the mask and construe the transaction as it was intended to be in truth. The court held that properly construed the transaction in question was a mortgage which was void against a liquidator for non-registration. Facts Curtain Dream plc was a fabric company. It was indebted to Barclays Bank who had taken security over all of the company's assets. Subsequently, the company entered into a financing arrangement with Churchill Merchanting Ltd. Under that arrangement the company would sell all of its stock in trade to Churchill. Churchill would then sell that stock back to the company on retention of title terms, such that the stock remained the property of Churchill until the company sold it to a third party. The company would ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
High Court Of Justice
The High Court of Justice in London, known properly as His Majesty's High Court of Justice in England, together with the Court of Appeal and the Crown Court, are the Senior Courts of England and Wales. Its name is abbreviated as EWHC (England and Wales High Court) for legal citation purposes. The High Court deals at first instance with all high value and high importance civil law (non-criminal) cases; it also has a supervisory jurisdiction over all subordinate courts and tribunals, with a few statutory exceptions, though there are debates as to whether these exceptions are effective. The High Court consists of three divisions: the King's Bench Division, the Chancery Division and the Family Division. Their jurisdictions overlap in some cases, and cases started in one division may be transferred by court order to another where appropriate. The differences of procedure and practice between divisions are partly historical, derived from the separate courts which were merged i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Leonard Knox
Sir John Leonard Knox (6 August 1925 – 28 May 2015) was a British High Court judge, sitting in the Chancery division. He was appointed on 26 July 1985, and retired on 30 September 1996. Whilst sitting he was styled as Mr Justice Knox or Knox J. Prior to his elevation to the bench, Sir John practised as a barrister from what is now termed Radcliffe Chambers. He was Attorney-General of the Duchy of Lancaster from 1984 to 1986. Notable cases Notable judicial decisions that Knox J was involved in included: * ''Smith v Croft (No 2)'' 988Ch 114 relating to derivative claims. * ''Re Produce Marketing Consortium Ltd (No 2)'' 9895 BCC 569 relating to wrongful trading. * '' Re New Bullas Trading Ltd'' 9941 BCLC 485 at first instance, relating to floating charges. Knox J's decision at first instance was reversed by the Court of Appeal, but that decision was later overruled by the House of Lords in , effectively validating Knox J's original decision. * ''Re MC Bacon Ltd (No 1)'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Recharacterisation
Recharacterisation in law (and sometimes in accountancy) means the treatment of a certain course of conduct in a different manner to which the participants describe it. The term is most important in the penal law of Continental legal systems. In some civil law countries, judges are empowered to "recharacterise the facts" of a case to make the charges more closely align with the evidence. In these systems, the legal charges contained in the indictment are only suggestions from the public prosecutor to the court. The judge may, if it becomes clear that the facts actually support different or additional charges, change the legal characterisation of those facts. Under English law, Lord Hanworth MR referred to the proposition: When the recharacterisation of the facts results in additional charges, or charges which carry a greater penalty, the defense council is usually given an opportunity to be heard concerning the recharacterisation and may request a suspension of the trial to st ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage
A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is " secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or " repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word ''mortgage'' is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Title Retention Clause
A retention of title clause (also called a reservation of title clause or a ''Romalpa'' clause in some jurisdictions) is a provision in a contract for the sale of goods that the title to the goods remains vested in the seller until the buyer fulfils certain obligations (usually payment of the purchase price). Purpose The main purpose of retention of title ("ROT" or "RoT") clauses is to ensure that where goods are supplied on credit, if the buyer subsequently goes into bankruptcy, the seller can repossess the goods. They are often seen as a natural extension of the credit economy; where suppliers are expected to sell goods on credit, there is a reasonable expectation that if they are not paid they should be able to repossess the goods. Nonetheless, in a number of jurisdictions, insolvency regimes or credit arrangement regimes prevent title retention clauses from being enforced where doing so would upset administration of the regime. Retention of title clauses are mandated in the E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Void (law)
In law, void means of no legal effect. An action, document, or transaction which is void is of no legal effect whatsoever: an absolute nullity—the law treats it as if it had never existed or happened. The term void ''ab initio'', which means "to be treated as invalid from the outset", comes from adding the Latin phrase ''ab initio'' (from the beginning) as a qualifier. For example, in many jurisdictions where a person signs a contract under duress, that contract A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to ... is treated as being void ''ab initio''. The frequent combination "null and void" is a legal doublet. The term is frequently used in contradistinction to the term " voidable" and " unenforceable". Definitions '' Black's Law Dictionary'' defines 'void' as: In the c ... [...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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Barclays Bank
Barclays () is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services. Barclays traces its origins to the goldsmith banking business established in the City of London in 1690. James Barclay became a partner in the business in 1736. In 1896, twelve banks in London and the English provinces, including Goslings Bank, Backhouse's Bank and Gurney, Peckover and Company, united as a joint-stock bank under the name Barclays and Co. Over the following decades, Barclays expanded to become a nationwide bank. In 1967, Barclays deployed the world's first cash dispenser. Barclays has made numerous corporate acquisitions, including of London, Provincial and South Western Bank in 1918, British Linen Bank in 1919, Mercantile Credit in 1975, the Woolwich in 2000 and the North American operations of Lehman Brothers in 2008. Barclays has a pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Receivership
In law, receivership is a situation in which an institution or enterprise is held by a receiver—a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights"—especially in cases where a company cannot meet its financial obligations and is said to be insolvent.Philip, Ken, and Kerin Kaminski''Secured Lender'', January/February 2007, Vol. 63 Issue 1, pages 30-34,36. The receivership remedy is an equitable remedy that emerged in the English chancery courts, where receivers were appointed to protect real property. Receiverships are also a remedy of last resort in litigation involving the conduct of executive agencies that fail to comply with constitutional or statutory obligations to populations that rely on those agencies for their basic human rights. Receiverships can be broadly divided into two types: *Those related to insolvency or enforcement of a security interest. *Those where either **One is Incapable o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Companies Act 1985
The Companies Act 1985 (c. 6) is an Act of the Parliament of the United Kingdom of Great Britain and Northern Ireland, enacted in 1985, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries. It has largely been superseded by the Companies Act 2006. The Act was a consolidation of various other pieces of company legislation, and was one component of the rules governing companies in England and Wales and in Scotland. A company will also be governed by its own memorandum and articles of association. Table A, which lays out default articles of association, was not included in the body of the Act, as it had been in all previous Companies Acts. Instead, it was introduced by statutory instrument - the Companies (Tables A to F) Regulations 1985. The Act applied only to companies incorporated under it, or under earlier Companies Acts. Sole traders, partnerships, limited liability partnerships etc. wer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ernest Pollock, 1st Viscount Hanworth
Ernest Murray Pollock, 1st Viscount Hanworth, KBE, PC (25 November 1861 – 22 October 1936), was a British Conservative politician, lawyer and judge. He served as Master of the Rolls from 1923 to 1935. Background Pollock was born in Wimbledon, the fifth son of George Frederick Pollock, grandson of Sir Frederick Pollock, 1st Baronet, Lord Chief Baron of the Court of Exchequer. He was educated at Charterhouse School and Trinity College, Cambridge, graduating in 1883. He was called to the bar by the Inner Temple in 1885. Political and legal career Pollock sat as Member of Parliament for Warwick and Leamington from 1910 to 1923. In 1919, under David Lloyd George, he was appointed Solicitor General which he remained until 1922, when he became Attorney General, but left this post the same year. He was appointed to the Privy Council in the 1922 New Year Honours and was created a baronet later the same year. He left the House of Commons at the 1923 general election, and was repl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Christopher Staughton
Sir Christopher Stephen Thomas Jonathan Thayer Staughton, PC (24 May 1933 – 15 October 2014) was an English barrister and judge, who sat as a justice of the High Court of Justice, Court of Appeal of England and Wales and President of the Court of Appeal of Gibraltar. Biography He was educated at Eton College and Magdalene College, Cambridge, where he graduated with first-class honours in law in 1956. Staughton specialised in commercial law, most notably appearing in ''Hong Kong Fir Shipping Co Ltd v Kawasaki Kisen Kaisha Ltd''. He served as a Recorder in the Crown Court between being appointed to the High Court of Justice in 1981. In 1987 he was appointed to the Court of Appeal of England and Wales, where he sat until 1997. From 2005 to 2006, he served as the 6th President of the Court of Appeal of Gibraltar. Staughton died at Sarratt, Hertfordshire on 15 October 2014, aged 81. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
