TRADEGRO (UK) LTD (Applicant) v (1) WIGMORE STREET INVESTMENTS LTD (In Administration) (2) CHARLES PRICE (Respondents) & OLSWANG LLP (Intervener) (2010)
In interpleader proceedings it was determined that the obvious intention of the parties was that monies held pursuant to an undertaking in the client account of a firm of solicitors were held by the solicitors as trustee, to pay the monies out in accordance with the terms of the undertaking. Further, the undertaking constituted a solicitor's undertaking to hold the monies and apply them in accordance with that undertaking.
CIVIL PROCEDURE - INSOLVENCY
Ch D (Peter Smith J) 7/7/2010
References: LTL 8/7/2010
Document No.: Case Law - AC0125303
IN THE MATTER OF OVERNIGHT LTD (In Liquidation) sub nom KEVIN ASHLEY GOLDFARB (LIQUIDATOR OF OVERNIGHT LTD) v (1) ARTHUR JAMES HIGGINS (2) ANDREAS CHARALAMBOUS ANDREOU (ALSO KNOWN AS ANDY CHARALAMBOUS AND/OR ANDREAS CHARALAMBOUS) (3) LOTFI CHAREB (ALSO KNOWN AS LOFTI CHAREB AND/OR LOTFICHARATAC CHAREB) (NO.2) (2010)
A liquidator had not delayed unreasonably before bringing proceedings against certain individuals for contributions to the company's assets under the Insolvency Act 1986 s.213. Therefore the level of interest he had included in the schedule of loss was reasonable.
INSOLVENCY - CIVIL PROCEDURE - FRAUD
Ch D (Roth J) 7/7/2010
References: LTL 7/7/2010
Document No.: Case Law - AC0125306
ENE 1 KOS LTD v PETROLEO BRASILEIRO SA (2010)
Where a shipowner withdrew its vessel from a charterer's service for non-payment of hire while cargo was on board and the shipowner required the charterer to remove the cargo from the vessel, the shipowner was not entitled to remuneration for the period until discharge of the cargo but was entitled to the cost of bunkers consumed during the actual discharge.
SHIPPING - CIVIL PROCEDURE - CONTRACTS - COSTS
CA (Civ Div) (Longmore LJ, Smith LJ, Sir Mark Waller) 6/7/2010
References: LTL 6/7/2010
Document No.: Case Law - AC0125282
IN THE MATTER OF AGRIMARCHE LTD (In Creditors' Voluntary Liquidation) (2010)
The court directed, amongst other things, that the liquidator of a company which dealt in commodity options should pay a cash sum once the option was exercised rather than deliver the underlying commodity itself. Since the underlying purpose of the options was to protect farmers against movement in the price of the relevant commodity, it was far more likely that the reasonable person would understand the option contract to be no more than a financial instrument.
BANKING AND FINANCE - AGRICULTURE - INSOLVENCY
Ch D (Lewison J) 5/7/2010
References: LTL 6/7/2010
Document No.: Case Law - AC0125275
News & Press
New twist to pensions tussle at Nortel: Panel ruling supports UK regulator: GBP 2.1bn sought from company's assets
INSOLVENCY - PENSIONS
Norma Cohen
Financial Times, July 9, 2010, 18
Jul 09, 2010
Document No.: News and Press - AR0123965
In interpleader proceedings it was determined that the obvious intention of the parties was that monies held pursuant to an undertaking in the client account of a firm of solicitors were held by the solicitors as trustee, to pay the monies out in accordance with the terms of the undertaking. Further, the undertaking constituted a solicitor's undertaking to hold the monies and apply them in accordance with that undertaking.
CIVIL PROCEDURE - INSOLVENCY
Ch D (Peter Smith J) 7/7/2010
References: LTL 8/7/2010
Document No.: Case Law - AC0125303
IN THE MATTER OF OVERNIGHT LTD (In Liquidation) sub nom KEVIN ASHLEY GOLDFARB (LIQUIDATOR OF OVERNIGHT LTD) v (1) ARTHUR JAMES HIGGINS (2) ANDREAS CHARALAMBOUS ANDREOU (ALSO KNOWN AS ANDY CHARALAMBOUS AND/OR ANDREAS CHARALAMBOUS) (3) LOTFI CHAREB (ALSO KNOWN AS LOFTI CHAREB AND/OR LOTFICHARATAC CHAREB) (NO.2) (2010)
A liquidator had not delayed unreasonably before bringing proceedings against certain individuals for contributions to the company's assets under the Insolvency Act 1986 s.213. Therefore the level of interest he had included in the schedule of loss was reasonable.
INSOLVENCY - CIVIL PROCEDURE - FRAUD
Ch D (Roth J) 7/7/2010
References: LTL 7/7/2010
Document No.: Case Law - AC0125306
ENE 1 KOS LTD v PETROLEO BRASILEIRO SA (2010)
Where a shipowner withdrew its vessel from a charterer's service for non-payment of hire while cargo was on board and the shipowner required the charterer to remove the cargo from the vessel, the shipowner was not entitled to remuneration for the period until discharge of the cargo but was entitled to the cost of bunkers consumed during the actual discharge.
SHIPPING - CIVIL PROCEDURE - CONTRACTS - COSTS
CA (Civ Div) (Longmore LJ, Smith LJ, Sir Mark Waller) 6/7/2010
References: LTL 6/7/2010
Document No.: Case Law - AC0125282
IN THE MATTER OF AGRIMARCHE LTD (In Creditors' Voluntary Liquidation) (2010)
The court directed, amongst other things, that the liquidator of a company which dealt in commodity options should pay a cash sum once the option was exercised rather than deliver the underlying commodity itself. Since the underlying purpose of the options was to protect farmers against movement in the price of the relevant commodity, it was far more likely that the reasonable person would understand the option contract to be no more than a financial instrument.
BANKING AND FINANCE - AGRICULTURE - INSOLVENCY
Ch D (Lewison J) 5/7/2010
References: LTL 6/7/2010
Document No.: Case Law - AC0125275
News & Press
New twist to pensions tussle at Nortel: Panel ruling supports UK regulator: GBP 2.1bn sought from company's assets
INSOLVENCY - PENSIONS
Norma Cohen
Financial Times, July 9, 2010, 18
Jul 09, 2010
Document No.: News and Press - AR0123965
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