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Judgment Search Results Home > Cases Phrase: debentures companies act Court: house of lords Page 1 of about 49 results (0.017 seconds)

Feb 06 1914 (PC)

Bank of Scotland Vs. Liquidators of Hutchison, Main, and Co., Limited

Court : House of Lords

..... rights in security as the individual bankrupt is by his bankruptcy. this, indeed, is the necessary effect of the express provision of the companies act that the estate is to be distributed among the creditors pari passu. every creditor is to have an equal share, unless any one has ..... be perfectly clear on the construction of this letter, if it embodies the agreement of the parties, that hutchison, main, and company, in procuring this debenture, were acting on their own behalf, and not as agents for the bank of scotland. i do not think there is any ground whatever for ..... of them. if they are to be taken as expressing the transaction, they make it apparent that hutchison, main, and company procured the debenture in their own name and acting on their own behalf, and not as agents for anybody else. the agreement between them and frank a. johnson was ..... 1913. at that time they were ex facie the absolute beneficial owners of this debenture, and according to the case of heritable reversionary company v. millar, any beneficial property they had in it would, under the bankruptcy (scotland) act, 1856, on liquidation pass to, and become vested in, the liquidators. ..... that the latter should execute and deliver to the scotch company a debenture for a total sum of 17,000 to be held as security for all amounts which may from time to time be owing to the scotch company; and the debenture .....

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Mar 04 2004 (FN)

Buchler and Another (as Joint Liquidators of Leyland Daf Limited) (Res ...

Court : House of Lords

..... expenses should be paid out of amounts realised by the charged assets in priority to the claims of the debenture holder. the legislation 8. the relevant law starts with the statutory creation of a class of preferential debts in the 19th century. the companies act 1883, section 4, made provision that to a defined extent unpaid wages and salaries of clerks, servants, ..... them, have priority over the claims of holders of debentures or debenture stock under any floating charge created by such company, and shall be paid accordingly out of any property comprised in or subject to such charge." 34. the provisions of the 1888 and 1897 acts have since been consolidated and reproduced in successive companies acts and are now contained in section 175 of the ..... the winding up of any company under the companies act, 1862, and the acts amending the same, the debts mentioned in section one of the preferential payments in bankruptcy act, 1888, shall, so far as the assets of the company available for payment of general creditors may be insufficient to meet them, have priority over the claims of holders of debentures or debenture stock under any floating ..... cost of realisation: see in re regent's canal ironworks company (1875) 3 ch app 411. but the debenture-holder has no liability for the general costs of the winding up. 32. the general rule is that unsecured creditors are entitled to share pari passu in the company's fund. but the companies act 1883 introduced (by analogy with the law of bankruptcy) the .....

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Jul 12 1951 (FN)

St. Aubyn and Others Vs. Attorney-general (on Behalf of His Majesty)

Court : House of Lords

..... and is now held by his nephew francis cecil st. aubyn. on the 21st march, 1927, st. aubyn estates ltd. (hereinafter called the company) was incorporated under the companies acts, 1908 to 1917 (by the name of st. aubyn settled properties ltd. which was afterwards changed) with a nominal capital of 200,000 ..... shares and lord st. levan as holder of the preference shares and as the person to whom the company owed the instalments of purchase money. this flows from the definitions of member and " debenture " in the act. thenand here i paraphrase the subsection the conditions as to the entire exclusion of lord st. ..... otherwise than for the purposes of the business of the company wholly and exclusively, in accordance with the rights attaching to the shares in and debentures of the company and the terms on which any such liability was incurred, and if the company had acted in the capacity of a trustee only with power to ..... sections which have to be read with it. they are as follows: 46.(1) where a person dying after the commencement of this act " has made to a company to which this section applies a transfer of any property (other than an interest limited to cease on his death or property which ..... carry on the business of the company and to employ the assets of the company therein. it is, as i have .....

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Jun 30 2005 (FN)

National Westminster Bank Plc (Respondents) Vs. Spectrum Plus Limited ...

Court : House of Lords

..... the expression "floating charge" means "a charge which, as created, was a floating charge and includes a floating charge within the meaning of section 462 of the companies act (scottish floating charges)." section 462(1) of the companies act 1985, which makes provision for the creation of floating charges in scotland, states: "it is competent under the law of scotland for an incorporated ..... is a particularly cogent consideration in regard to property transactions of one sort or another." requirements for particulars of floating charges to be registered publicly, and for a company's register of debentures to be open for inspection, suggest that parliament intended that the existence and scope of any floating charge should be ascertainable by the general public, at least in ..... a winding-up or receivership preferential creditors were to have their debts paid out of the circulating assets, sometimes referred to as "ambulatory" assets, of the debtor company in priority to a debenture holder with a charge over those assets. 99. the classic and frequently cited definition of a floating charge is that which was given by romer lj in ..... over 100 years ago by the preferential payments in bankruptcy amendment act 1897, (60 and 61 vict, c 19), provides that, so far as the assets of the company available for payment of general creditors are insufficient to meet them, preferential debts have priority over the claims of holders of debentures secured by, or holders of, any floating charge created by .....

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May 06 1949 (PC)

Wilsons and Clyde Coal Co. Vs. Scottish Insurance Corporation

Court : House of Lords

..... vires, regular on the face of them, and in conformity with the usual practice as laid down by lord wrenbury in his book on the companies acts, (11th ed.) p. 120. if the objectors can find in the provisions of section 25 or of the regulations anything which should stand ..... lord simonds.[after the narrative quoted supra]the resolution, of which the formal validity is not challenged, having thus been passed, the respondents, as the companies act, 1929, requires, presented a petition to the court of session for confirmation of the reduction, and on 17th february 1948, in spite of opposition ..... the section clearly does not do. it does not purport expressly or impliedly to limit or affect in any way the existing provisions of the companies act, or the well-known practice of the court thereunder, or to lay down any new principles for the court to follow." the regulations contemplated ..... same manner as capital is repayable in a winding-up. counsel referred, as part of his argument, to a passage in buckley on the companies acts, (11th ed.) p. 120, which has appeared in a number of editions of that work, including at least one which lord wrenbury ..... debenture holders, perhaps too even where debenture holders take proceedings to enforce their security, on the ground that by exercising jurisdiction it might prejudice the inchoate rights of some person under section 25 of the coal act. i cannot think it right to accede to a suggestion which would involve so much delay and inconvenience to companies .....

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Jul 30 2009 (FN)

Moore Stephens (a Firm) (Respondents) Vs. Stone Rolls Limited (In Liqu ...

Court : House of Lords

..... in such respects which has led them over the years to press for some mitigation of liability over and above any offered under s.727 of the companies act 1985, now s.1157 of the companies act 2006. one suggestion was that their liability should be made proportionate. this suggestion was rejected by the law commission in a feasibility investigation of joint and several ..... , central and primary purpose of these provisions, that is to say, the informed exercise by those interested in the property of the company, whether as proprietors of shares in the company or as the holders of rights secured by a debenture trust deed, of such powers as are vested in them by virtue of their respective proprietary interests. 76. both lord bridge and ..... he considers that there are no such circumstances, a statement that there are none. (emphasis added) s.394(3) provides that the company must either send a copy of any statement identifying any such circumstances to every member, debenture-holder and person entitled to notice of general meetings or apply to the court. 216. moore stephenss statutory duties were reinforced by ..... constructive trustees). the real victims, after predictions as to maximums profit-earning capacity proved mistaken, were belmonts creditors (and especially its depositors, who apparently took priority to the debenture-holders). 143. looking at the earlier belmont decision again in the light of the fuller facts in belmont (no 2) i think that buckley lj was right to say that .....

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Mar 25 1954 (FN)

Chapman Vs. Chapman

Court : House of Lords

..... and unborn persons. in one of the three cases the trustees had power, under the trust instrument, to invest in shares or debentures of such a company as the proposed new company. in the two other cases, as the trustees had no such power, the court put them on an undertaking to apply for ..... extent to which, the court will exercise the jurisdiction ; but it need scarcely be said that the court will not be justified in sanctioning every act desired by trustees and beneficiaries merely because it may appear beneficial to the estate ; and certainly the court will not be disposed to sanction transactions of ..... under a will or settlement were in dispute, the court of chancery down to 1873, and the chancery division since the passing of the judicature act, has had jurisdiction to approve a compromise on behalf of infants and unborn persons. there has never been any logical reason why this jurisdiction should ..... number of coal mines in yorkshire and the north midlands had been settled by the will of a testator who died in 1927. by the coal act, 1938, these mines were compulsorily acquired by the national coal commission, the vesting date being 1st july, 1942, and the compensation therefor was duly ..... that it has such a jurisdiction in any other case. in saying this i am not overlooking the salvage cases, but they relate to administrative acts by trustees and not to alteration of beneficial interests. i agree with the majority of the court of appeal in their rejection of the present application .....

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May 02 2007 (FN)

Obg Limited and Others (Appellants) Vs. Allan and Others (Respondents)

Court : House of Lords

..... administrative receivers in this case. in morris v kanssen [1946] ac 460, 471 this house considered the effect of a similar provision relating to the acts of directors, which was then contained in section 143 of the companies act 1929. lord simonds said: "there is, as it appears to me, a vital distinction between (a.) an appointment in which there is a defect ..... 's failure to take this course cannot be treated as a waiver of the receivers' torts. obg cannot thereby be taken to have accepted that the receivers were acting as agents of the company. in the case of north west water obg joined in the settlement document. but, here again, as already noted, the judge rejected the suggested defences of estoppel, acquiescence ..... but also as a creditor to the tune of over 1m. in the course of these negotiations centriline took an assignment from royal bank of scotland of an all-monies debenture secured by the floating charge over obg's assets and undertaking. the negotiations fell through and on 9 june 1992 centriline appointed the defendants, mr allan and mr stevenson, as ..... receivers under the floating charge. 76. unfortunately obg had owed nothing to the bank and no secured debt was assigned with the debenture. centriline was advised by its solicitors that it could tack its own unsecured debt onto the empty debenture. this advice is admitted to have been wrong; indeed, negligent. centriline was therefore not entitled to appoint receivers. but it and .....

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Jul 10 1933 (PC)

M'Mullan Vs. Lochgelly Iron and Coal Co.

Court : House of Lords

..... a conclusion that they were based on a misapprehension. it is true that the point was not discussed; but in an act which has been so closely scrutinized by employers, insurance companies, and counsel, and not least by county court judges all over the kingdom, i think it far more probable that the ..... upon the legal entity so designated, it can only be performed or neglected by some person or persons acting on its behalf; still the neglect may properly be regarded as the personal neglect of the company itself. i agree with lord murray that "negligence consists of nothing more than a breach of the ..... positive duty to take care imposed by law." if, therefore, section 29, subsection (1), of the workmen's compensation act, 1925, had not been passed, i ..... , as i have said, the company as a legal entity is capable of performing or neglecting a duty, although the action or the neglect concerned must be that of some physical person acting for it. in my opinion, therefore, the defenders' plea of incompetency fails, and the pursuer's pleadings (subject to ..... decision this appeal is brought. the respondent (pursuer) is the father of a miner who, while working in the employment of the appellants (a limited company), was killed by a fall of the roof in their colliery, and he brought his action for damages for the loss, injury, and damage sustained through .....

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Apr 16 1959 (FN)

British Oxygen Co. Vs. South of Scotland Electricity Board. British Ox ...

Court : House of Lords

..... , that in the railway cases "preference" and "a lower rate" came to be treated as more or less synonymous, more especially after section 27 (1) of the act of 1888 placed on the railway companies the onus of justifying the lower rate. in phipps v. london and north-western railway co., a case much relied on by the defenders, lindley, l.j ..... to another consumer. it is therefore necessary to look at the railway legislation and the authorities under it. the railway clauses consolidation act of 1845, and certain private acts, contained an equality clause which made it illegal for a company to charge one customer more than they charged another in similar circumstances, and it is quite clear that a person who proved breach ..... supplies." i am not satisfied that very much the same might not have been said in the days of railway companies and electricity companies, with the profit element added, subject in the case of railway companies to the statutory maxima fixed by their special acts. lord mackintosh dissented from the rest of their lordships of the second division in this matter. he would make ..... first, the customer had to prove that there was a preference and that it was undue, but, by the railway and canal traffic act, 1888, section 27, once the customer had proved that there was a preference, the company had to discharge the burden of proving that the preference was justifiedthat it was not undue. there is high authority that this .....

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