CORPORATE INSOLVENCY LAW SECOND EDITIONassets.cambridge.org/97805217/01822/frontmatter/9780521701822... · Economics and Political Science, ... 14 The pari passu principle 599 Exceptions

CORPORATE IN SOLVENCY LAW

SECOND ED IT ION

The first edition of Corporate Insolvency Law proposed a fundamentallyrevised concept of insolvency law – one intended to serve to corporate aswell as broader social ends. This second edition takes on board a host ofchanges that have subsequently reshaped insolvency law and practice,such as the consolidation of the rescue culture in the UK, the arrival of the‘pre-packaged’ administration and the broad replacement of administra-tive receivership with administration. It also considers the implications ofrecent and dramatic changes in the provision (and trading) of credit, themovement of an increasing amount of ‘insolvency work’ towards the pre-formal insolvency stage of corporate affairs and the explosion, on theinsolvency scene, of a new cadre of specialists in corporate turnaround.Looking to the future, Vanessa Finch argues that changes of approach areneeded if insolvency law is to develop with coherence and purpose andshe offers a framework for such an approach.

vanessa finch is a Professor of Law at the London School ofEconomics and Political Science, where she teaches CorporateInsolvency Law and Corporate Accountability at undergraduate andmaster’s levels.

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Cambridge University Press978-0-521-70182-2 - Corporate Insolvency Law: Perspectives and Principles, Second EditionVanessa FinchFrontmatterMore information

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CORPORATE

INSOLVENCY LAW

Perspectives and Principles

SECOND EDITION

VANESSA FINCH






CAMBR I DG E UN IV ER S I T Y P R E S S

Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo, Delhi

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© Vanessa Finch 2009

This publication is in copyright. Subject to statutory exceptionand to the provisions of relevant collective licensing agreements,

no reproduction of any part may take place withoutthe written permission of Cambridge University Press.

First edition 2002Second edition 2009

Printed in the United Kingdom at the University Press, Cambridge

A catalogue record for this publication is available from the British Library

Library of Congress Cataloguing in Publication dataFinch, Vanessa.

Corporate insolvency law : perspectives and principles / Vanessa Finch. – 2nd ed.p. cm.

Includes index.ISBN 978-0-521-87810-4

1. Bankruptcy – Great Britain. 2. Business failures – Law and legislation – GreatBritain. I. Title.KD2139.F558 2009346.4107'8–dc222009007333

ISBN 978-0-521-87810-4 hardbackISBN 978-0-521-70182-2 paperback

Cambridge University Press has no responsibility forthe persistence or accuracy of URLs for external orthird-party internet websites referred to in this book,and does not guarantee that any content on suchwebsites is, or will remain, accurate or appropriate.






To Roband in memory of D.F.G. and M.A.G.






CONTENTS

Acknowledgements page xiTable of cases xiiTable of statutes and other instruments xxxList of abbreviations xlviii

Introduction to the second edition 1

PART I Agendas and objectives 7

1 The roots of corporate insolvency law 9Development and structure 10Corporate insolvency procedures 19The players 25The tasks of corporate insolvency law 27Conclusions 28

2 Aims, objectives and benchmarks 29Cork on principles 29Visions of corporate insolvency law 32The nature of measuring 48An ‘explicit values’ approach to insolvency law 52Conclusions 63

PART II The context of corporate insolvency law: financialand institutional 67

3 Insolvency and corporate borrowing 69Creditors, borrowing and debtors 70Equity and security 84

vii






The ‘new capitalism’ and the credit crisis 133Conclusions 140

4 Corporate failure 144What is failure? 145Who defines insolvency? 149Why companies fail 151Conclusions: failures and corporate insolvency law 171

5 Insolvency practitioners and turnaround professionals 178Insolvency practitioners 179The evolution of the administrative structure 182Evaluating the structure 186Reforming IP regulation 202Conclusions on insolvency practitioners 220Turnaround professionals 221Conclusions 237

PART III The quest for turnaround 241

6 Rescue 243What is rescue? 243Why rescue? 245Informal and formal routes to rescue 251The new focus on rescue 253Comparing approaches to rescue 276Conclusions 292

7 Informal rescue 294Who rescues? 295The stages of informal rescue 299Implementing the rescue 317Conclusions 324

8 Receivers and their role 327The development of receivership 328Processes, powers and duties: the Insolvency Act 1986 onwards 331Efficiency and creditor considerations 340Expertise 353Accountability and fairness 354

viii contents






Revising receivership 358Conclusions 361

9 Administration 363The rise of administration 363From the Insolvency Act 1986 to the Enterprise Act 2002 365The Enterprise Act reforms and the new administration 380Evaluating administration 392Conclusions 451

10 Pre-packaged administrations 453The rise of the pre-pack 454Advantages and concerns 456Controlling the pre-pack 465Conclusions 477

11 Company arrangements 479Schemes of arrangement under the Companies Act 2006sections 895–901 479

Company Voluntary Arrangements 488Conclusions 514

12 Rethinking rescue 517

PART IV Gathering and distributing the assets 527

13 Gathering the assets: the role of liquidation 529The voluntary liquidation process 529Compulsory liquidation 536Public interest liquidation 541The concept of liquidation 548Conclusions 596

14 The pari passu principle 599Exceptions to pari passu 602Conclusions: rethinking exceptions to pari passu 625

15 Bypassing pari passu 628Security 631Retention of title and quasi-security 641Trusts 648

contents ix






Alternatives to pari passu 666Conclusions 673

PART V The impact of corporate insolvency 675

16 Directors in troubled times 677Accountability 677Expertise 716Efficiency 740Fairness 750Conclusions 753

17 Employees in distress 754Protections under the law 756Efficiency 767Expertise 772Accountability 772Fairness 775Conclusions 778

18 Conclusion 780

Bibliography 788Index 837

x contents






ACKNOWLEDGEMENTS

I would like to thank all my colleagues at the London School of Economicswho have helped me with this second edition and who have made the LawDepartment such a stimulating environment in which to research law in itsbroader contexts.

Particular thanks go to Rob Baldwin of LSE for reading drafts, toAdrian Walters of Nottingham Law School for his helpful suggestionsand to Eyal Geva for research assistance. Finally, I thank Luke, Olivia andNat for their encouragement and forbearance during the production ofthis edition.

xi






TABLE OF CASES

A Company, Re (No. 006794 of 1983) [1986] BCC 261 148 n 20A Company, Re (No. 005009 of 1987), ex parte Copp [1988] 4 BCC 424 301 n 37A Company, Re (No. 0013925 of 1991), ex parte Roussel [1992] BCLC 562 539 n 59A Company, Re (No. 007923 of 1994) [1995] BCC 634 543 n 84, 546 n 94A Company, Re (No. 007924 of 1994) [1996] 15 Lit. 201 546 n 94A Company, Re (No. 005174 of 1999) (Re Douai School Ltd) [2000] BCC 698 373 n 52A Debtor, Re (No. 101 of 1999) [2001] BCLC 54 510Abbey National Building Society v. Cann [1991] 1 AC 56 638 n 45Abbey National plc, Re [2005] 2 BCLC 15 481 n 9, 482 n 14, 484 n 24Abbey National plc v. JSF Financial and Currency Exchange Co. Ltd [2005] BPIR

1256 536 n 43ABC Coupler and Engineering Co. Ltd (No. 3) [1970] 1 All ER 656 604 n 16Abels v. Administrative Board of the Bedrijfsvereniging voor de Metaal-Industrie en

de Electrotechnische Industrie (Case C-135/83) [1987] 2 CMLR 406 764 n 52,771 n 75

Abraham v. Thompson [1997] 4 All ER 362 559 n 169Adams v. Cape Industries [1990] 2 WLR 657 582 n 282, 587 n 305Agip (Africa) v. Jackson [1989] 3 WLR 1367 649Agnew v. Commissioner of Inland Revenue (Re Brumark Investments Ltd) [2001] 3

WLR 454 411 n 234, 412–13Agriplant Services Ltd, Re [1997] BCC 842 573 n 241AIB Finance Ltd v. Alsop and Another [1998] BCC 780 637 n 39Airbase (UK) Ltd, Thorniley v. Revenue and Customs Commissioner, Re [2008]

BCC 213 108 n 164, 257 n 64, 387 n 126, 414 n 249, 607Alderson v. Temple (1768) 6 Burr. 2235, 98 ER 1277 571 n 229, 574 n 247Allders Department Stores Ltd (in administration), Re [2005] 2 All ER 122, [2005]

BCC 289 416, 554 n 141, 758Allied Domecq plc, Re [2000] BCC 582 481 n 11Alpha Club (UK) Ltd, Re, 23 April 2002 (Judgment) 542 n 74Altitude Scaffolding Ltd, Re [2006] BCC 904 484 n 24Aluminium Industrie Vaassen BV v. Romalpa Aluminium Ltd [1976] 1 WLR 676 125,

642–3

xii






American Express v. Hurley [1986] BCLC 52 336 n 56AMF International Ltd (No. 2), Re [1996] 2 BCLC 9 196 n 105AMP Enterprises Ltd v. Hoffman (The Times, 13 August 2002) 535 n 37, 570ANC Ltd v. Clark Goldring and Page Ltd [2001] BPIR 568, [2001] BCC 479 557 nn 160

and 162Anglo-Austrian Printing and Publishing Co., Re [1895] Ch 152 705 n 149Anglo-Continental Supply Co. Ltd, Re [1922] 2 Ch 723 481 n 8Ansett Australia Holdings Ltd v. International Air Transport Association [2006]

VSCA 242, 10 November 2006 589 n 312, 629 n 4Arbuthnot Leasing International Ltd v. Havelet Leasing (No. 2) [1991] 1 All ER

591 579 n 271Archer Structures Ltd v. Griffiths [2004] BCC 156 703Argylls Ltd v. Coxeter [1913] 29 TLR 355 534 n 32Armour v. Thyssen Edelstahlwerke AG [1990] 3 WLR 810, [1990] 3 All ER 481, [1991]

2 AC 339 125 n 237, 130 n 253, 642 n 59, 644Armstrong Whitworth Securities Ltd, Re [1947] Ch 673 534 n 32Artic Engineering Ltd, Re (No. 2) [1986] BCLC 253 730 n 267Ashborder BV v. Green Gas Power Ltd [2005] BCC 634 92 n 97Associated Alloys Pty Ltd v. ACN 001 452 106 Pty Ltd [2001] HCA 25, [2000] 202 CLR

588 643 n 66, 646 n 85Associated Provincial Picture Houses Ltd v Wednesbury Corporation [1948] 1 KB

223 227 n 217, 228 n 218, 446, 448 n 383Atlantic Computer Systems plc, Re (No. 1) [1992] Ch 505, [1992] 2 WLR 367, [1990]

BCC 859 365, 375–6, 385, 413, 604 n 16Atlantic Computers Ltd, Re, 15 June 1998, Ch D (unreported) 727 n 253Atlantic Medical Ltd, Re [1992] BCC 653 413 n 245Atlas Maritime Co. v. Avalon Maritime Ltd (No. 1) [1991] 4 All ER 769 585 n 298Automatic Bottle Makers Ltd, Re [1926] Ch 412 130 n 254Ayala Holdings, Re [1993] BCLC 256 579 n 272Ayerst v. C and K Construction Ltd [1976] AC 167 539B. Johnson & Co. (Builders) Ltd, Re [1955] Ch 634 336 n 53, 338Ballast plc (in administration) and Others, Re [2005] 1 WLR 1928, [2005] BCC

96 390 n 138, 391 n 140, 399, 445Bank of Baroda v. Panessar [1986] BCLC 497 331 n 18Bank of Ireland v. Hollicourt (Contracts) Ltd [2001] 2 WLR 290, [2001] 1 All ER 289,

[2001] 1 BCLC 233 (CA) 538 n 54Barclays Bank Ltd v. Quistclose Investments Ltd [1970] AC 567, [1968] 3 All ER

651 651–4, 657–9, 661–4Barings plc, Re, Secretary of State for Trade and Industry v. Baker [1998] BCC

583 726 n 245, 728 n 257Barings plc, Re (No. 5) [1999] 1 BCLC 433 727 n 253, 728 n 257Barleycorn, Re [1970] Ch 465 551

table of cases xiii






Barr’s Settlement Trusts, Re [2003] Ch 49 447Barton Manufacturing Co. Ltd, Re [1998] BCC 827 577 n 263Bath Glass Ltd, Re [1988] 4 BCC 130 717 n 202, 727, 731Bayoil SA, Re [1999] 1 WLR 147, [1998] BCC 988 537 n 44BCCI (No. 14), Re [2003] EWHC 1868 (CA) 697 n 104Beacon Leisure Ltd, Re [1991] BCC 213 573Beam Tube Products, Re [2006] BCC 615 413–14Bell v. Long and Others [2008] EWHC 1273 (Ch) 339 n 66Bell Davies Trading Ltd v. Secretary of State for Trade and Industry [2005] BCC

564 543 n 79Bell Group v. Westpac Banking Corp. (1996) 22 ACSR 337 556 n 157Bibby Trade Finance Ltd. v. McKay [2006] All ER 266 409–10Blackspur Group plc, Re (No. 2) [1998] 1 WLR 422, [1998] BCC 11 722 n 224,

726 n 250, 727 n 253Blackspur Group plc, Re (No. 3), Secretary of State for Trade and Industry v. Eastaway

[2002] 2 BCLC 263 733, 751 n 385Bond Worth Ltd, Re [1979] 3 All ER 919, [1980] Ch 228 642 n 58, 643 n 65Borden (UK) Ltd v. Scottish Timber Products Ltd [1979] 3 WLR 672, [1981] Ch

25 643–4, 664 n 162Bork International A/S v. Foreningen 101/87 [1988] ECR 3057, [1990] 3 CMLR

701 763 n 48Brady v. Brady [1989] 3 BCC 535 (CA), [1988] 2 All ER 617 (HL) 683, 687, 688, 689Brampton Manor (Leisure) v. McLean Ltd [2007] BCC 640 362 n 167Brian D. Pierson (Contractors) Ltd, Re [1999] BCC 26 701 n 130, 702, 705 n 148Brightlife Ltd, Re [1987] Ch 200 92 n 99, 411 n 235, 605 n 21Brinds Ltd v. Offshore Oil [1986] 2 BCC 98 536 n 43Bristol Airport plc v. Powdrill [1990] Ch 744 365, 375, 377Bristol and Commonwealth Holdings plc (Joint Administrators) v. Spicer and

Oppenheim (Re British and Commonwealth Holdings plc No. 2) [1993] AC426 565

British American (Holdings) plc, Re [2005] BCC 110, [2005] 2 BCLC 234 399 n 180British Aviation Insurance Co. Ltd, Re [2006] BCC 14 482 n 14, 484 n 21British Eagle International Airlines Ltd v. Compagnie Nationale Air France [1975] 2

All ER 390, [1975] 1 WLR 758 617 n 78, 621 n 93, 622 n 97, 623, 624, 628–30,658, 659, 663–4

Brooks v. Secretary of State for Employment [1999] BCC 232 755Brumark Investments Ltd, Re (Agnew v. Commissioner of Inland Revenue) [2001] 3

WLR 454, [2001] 2 AC 710, [2001] All ER 21, [2002] BCC 259 411 n 234, 412–13Brunton v. Electrical Engineering Corp. [1892] 1 Ch 434 119 n 208BTR plc, Re [1999] 2 BCLC 675 484 nn 21 and 22Buchler v. Talbot, Re Leyland DAF Ltd [2004] 2 AC 298 396 n 169, 551–3, 559,

576 n 257, 603 n 12

xiv table of cases






Buildlead Ltd (in liquidation) (No. 2), Re [2005] BCC 138 535 n 37Bullen v. Tourcorp Developments Ltd (1988) 4 NZCLC 64 588Business Computers Ltd v. Anglo-African Leasing Ltd [1977] 1 WLR 578 615 n 66Cabletel Installations Ltd, Re [2005] BPIR 28 189 n 56CAN 004 987 866 Pty Ltd, Re [2003] FCA 849 588 n 312Canada Rice Mills Ltd v. R [1939] 3 All ER 991 582 n 282Cancol Ltd, Re [1996] 1 BCLC 100 480 n 3Cape plc, In re [2006] EWHC 1316, [2007] Bus LR 109 484 n 25Carecraft Construction Co. Ltd, Re [1993] 4 All ER 499, [1994] 1 WLR 172 718 n 204Carlen v. Drury [1812] 1 Ves & B 154 685Carreras Rothmans Ltd v. Freeman Mathews Treasure Ltd [1985] 1 Ch 207, [1984] 3

WLR 1016 629 n 5, 657–8, 663Carroll Group Distributors Ltd v. Bourke Ltd [1990] ILRM 285 642 n 60Castell & Brown Ltd, Re [1898] 1 Ch 315 119 n 208CCG International Enterprises Ltd, Re [1993] BCC 580 413 n 245Cedac Ltd, Re [1990] BCC 555, [1991] BCC 148 724 n 234, 725 n 235, 727 n 255,

729 n 265, 732 n 286CEM Connections Ltd, Re [2000] BCC 917 725 n 241Centralcrest Engineering Ltd, Re [2000] BCC 727 541 n 68Centrebind Ltd, Re [1967] 1 WLR 377 530 n 6Chaigley Farms Ltd v. Crawford, Kaye & Greyshire Ltd [1996] BCC 957 130 n 253Challoner Club Ltd, Re (in liquidation), The Times, 4 November 1997 650Charnley Davies Ltd, Re [1990] BCC 605 384 n 101, 464 n 57Charnley Davies Ltd, Re (No. 2) [1990] BCLC 760 444 n 365Charterbridge Corp. Ltd v. Lloyds Bank Ltd [1970] 1 Ch 62 584, 694 n 93Chartmore Ltd, Re [1990] BCLC 673 726, 729 n 264, 730, 732Cheyne Finance plc, Re [2008] BCC 199 147Chohan v. Saggar & Another [1992] BCC 306 579 n 271Christopher Moran Holdings Ltd v. Bairstow [1999] All ER 673 378 n 72Churchill v. First Independent Factors and Finance Ltd [2007] BCC 45 703 nn 140 and

144Churchill Hotel (Plymouth) Ltd, Re [1988] BCC 112 725, 728 n 256City Equitable Fire Insurance Co., Re [1925] Ch 407 681 n 17, 699City Truck Group Ltd (No. 2), Re; Secretary of State for Trade and Industry v. Gee

[2008] BCC 76 726 n 250, 736 n 313Cityspan Ltd, Re; Brown (liquidator of Cityspan Ltd) v. Clark [2008] BCC 60 573 n 237,

687 n 52, 689 n 68CKE Engineering Ltd (in administration), Re [2007] BCC 975 644Cladrose Ltd, Re [1990] BCC 11 724, 727 n 251Clarence Coffey v. Corchester Finance (unreported, 3 November 1998 378 n 72Clark v. Clark Construction Initiatives Ltd [2008] IRLR 364 755Clough Mill Ltd, Re [1985] 1 WLR 111 644, 645 n 76

table of cases xv






Cloverbay Ltd, Re [1991] Ch 90, [1990] BCC 415 565Colin Gwyer & Associates Ltd v. London Wharf (Limehouse) Ltd [2003] 2 BCLC

153 684, 687, 690, 709Colorado Springs, In re City of 177 BR 684 (Bankr. D. Colo. 1995) 458 n 26Commissioners of Inland Revenue v. Nash [2003] BPIR 1138 703Commissioners of Inland Revenue v. Wimbledon Football Club [2004] BCC

638 618 n 78, 629 n 5Commissioners for HM Revenue & Customs v. Walsh [2006] BCC 431 703 n 140Compaq Computers Ltd v. Abercorn Group Ltd [1992] BCC 484 642 n 60Connolly Bros. Ltd (No. 2), Re [1912] 2 Ch 25 638 n 45Continental Assurance Co. of London plc, Re [2001] All ER 229, [2001] BPIR

733 303 n 46, 699 n 119, 700 n 121, 702, 705 n 148, 727 n 253, 728 n 257Copp, Ex parte [1989] BCLC 13 106 n 155Corbenstoke Ltd, Re (No. 2) [1989] 5 BCC 767 194 n 91Cornhill Insurance plc v. Improvement Services Ltd [1986] 1 WLR 114 147 n 13Council of Civil Service Unions v. Minister for the Civil Service [1985] AC

374 446 n 373Countrywide Banking Corporation Ltd v. Dean [1998] BCC 105 (PC) 574 n 249Coyne and Hardy v. DRC Distribution Ltd and Foster [2008] BCC 612 383 n 98Crestjoy Products Ltd, Re [1990] BCC 23, [1990] BCLC 677 724–5, 726, 730Crigglestone Coal Co., Re [1906] 1 Ch 523 332 n 24Council of Civil Service Unions v. Minister for the Civil Service [1985] AC

314 227 n 217, 448 n 383CU Fittings Ltd, Re [1989] 5 BCC 210 686 n 45, 727 n 255Cubelock Ltd, Re [2001] BCC 523 722 n 224Cuckmere Brick Co. Ltd v. Mutual Finance Ltd [1971] Ch 949 336 n 56Cyona Distributors Ltd, Re [1967] Ch 889 696 n 101Dalhoff and King Holdings Ltd, Re [1991] 2 NZLR 296 588Daltel Europe Ltd (in liquidation) v. Makki [2005] 1 BCLC 594 564 n 203DAP Holding NV, Re [2006] BCC 48 482 n 16Dawson Print Group Ltd, Re [1988] 4 BCC 322 727 n 255Day v. Haine and Secretary of State [2007] EWHC 2691; [2008] EWCA civ 626

540 n 65, 759 n 27De Villiers, Ex parte, Re Carbon Developments (Pty) Ltd (in liquidation) [1993] 1 SA

493 623 n 100Dean-Willcocks v. Soluble Solution Hydroponics Pty Ltd (1997) 13 ACLC 833 589 n 312Demaglass Holdings Ltd, Re [2001] 2 BCLC 633 247 n 18Demaglass Ltd, Lewis v. Dempster, Re [2002] All ER 155 555 n 151Diplock, Re [1948] Ch 465 649D. J. Matthews (Joinery Design) Ltd, Re [1988] 4 BCC 513 726, 729 n 264D’Jan of London Ltd, Re [1993] BCC 646, [1994] 1 BCLC 561 175 n 131, 681, 694 n 94,

700 n 120, 705 n 148

xvi table of cases






DKG Contractors Ltd, Re [1990] BCC 903 702DKLL Solicitors v. HM Revenue & Customs [2007] BCC 908 382 n 92, 457, 475–6Doltable Ltd v. Lexi Holdings [2006] BCC 918 399 n 180Dorchester Finance Co. Ltd v. Stebbing [1989] BCLC 498 681 n 17Dorman Long, Re [1934] 1 Ch 635 481 n 8, 485 n 26Douglas Construction Services Ltd, Re [1988] BCLC 397 727, 728Downer Enterprises Ltd, Re [1974] 2 All ER 1074 604 n 16Downsview Nominees Ltd v. First City Corporation Ltd [1993] 2 WLR 86, [1993] AC

295 124 n 232, 336–8, 342, 343Drax Holdings Ltd [2004] BCC 334 482 n 16Drivertime Recruitment Ltd, Re [2005] 1 BCLC 411 542 n 74Dunlop Pneumatic Tyre Co. Ltd v. Selfridge & Co. Ltd [1915] AC 847 623 n 102Dyer v. Dyer (1788) 2 Cox Eq 92 650Dynamex Friction Ltd and Ferotec Realty Ltd v. Amicus and Others [2008] EWCA Civ

381 764 n 52Eastglen Ltd v. Grafton [1996] BCC 900 556 n 156Ebrahimi v. Westbourne Galleries Ltd [1973] AC 360 537 n 50ECM (Europe) Electronics Ltd, Re [1991] BCC 268, [1992] BCLC 814 724, 730Edennote Ltd, Re, Tottenham Hotspur plc v. Ryman [1996] BCC 718, [1996] 2

BCLC 389 195 n 103, 384, 569 n 221Edge v. Pensions Ombudsman [2000] Ch 602 384El-Ajou v. Dollar Land (Manhattan) Ltd [2007] BCC 953 396 n 170, 570 n 227Ellis, Son & Vidler Ltd, Re [1994] BCC 532 333 n 40, 650 n 102Embassy Art Products Ltd, Re [1987] 3 BCC 292 565English & American Insurance Co., Re [1994] 1 BCLC 649 650 n 100English & Scottish Mercantile Investment Co. Ltd v. Brunton [1892] 2 QB

700 119 n 208Environment Agency v. Hillridge Ltd [2004] 2 BCLC 358 533 n 25Esal Commodities Ltd, Re [1988] 4 BCC 475, [1988] PCC 443 195 n 94, 570 n 225ESS Production Ltd v. Sully [2005] BCC 435 703Eurocruit Europe Ltd, Re [2007] BCC 916 705 n 148Evans v. Rival Granite Quarries [1910] 2 KB 979 119 n 207Everson and Barrass v. Secretary of State for Trade and Industry and Bell Lines Ltd (in

liquidation) [2000] IRLR 202 (ECJ) 757 n 18Exchange Travel Agency Ltd v. Triton Property Trust plc [1991] BCC 341 375 n 60, 378Exchange Travel Holdings, Re [1996] 2 BCLC 524 563Exeter City Council v. Bairstow and Others, Re Trident Fashions plc [2007] BCC

236 417, 452Export Credits Guarantee Dept. v. Turner 1981 SLT 286 650 n 102Extrasure Travel Insurances Ltd v. Scattergood [2003] 1 BCLC 598 681 n 18, 692 n 83Ezekiel v. Orakpo [1976] 3 All ER 659 378 n 72Facia Footwear Ltd (in administration) v. Hinchliffe [1998] 1 BCLC 218 690 n 70

table of cases xvii






Fairway Magazines Ltd, Re [1992] BCC 924, [1993] 1 BCLC 643 573, 580Farepak Food and Gifts Ltd (in administration), Re [2008] BCC 22 650–1, 653–4Farmer v. Moseley Holdings Ltd [2002] BPIR 473 557 n 160Farnborough-Aircraft.com Ltd, Re [2002] 2 BCLC 641 517 n 1Favermead Ltd v. FPD Savills Ltd [2005] BPIR 715 536 n 43Feetum and Others v. Levy and Others [2005] BCC 484 361 n 161Firedart, Re [1994] 2 BCLC 340 725 n 241First Independent Factors and Finance Ltd v. Mountford [2008] BCC 598 703 n 143FJL Realisations Ltd, In re [2001] ICR 424 (also reported as Inland Revenue

Commissioners v. Lawrence [2001] BCC 663) 373 n 55FLE Holdings, Re [1967] 1 WLR 140 574 n 247Fleet Disposal Services Ltd, Re [1995] 1 BCLC 345 650 n 100Fliptex Ltd v. Hogg [2004] BCC 870 400 n 188Flooks of Bristol (Builders) Ltd, Re [1982] Com LR 53 539Floor Fourteen Ltd, Re, Lewis v. Commissioners of Inland Revenue [2001] 3 All ER

499, [2001] 2 BCLC 392 554–5, 603 n 12, 708Forster v. Wilson (1843) 12 M&W 191 620Fraser v Oystertec plc [2004] BCC 233 629 n 5Freakley v. Centre Reinsurance International Co. [2006] BCC 971 409 nn 227 and 230,

416 n 258French Republic v. Klempka (administrator of ISA Daisytek SAS) [2006] BCC

841 777 n 101Galladin Pty Ltd v. Aimnorth Pty Ltd (1993) 11 ACSR 23 690 n 70Gateway Hotels Ltd v. Stewart [1988] IRLR 281 764Gertzenstein Ltd, Re [1997] 1 Ch 115 535 n 36GHE Realisations Ltd (formerly Gatehouse Estates Ltd), Re [2006] BCC 139 390 n 138,

391 n 140Giles v. Thompson [1994] 1 AC 142 558 n 167G. L. Saunders Ltd, Re [1986] 1 WLR 215 339 n 68Glencore International AG v. Metro Trading International Inc. (No. 2) [2001] 1

Lloyd’s Rep 284 644 n 70Glenisla Investments Ltd, Re (1996) 18 ACSR 84 556 n 157, 563Golden Chemical Products Ltd, Re [1976] 1 Ch 300 545Goldthorpe Exchange Ltd, Re [1995] 1 AC 74 (PC) 650Gomba Holdings UK Ltd and Others v. Homan and Bird [1986] 1 WLR 1301, [1986] 3

All ER 94 124 n 232, 334, 336, 355Greenhaven Motors Ltd, Re [1999] 1 BCLC 635 510 n 146Greenwood, Re [1900] 2 QB 306 539 n 59Greystoke v. Hamilton-Smith [1997] BPIR 24 507 n 132Griffin Hotel Co. Ltd, Re [1941] Ch 129 605 n 21Gross v. Rackind [2004] EWCA Civ 815 593 n 336Grove v. Flavel (1986) 4 ACLC 654 689 n 65

xviii table of cases






Grovewood Holdings v. James Capel & Co. [1995] BCC 760 557Gye v. McIntyre [1991] 171 CLRT 609 620 n 89H & K Medway Ltd, Re [1997] BCC 853 605 n 22Hadjipanayi v. Yeldon et al. [2001] BPIR 487 341 n 88, 637 n 39Hammonds (a firm) v. Pro-Fit USA Ltd [2007] EWHC 1998 536 n 43Hans Place Ltd, Re [1993] BCLC 768 195 n 103Hasting-Bass, Re [1975] Ch 25 446 n 374Hawk Insurance Co. Ltd, Re [2001] BCC 57 483–4Hawkes Hill Publishing Co. Ltd, Re (2007) 151 SJLB 743 699 n 116Hendy Lennox (Industrial Engines) Ltd v. Grahame Puttick Ltd [1984] 1WLR 485 643Hennelly’s Utilities Ltd, Re [2005] BCC 452 723Henry Pound and Sons Ltd v. Hutchins [1889] 42 Ch D 402 332 n 19HIH Casualty and General Insurance [2005] EWHC 2125 (Ch) 603 n 11HIH Insurance (McGrath v. Riddell) [2008] IWLR 852, [2008] BCC 349 628 n 1Hill v. Spread Trustee Co. Ltd [2007] 1WLR 2404, [2006] BCC 646 564, 576 n 257, 579Hindcastle Ltd v. Barbara Attenborough Associates [1996] 2 WLR 262 533Hire Purchase Co. v. Richans [1887] 20 QBD 387 533 n 21HMCommissioners for Revenue & Customs v. Royal Bank of Scotland plc [2008] BCC

135 605 n 21HMRC v. Benton-Diggins [2006] BCC 769 704 n 145Holiday Promotions (Europe) Ltd [1996] 2 BCLC 618 656Holiday Stamps Ltd, Re (1985) 82 LSG 2817 539 n 56Holroyd v. Marshall [1862] 10 HL Cas 191 634Home and Colonial Insurance Co. Ltd, Re [1930] 1 Ch 102 196 n 105Home Insurance Co., Re [2006] BCC 164 482 n 16Hooker Investments Pty Ltd v. Email Ltd (1986) 10 ACLR 443 683 n 32Hopkins v. TL Dallas Group Ltd [2005] 1 BCLC 543 556 n 155Horne v. Chester & Fein Property Development Pty Ltd and Others (1986–7) 11 ACSR

485 623 n 100Horsley and Weight Ltd, Re [1982] 3 All ER 1045 683, 685 n 40, 689, 691, 704 n 147Huddersfield Fine Worsteds Ltd, Re, Re Ferrotech Ltd and Re Granville Technology

Group Ltd [2005] BCC 915, [2005] 4 All ER 886 410 n 231, 416, 758, 759 n 26Huish v. Ellis [1995] BCC 462 337 n 58Hutchins v. Permacell Finesse Ltd (UKEAT/0350/07/CEA) 773 n 84Hydrodan (Corby) Ltd, Re [1994] BCC 161, [1994] 2 BCLC 180 301 n 35, 591,

721 n 219Illingworth v. Houldsworth [1904] AC 355 92 n 96Independent Insurance Co. Ltd (in provisional liquidation) (No. 2), Re [2003] 1 BCLC

640 188 nn 55 and 56Inland Revenue Commissioner v. Goldblatt [1972] Ch 498 339 n 69Inland Revenue Commissioner v. Hashmi [2002] 2 BCLC 489 579 n 269Inland Revenue Commissioner v. Hoogstraten [1985] QB 1077 541

table of cases xix






Inland Revenue Commissioner v. Lawrence (In re FJL Realisations) [2001] BCC 663,[2001] ICR 424 373 n 55

Inland Revenue Commissioner v. Wimbledon Football Club Limited [2005] 1 BCLC66, [2004] BCC 638 510

Inns of Court Hotel Co., Re (1868) LR 6 Eq 82 577 n 263International Air Transport Association v. Ansett Holdings [2008] HCA 3 630 n 8Istituto Chemioterapico Italiano SpA v. EC Commission (Case 6, 7/73) [1974] ECR

223 587 n 305Ivey v. Secretary of State for Employment [1997] BCC 145 754–5Jacob and Ruddock v. UIC Insurance Company Limited [2006] BCC 167 188 n 55James, Ex parte, Re Condon (1874) 9 Ch App 609 196 n 106, 227 n 217, 383–4,

439 n 343, 446 n 372J. E. Cade & Son Ltd, Re [1991] BCC 360 537 n 50Jeffree v. National Companies & Securities Commission (1989) 7 ACLC 556 686 n 44Jessel Trust Ltd, Re [1985] BCLC 119 485 n 26Joint Liquidators of Sasea Finance Ltd v. KPMG [1998] BCC 216 565Joshua Shaw & Sons Ltd, Re [1989] BCLC 362 332 n 26Jules Dethier Equipment SA v. Dassy (Case C-319/94) [1998] ICR 541 764 n 52Kansal v. UK [2004] BPIR 740 565 n 207Kappler v. Secretary of State for Trade and Industry [2006] BCC 845 736 n 313Katz v. McNally [1997] BCC 784 554 n 145Kayford Ltd, Re [1975] 1 All ER 604, [1975] 1 WLR 279 649–50, 655, 659, 663–4Kaytech International plc, Re [1999] BCC 390, [1999] 2 BCLC 351 721, 728 n 257Keenan Bros. Ltd, Re [1986] BCLC 242 411 n 235Keypack Homecare Ltd, Re [1987] BCLC 409 195 n 101, 570 n 222, 728 n 256, 730Keypack Homecare Ltd, Re (No. 2) [1990] BCC 117 751 n 382Kinsela v. Russell Kinsela Pty Ltd (1986) 4 ACLC 215 683 n 25, 686 n 44, 687, 688–9,

704 n 147Knight v. Lawrence [1991] BCC 411 343 n 93Krasner (Administrator of Globe Worsted Co. and Huddersfield Fine Worsteds Ltd) v.

McMath [2005] BCC 896 758Kuwait Asia Bank EC v. National Mutual Life Nominees Ltd [1990] BCC 567, [1991] 1

AC 187 684Kyrris v. Oldham [2004] BCC 111, [2004] 1 BCLC 305 382 n 94, 444 n 365L. Todd (Swanscombe) Ltd, Re [1990] BCC 127 697 n 104Lafayette Electronics Europe Ltd, Re [2007] BCC 890 396 n 170Landhurst Leasing plc, Re [1999] 1 BCLC 286 727 n 253, 728Lathia v. Dronsfield Bros. Ltd [1987] BCLC 321 124 n 232, 181 n 17Law Society v. Southall [2001] EWCA Civ 2001 578 n 268Lee v. Lee’s Air Farming Ltd [1961] AC 12 PC (NZ) 755 n 7Leeds United Association Football Club Ltd (in administration), Re [2008] BCC

11 410 n 231, 416 n 261

xx table of cases






Leigh Estates Ltd, Re [1994] BCC 292 539 n 59Leon v. York-O-Matic Ltd [1966] 1 WLR 1450 569 n 221Lewis v. Hyde [1997] BCC 976 753 n 244Leyland DAF Ltd v. Automotive Products plc [1993] BCC 389 133 n 261, 604 n 17,

647 n 87Leyland DAF Ltd, Buchler v. Talbot, Re [2004] 2 AC 298 396 n 169, 551–3, 559,

576 n 257, 603 n 12Leyton & Walthamstow Cycle Co. [1901] WN 275 627 n 112Lightning Electrical Contractors Ltd, Re [1996] 2 BCLC 302 703Lindgreen v. L & P Estates Ltd [1968] 1 Ch 572 584Linton v. Telnet Pty Ltd (1999) 30 ACSR 465 690 n 74Linton Park plc, Re [2008] BCC 17 481 n 10Liquidator of Marini Ltd v. Dickenson: sub nom. Marini Ltd, Re [2004] BCC 172

(Ch) 303 n 46, 700 n 121Liquidators of West Mercia Safety Wear Ltd v. Dodd [1988] 4 BCC 30 303Litster v. Forth Dry Docks and Engineering Co. Ltd [1990] 1 AC 546 763–4Living Images Ltd, Re [1996] 1 BCLC 348 725 n 239Lloyd’s Furniture Palace Ltd, Re, Evans v. Lloyd’s Furniture Palace Ltd [1925] Ch

853 578 n 268Lo-Line Electric Motors Ltd, Re [1988] 4 BCC 415 722, 728, 730 n 267, 731Lomax Leisure Ltd, Re [1999] EGCS 61 378 n 72London Flight Centre (Stansted) Ltd v. Osprey Aviation Ltd [2002] BPIR 1115 375 n 60London and Paris Banking Corporation, Re (1875) LR 19 Eq 444 536 n 43London Pressed Hinge Co. Ltd, Re [1905] 1 Ch 576 634London Wine Shippers Ltd, Re [1986] PCC 121 650 n 102Lonrho v. Shell Petroleum [1980] 1 WLR 627 683, 690 n 73Lord (Liquidator of Rosshill Properties Ltd) v. Sinai Securities [2004] BCC 986, [2005]

1 BCLC 295 577 n 259Lowestoft Traffic Services Co. Ltd, Re [1986] 2 BCC 98, [1986] BCLC 81 194–5,

532 n 17Lubin Rosen and Associates Ltd, Re [1975] 1 WLR 122 542 n 76Mackay, Ex parte (1873) LR 8 Ch App 643 629 n 6Majestic Sound Recording Studios Ltd, Re [1988] 4 BCC 519 730 n 267Manlon Trading Ltd, Re, Official Receiver v. Haroon Abdul Aziz [1995] 1 All ER

988 730 n 276Mann v. Secretary of State for Employment [1999] IRLR 566 757 n 18Marini Ltd, Re, Liquidator of Marini Ltd v. Dickenson [2004] BCC 172 303 n 46,

700 n 121Margaretta Ltd [2005] All ER 262 652–3Market Wizard Systems (UK) Ltd, Re [1998] 2 BCLC 282 545Maskelyne British Typewriter Ltd, Re [1898] 1 Ch 133 328 n 5Maxwell Communications Corp., Re [1992] BCLC 465 195

table of cases xxi






Maxwell Communications Corp., Re (No. 2) [1994] 1 BCLC 1, [1993] BCC 369, [1994]1 All ER 737 618 n 79, 619, 621–2, 623, 628

Maxwell Fleet Facilities Management Ltd, Re (No. 2) [2000] 2 All ER 860 763 n 49,764 n 50

M. C. Bacon Ltd, Re [1990] BCC 78, [1991] Ch 127, [1990] BCLC 324 563–4, 572–3,576, 577, 640 n 53

M. C. Bacon Ltd (No. 2), Re [1990] 3 WLR 646, [1991] Ch 127 554, 603 n 12, 708 n 158McCredie, Re, The Times, 5 October 1999 565 n 203McMeechan v. Secretary of State for Employment [1997] ICR 549 (CA) 757 n 18Meadrealm Ltd v. Transcontinental Golf Construction Ltd (1991, unreported) 331 n 17Medforth v. Blake [1999] 3 All ER 97, [1999] BCC 771, [2000] Ch 86 337–8, 341–4, 354,

636–7Meesan Investments Ltd, Re [1988] 4 BCC 788 375Melcast (Wolverhampton) Ltd, Re [1991] BCLC 288 726 n 247Mentha v. GE Capital Ltd (1997) 154 ALR 565 588 n 312Mercury Communications Ltd v. Director General of Telecommunications [1996] 1

All ER 575 (HL) 447 n 380Metro Nominees (Wandsworth) (No. 1) v. Rayment [2008] BCC 40 385Michael Peters Ltd v. Farnfield & Michael Peters Group plc [1995] IRLR 190

585 n 298Midland Coal, Coke and Iron Co., Re [1895] 1 Ch 267 480 n 3Migration Services International Ltd, Re [2000] BCC 1095 722 n 224Ministry of Health v. Simpson [1951] AC 251 623 n 103Mirror Group Newspapers plc v. Maxwell [1998] BCC 324 186–7Mirror Group Newspapers v. Maxwell and Others [1999] BCC 684 187 n 46Mistral Finance Ltd [2001] BCC 27 576 n 257Mitchell v. Buckingham International plc [1998] 2 BCLC 369 569 n 221MMI v. LSE [2001] 4 All ER 223 621 n 93Modern Jet Support Ltd, Re [2005] BPIR 1382 529 n 2Mond v. Hammond Suddards [2000] Ch 40, [1999] 3 WLR 697 554 n 144Montgomery v. Johnson Underwood Ltd The Times, 9 March 2001 755 n 2Moorgate Metals Ltd, Re [1995] 1 BCLC 503 726 n 247Morphitis v. Bernasconi [2003] Ch 552, [2003] BCC 540, [2003] 2 BCLC 53 303 n 47,

696, 697–8, 731Morris v. Agrichemicals Ltd (Morris v. Rayners Enterprises Inc.) (BCCI No. 8) [1997]

3WLR 909, [1997] BCC 965, [1998] AC 214, [1997] 4 All ER 568, [1998] 1 BCLC68 616, 617 n 75

Morris v. Bank of India [2005] BCC 739 696 n 101, 697 n 104MS Fashions v. Bank of Credit and Commerce International SA (No. 2) [1993] BCC

70 616Mullarkey v. Broad [2008] 1 BCLC 638 705 n 148Multi Guarantee Co. Ltd, Re [1987] BCLC 257 650 n 100

xxii table of cases






My Travel Group plc, Re [2005] 1 WLR 2365, [2005] BCC 457 480 n 4, 481 n 9,486 n 34, 513 n 158

My Travel Group plc, Re [2005] 2 BCLC 123 (CA) 480 n 4, 481 n 9, 513 n 158National Arms and Ammunition Co., Re (1885) 28 Ch D 474 604 n 16National Bolivian Navigation Co. v. Wilson (1880) 5 App Cas 176 651National Westminster Bank Ltd v. Halesowen Presswork and Assemblies Ltd [1972]

AC 785 617 nn 75 and 78, 618 n 81, 619, 620 n 89, 628 n 2National Westminster Bank plc v. Jones [2002] 1 BCLC 55 579 n 270Nesbitt, PG & AE Nesbitt v. Secretary of State for Trade and Industry (UKEAT/0091/

07/DA), [2007] IRLR 847 755Neste Oy v. Barclays Bank [1983] 2 Lloyds Rep 658 654 n 120New Bullas Trading Ltd, Re [1993] BCC 251, [1994] BCC 36 (CA) 411 nn 234

and 235New Cap Reinsurance Corp. Ltd v. HIH Casualty and General Insurance Ltd [2002]

BPIR 809 529 n 2New Generation Engineers, Re [1993] BCLC 435 718 n 204New ISG Ltd v. Vernon and Others [2007] EWHC Ch 2665 761 n 39New World Alliance Pty Ltd, Re (Fed. No. 332/94, 26 May 1994) 684Newlands (Seaford) Educational Trust, Re [2007] BCC 195 501 n 107Newport County Association Football Club Ltd, Re [1987] 3 BCC 635 361 n 165,

370 n 40NFU Development Trust Ltd, Re [1972] 1 WLR 1548 481 n 8Niagara Mechanical Services International Ltd, Re (in administration) [2001] BCC

393 652 n 113Nicholson v. Permakraft [1985] 1 NZLR 242 682–3, 685, 689, 690, 691, 704Nicol v. Cutts [1985] 1 BCC 99 335 n 49Nokes v. Doncaster Amalgamated Collieries [1940] AC 1014 761Norman v. Theodore Goddard [1991] BCLC 1028 175 n 131North West Holdings plc, Re, Secretary of State for Trade and Industry v.

Backhouse [2001] BCH 7, [2001] EWCA Civ 67, [2002] BCC 441 547Oak Pits Colliery Co., Re (1882) 21 Ch D 322 604 n 16Oasis Merchandising Services Ltd, Re [1995] BCC 911, [1997] BCC 282, [1997]

2 WLR 764 556–8, 701 n 127OBG Ltd v Allan [2007] 2 WLR 920 362 n 167Ocean Steam Navigation Co. Ltd, Re [1939] Ch 41 481 n 12Official Receiver v. Barnes (Re Structural Concrete Ltd) [2001] BCC 478 718 n 204Official Receiver v. Ireland, Re Bradcrown Ltd [2002] BCC 428 745 n 363Official Receiver v. Vass [1999] BCC 516 728 n 257Official Receiver v. Wadge Rapps & Hunt [2003] UKHL 49 717 n 196Official Receiver of Celtic Extraction and Bluestone Chemicals v. Environment Agency

[2000] BCC 487, [1999] 4 All ER 684 533 n 25Olympia & York Canary Wharf Ltd, Re [1993] BCLC 453 376

table of cases xxiii






On Demand Information plc (in administrative receivership) and another v. MichaelGerson (Finance) plc and another [2000] 4 All ER 734 247 n 18

Oracle (North West) Ltd v. Pinnacle Service (UK) Ltd [2008] EWHC 1920 389 n 133Oriental Bank Corporation, Re (Macdowell’s Case) (1886) 32 Ch D 36 539Osiris Insurance Ltd, Re [1999] 1 BCLC 182 484 n 21OT Computers Ltd (in administration) v First National Tricity Finance [2003] EWHC

1010 656Oval 1742 Ltd (in liquidation): Customs and Excise Commissioners v. Royal Bank of

Scotland, Re [2007] BCC 567 605 n 21Oy Liikenne Ab v. Pekka Liskjarvi and Pentti Juntunen [2001] IRLR 171 (ECJ Case C-

172/99) 760 n 33Pacific Syndicates (NZ) Ltd, Re (1989) 4 NZCLC 64 588Palk v. Mortgage Services Funding plc [1993] Ch 330 636Pamstock, Re [1994] 1 BCLC 716 725 n 241Pantmaenog Timber Co. Ltd, Re [2004] 1 AC 158 552 n 134, 555Pantone 485 Ltd, Re [2002] 1 BCLC 266 681 n 18, 686, 687Paramount Airways Ltd (No. 3), Re: reported as Powdrill v. Watson [1994] 2 BCLC

118, [1995] 2 WLR 312, [1995] BCC 319, [1995] 2 All ER 65, [1995] 2 AC394 247, 335–6, 372–4, 759 n 29

Park Air Services, Re (Christopher Moran Holdings Ltd v. Bairstow and Ruddock)[1999] BCC 135, [1999] EGCS 17, [2000] AC 172 533 n 25

Park House Properties Ltd, Re [1997] 2 BCLC 530 727 n 255Parker-Tweedale v. Dunbar Bank plc [1991] Ch 12 336 n 56Patrick and Lyon Ltd, Re [1933] Ch 786 580 n 276, 696 n 104Peachdart, Re [1984] Ch 131 643 n 65, 644Pearl Maintenance Services Ltd, Re [1995] 1 BCLC 449 339 n 69Penrose v. Official Receiver [1996] 1 BCLC 389 703Peoples Department Stores v. Wise [2004] SCC 68 683 n 25Permacell Finesse Ltd (in liquidation) [2008] BCC 208 108 n 164, 257 n 64, 387 n 126,

414 n 249, 607 n 35Pfeiffer (E.) WW GmbH v. Arbuthnot Factors Ltd [1988] 1 WLR 150, [1987] BCLC

522 642 n 60PFTZM Ltd, Jourdain v. Paul, Re [1995] BCC 280 106 n 155, 301, 721 n 216Phillips v. Brewin Dolphin Bell Lawrie Ltd [2001] 1 WLR 143 575–6Pinewood Joinery v. Starelm Properties Ltd [1994] 2 BCLC 412, [1994] BCC 569

579 nn 271 and 272Pinson Wholesale Ltd, Re [2008] BCC 112 489 n 48Plant (Engineers) Sales Ltd v. Davis (1969) 113 Sol Jo 484 534 n 30Polkey v. A. E. Dayton Services Ltd [1988] ICR 142 773 n 83Polly Peck International plc (No. 2), Re [1994] 1 BCLC 574 725 n 240Polly Peck International plc (No. 3), Re [1996] 1 BCLC 428 585 n 296Polly Peck International (No. 4), Re The Times, 18 May 1998 650 n 107

xxiv table of cases






Potters Oils Ltd (No. 2), Re [1986] 1 WLR 201 26 n 67Powdrill v. Watson (also known as Re Paramount Airways Ltd No. 3) [1994] 2 BCLC

118, [1995] 2 AC 394, [1995] 2 WLR 312, [1995] 2 All ER 65 (HL) 247, 335–6,372–4, 517 n 1, 759 n 29

Power v. Sharp Investments Ltd (Re Shoe Lace Ltd) [1994] 1 BCLC 111 580 n 273,585 n 296

Probe Data Systems Ltd (No. 3), Re [1991] BCC 428, [1992] BCC 110 729 n 264,732 n 286

Produce Marketing Consortium Ltd, Re [1989] 5 BCC 569, [1989] BCLC 175 n 132,699 n 119, 701, 702, 731

Prudential Assurance Co. Ltd v. PRG Powerhouse Ltd [2007] BCC 500 510–11Pulsford v. Devenish [1903] 2 Ch 625 196 n 105Purpoint Ltd, Re [1991] BCLC 491 702R v. Cambridge Health Authority ex parte B [1995] 2 All ER 129 447 n 380R v. Evans [2000] BCC 901 722, 727 n 251R v. Grantham [1984] 2 WLR 815 303R v. Holmes [1991] BCC 394 724, 731 n 278R v. Independent Television Commission ex parte TSW Broadcasting Ltd [1996]

EMLR 291 447 n 380R v. Miles (1992) Crim L Rev 657 697 n 104R v. Panel on Takeovers and Mergers ex parte Datafin plc [1987] QB 815 446 n 373R v. Woollin [1998] 3 WLR 382 697 n 107R v. Young [1990] BCC 549 723 n 227RAC Motoring Services Ltd, Re [2000] 1 BCLC 307 481 nn 8 and 10Rafidain Bank, Re [1992] BCLC 301 629 n 4Razzaq v. Pala [1997] 1 WLR 1336, [1998] BCC 66 378Rea v. Barker (1988) 4 NZCLC 6 588Rea v. Chix (1986) 3 NZCLC 98 588Realisations, In re (IRC v. Lawrence) [2001] BCC 663, [2001] ICR 424 373 n 55Red Label Fashions Ltd, Re [1999] BCC 308 721 n 217Regentcrest plc (in liquidation) v. Cohen [2001] BCC 494 685 n 38, 692Rhine Film Corporation (UK) Ltd, Re [1986] 2 BCC 98 195 n 93Richbell Information Systems Inc. v. Atlantic General Investments Trust Ltd, Re

[1999] BCC 871 537 n 44Ringinfo Ltd, Re [2002] 1 BCLC 210 536 n 43Robson v. Smith [1895] 2 Ch 118 92 n 96, 119 nn 207 and 208Rolls Razor v. Cox [1967] 1 QB 552 617Rolus Properties, Re [1988] 4 BCC 446 727Rother Iron Works v. Canterbury Precision Engineers Ltd [1974] QB 1 615 n 66R., S. & M. Engineering Co. Ltd, Re; Mond v. Hammond Suddards [2000] Ch 40,

[1999] 3 WLR 697 554 n 144Rubin v. Gunner and Another [2004] BCC 684, [2004] 2 BCLC 110 699, 700 n 122

table of cases xxv






S. Davies & Co. Ltd, Re [1945] Ch 402 534St James Court Estate Ltd, Re [1944] Ch 6 481 n 12Salcombe Hotel Development Co. Ltd, Re [1991] BCLC 44, [1989] 5 BCC 807 530 n 7Salomon v. A. Salomon & Co. Ltd [1897] AC 22 13, 582, 631 n 14, 681Samuel Sherman plc, Re [1991] BCC 699 726 n 250Sandeman and Sons v. Tyzak & Branfoot Steamship Co. Ltd [1913] AC 680 644 n 70SAR Schotte GmbH v. Parfums Rothschild SARL, 218/86 [1992] BCLC 235 587 n 305Saul D. Harrison & Sons plc, Re [1994] BCC 475 756 n 10Saunders v. UK [1997] BCC 872 565 n 207Scott v. Thomas (1834) 6 C&P 661 574 n 247Secretary of State for Employment v. Bottrill [1999] BCC 177 755Secretary of State for Employment v. Spence [1986] ICR 651 763Secretary of State for Trade and Industry v. AurumMarketing Ltd [1999] 2 BCLC 498 547Secretary of State for Trade and Industry v. Backhouse [2002] BCC 441 550 n 116Secretary of State for Trade and Industry v. Bairstow and Others (No. 2) [2004] EWHC

1730 724 n 229Secretary of State for Trade and Industry v. Baker [1999] 1 All ER 1017 730 n 267Secretary of State for Trade and Industry v. Becker [2003] 1 BCLC 555, [2002] All ER

280 301, 720 n 215Secretary of State for Trade and Industry v. Blackwood [2005] BCC 366 723 n 226Secretary of State for Trade and Industry v. Deverell [2000] 2WLR 907, [2001] Ch 340,

[2000] 2 BCLC 133 106 n 155, 301 n 35, 302 n 43, 591, 720–1Secretary of State for Trade and Industry v. Frid [2004] 2 AC 506, [2004] BPIR

841 615 n 66, 617 n 74Secretary of State for Trade and Industry v. Gray [1995] Ch 241, [1995] 1 BCLC

276 725, 727 n 251Secretary of State for Trade and Industry v. Griffiths, Re Westmid Packaging Services

Ltd (No. 3) [1998] BCC 836 730, 751 n 382Secretary of State for Trade and Industry v. Hollier and Others [2007] BCC

11 721 n 217Secretary of State for Trade and Industry v. Imo Synthetic Technology Ltd [1993] BCC

549 717 n 202, 718 n 204Secretary of State for Trade and Industry v. Jones [1999] BCC 366 721 n 217Secretary of State for Trade and Industry v. Langridge [1991] Ch 402 725 n 235Secretary of State for Trade and Industry v. McTighe [1997] BCC 224 727 n 253Secretary of State for Trade and Industry v. Rosenfeld [1999] BCC 413 730 n 267Secretary of State for Trade and Industry v. Slater [2008] BCC 70 762 n 43Secretary of State for Trade and Industry v. Swan (No. 2) [2005] All ER 102; [2005]

BCC 596 723Secretary of State for Trade and Industry v. Tjolle [1998] BCC 282 721 n 217Secretary of State for Trade and Industry v. Travel Time (UK) Ltd [2000] BCC

792 545 n 93, 546, 711 n 174

xxvi table of cases






Secretary of State for Trade and Industry v. Walker [2003] 1 BCLC 363 723 n 225Secure and Provide plc, Re [1992] BCC 405 542 n 74, 545–6, 711Sendo International Ltd (in administration) [2007] BCC 491 656Sevenoaks Stationers Retail Ltd, Re [1991] Ch 164, [1990] BCC 765 304 n 51, 725, 730Sherborne Associates Ltd, Re [1995] BCC 40 701–2Shoe Lace Ltd, Re [sub nom. Power v. Sharp Investments Ltd) [1994] 1 BCLC

111 580 n 273, 585 n 296SHV Senator Hanseatische Verwaltungs Gesellschaft mH, Re [1997] BCC 112, [1996]

2 BCLC 562, [1997] 1 WLR 515 543, 545, 711Siebe Gorman & Co. Ltd v. Barclays Bank Ltd [1979] 2 Lloyd’s Reports 142 411, 413Silven Properties and Another v. The Royal Bank of Scotland plc [2003] BCC

1002 338–9, 343 n 92Silver Valley Mines, Re (1882) 21 Ch D 381 541SISU Capital Fund Ltd v. Tucker [2006] BCC 463 507, 510 n 145, 511 n 150Smith v. Blake [1996] AC 243 615 n 68, 616 n 69, 620 n 87Smith v. Pilgrim (1876) 2 Ch D 127 574 n 247Smith (Administrator of Coslett (Contractors) Ltd) v. Bridgend CBC (Re Coslett

(Contractors) Ltd (in administration)) [2001] BCC 740 615 n 68Smith and Fawcett Ltd, Re [1942] Ch 304 681, 682, 685 n 38Soden v. British & Commonwealth Holdings plc (in administration) [1997] BCC 952 625Sonatacus Ltd, Re [2007] BCC 186 576 n 258Southard, Re [1979] 1 WLR 1198 585 n 295Southbourne Sheet Metal Co. Ltd, Re [1991] BCC 732 729, 730, 732SovereignMarine & General Insurance Co. Ltd, Re [2006] BCC 774 482 n 16, 484 nn 21

and 22Spa Leasing Ltd v. Lovett and Others [1995] BCC 502 579 n271Specialised Mouldings Ltd, Re (unreported, 13 Feb. 1987) 335, 373 n 54Spectrum Plus Ltd, Re [2005] 1 UKHL 41 129Spectrum Plus Ltd v National Westminster Bank plc [2005] 2 AC 680, [2005] 3 WLR

58, [2005] BCC 694 411–14, 452, 517Spence v. Union Marine Insurance Co. Ltd (1867–8) LR 3 CP 427 644 n 70Spies v. The Queen (2000) 201 CLR 603, (2000) 173 ALR 529 684Sporting Options plc, Re [2005] BCC 88 394 n 165Squires (Liquidators of SSSL Realisations (2002) Ltd) v. AIG Europe (UK) Ltd [2006]

BCC 233 622 n 97SSSL Realisations (2002) Ltd, Manning v. AIG Europe Ltd, Re [2006] Ch 610 533 nn 24

and 25SSSL Realisations (2002) Ltd (in liquidation) and Save Group plc (in liquidation)

[2004] BPIR 1334 622 n 97Standard Chartered Bank Ltd v. Walker [1982] 1 WLR 1410 336 n 56Stannard v. Fisons Pensions Trust Ltd [1992] IRLR 27 446 n 374Statek Corp. v. Alford [2008] BCC 266 721 n 217

table of cases xxvii






Stein v. Blake [1996] 1 AC 243 620 n 89Stocznia Gdanska SA v. Latvian Shipping Co. (No. 2) [1999] 3 All ER 822 559 n 169Structures and Computers Ltd, Re [1988] BCC 348 475 n 94Sunlight Incandescent Ltd, Re [1906] 2 Ch 728 531Supporting Link Ltd, Re [2004] BCC 764 543 n 79Swan v. Sandhu [2005] EWHC 2743 681 n 18Swift 736 Ltd, Re [1992] BCC 93, [1993] BCC 312 (CA) 725, 726 n 253Swiss Bank Corp. v. Lloyds Bank Ltd [1981] 2 WLR 893 650 n 100T & D Industries plc and T & D Automotive Ltd, Re [2000] 1 WLR 646, [2000] BCC

956 462 n 46, 464 n 59T & N Ltd and Others, Re [2006] 3 All ER 697 480 nn 3 and 4Tain Construction, Re [2003] All ER 91, [2004] BCC 11, [2003] 1 WLR 2791 538 n 54,

600 n 3Tasbian Ltd (No. 3), Re [1992] BCC 358 302, 729, 732 n 286Taylor v. Standard Gas and Electric Co. (1939) 306 US 307 586 nn 301 and 302TBL Realisations Ltd, Oakley-Smith v. Greenberg, Re [2004] BCC 81, [2005] 2 BCLC

74 489 n 45Telewest Communications plc (No. 1), Re [2004] BCC 342 484 n 21Thirty Eight Building Ltd, Re [1999] BCC 260 573 n 237Thomas v. Ken Thomas Ltd [2006] EWCA Civ 1504 503 n 122, 517 n 1Thorne v. Silverleaf [1994] 1 BCLC 637 703 n 143TLL Realisations Ltd, Re, Secretary of State for Trade and Industry v. Collins [2000]

BCC 998 730 n 267TM Kingdom Ltd, Re [2007] BCC 480 390 n 137Toshoku Finance UK plc, Re, Kahn v. Commissioners of Inland Revenue [2002] 1

WLR 671, [2002] BCC 110 417, 553–4, 603 nn 12 and 13, 605 n 23Training Partners Ltd, Re [2002] 1 BCLC 655 565 n 203Transbus International Ltd, Re [2004] 1WLR 2654, [2004] BCC 401 399, 445, 462 n 46Trident Fashions plc, Re [2004] 2 BCLC 35, [2006] All ER 140 (CA) 409 n 228, 489 n 45Twinsectra v. Yardley [2002] 2 AC 164 652–3TXU Europe German Finance BV, Re [2005] BPIR 209, [2005] BCC 90 532 n 18Ultraframe UK Ltd v. Fielding [2005] EWHC 1638 720 n 213Unidare plc v. Cohen [2006] 2 WLR 974 445 n 371Uno plc, Re (Secretary of State for Trade and Industry v. Gill) [2006] BCC

725 723 n 226US Trust Corporation v. Australia and New Zealand Banking Group (1995) 17 ACSR

697 624 n 105Valletort Sanitary Steam Laundry, Re [1903] 2 Ch 654 119 n 208Vandervell v. Inland Revenue Commissioners [1967] 2 AC 291 650Vintage Hallmark plc, Re [2008] BCC 150 736 n 313Vuma Ltd, Re [1960] 1 WLR 1283 539Walker v. Walker and Another [2005] All ER 277 705 n 148

xxviii table of cases






Walker v. Wimborne [1976] 50 ALJR 446, (1976) 137 CLR 1, (1978) 3 ACLR 529 682,690, 704

Walter L. Jacob & Co. Ltd, Re [1989] 5 BCC 244 542 n 76, 545, 546–7Watts v. Midland Bank plc [1986] BCLC 15 340Weddel (NZ) Ltd, Re [1996] 5 NZBLC 104 646 n 85Weisgard v. Pilkington [1995] BCC 1108 573 n 237Welfab Engineers Ltd, Re [1990] BCC 600 687–8, 756Wellworth Cash & Carry (North Shields Ltd) v. North Eastern Electricity Board [1986]

2 BCC 99 604 n 18West Mercia Safetywear Ltd v. Dodd [1988] 4 BCC 30, [1988] BCLC 250 519 n 6, 684,

688, 690, 695Westlowe Storage & Distribution Ltd, Re [2000] BCC 851 705 n 148Westmid Packaging Services Ltd, Re, Secretary of State for Trade and Industry v.

Griffiths [1998] 2 All ER 124, [1998] BCC 836 (CA) 722, 727 nn 251 and 253Westminster Property Management Ltd, Re, Official Receiver v. Stern [2001] 1 All ER

633, [2001] BCC 121 722, 727 n 251, 728 n 259Whalley v. Doney [2004] BPIR 75 687, 689–90, 709Wheatley v. Silkstone and HaighMoor Coal Co. (1885) 29 Ch D 715 119 n 207, 130 n 254Wheeler v. Patel and J. Goulding Group of Companies [1987] ICR 631 764Whitehouse v. Charles A. Blatchford & Sons Ltd [2000] ICR 542 764Whitehouse v. Wilson [2007] BPIR 230 541 n 68, 705 n 148Wight v. Eckhardt Marine GMbH [2004] 1 AC 147, [2003] 3 WLR 414 540 n 65William Leach Brothers Ltd, Re [1932] 2 Ch 71 697 n 104Williams v. Compair Maxam [1982] ICR 156 773Wilson v. St Helens Borough Council, British Fuels Ltd v. Baxendale [1999] 2 AC 52,

[1998] ICR 1141 763 n 46Windsor Steam Coal Co. (1901) Ltd, Re [1929] 1 Ch 151 196 n 105Winkworth v. Edward Baron Developments Co. Ltd [1987] 1 All ER 114, [1986] 1

WLR 1512 683, 685–6, 690 n 73Woodroffes Ltd, Re [1986] Ch 366 605 n 21Woods v. Winskill [1913] 2 Ch 303 339 n 69Wright v. Frisnia (1983) 1 ACLC 716 690 n 70XL Communications Group plc, Re [2005] EWHC 2413 565 n 204Yagerphone, Re [1935] Ch 392 554 n 143Yorkshire Woolcombers’ Association Ltd, Re [1903] 2 Ch 284 92 n 96Yukong Lines Ltd of Korea v. Rendsburg Investments Corporation [1998] 1 WLR 294,

[1998] BCC 870 684, 685 n 41, 708Ziceram Ltd, Re [2000] BCC 1048 536 n 40

table of cases xxix






TABLE OF STATUTES AND OTHERINSTRUMENTS

1542 Bankruptcy Act 101844 Joint Stock Companies Act 12

Companies Winding Up Act 121855 Limited Liability Act 121856 Joint Stock Companies Act 121861 Bankruptcy Act 121862 Companies Act 12

s. 81 131869 Debtors Act 121870 Joint Stock Companies Act 4791897 Preferential Payments in Bankruptcy Act 604 n 201908 Companies (Consolidation) Act 121925 Law of Property Act 26, 329, 395–61929 Companies Act 121948 Companies Act 12

s. 206 485 n 28ss. 206–8 488 n 39s. 246 548s. 306 488 n 39

1955 New Zealand Companies Acts. 266(2) 574

1974 Consumer Credit Acts. 10(1) 77 n 34s. 189(1) 504 n 124

1976 Insolvency Act 13Second Council Directive 77/91/EEC of 13 December 1976, OJ

1997, No. L26/1 (‘Acquired Rights Directive’) 971978 American Bankruptcy Reform Act 278

Bankruptcy Code (US) (as amended) 53 n 93, 278–92, 405–7,454, 520

s. 1104(a) 281 n 146s. 1121(d) 286 n 160, 454 n 5

xxx






s. 1125 469s. 1126 457s. 1126(b) 469

EEC Council Directive 78/855, OJ 1978/295/36 482 n 171979 Estate Agents Act s.13 654, 661

Sale of Goods Act 647s. 19(1) 642

1981 Supreme Court Acts. 51 556

Transfer of Undertakings (Protection of Employment)Regulations (TUPE) (SI 1981/1794) 760–4

1982 EEC Council Directive 82/891, OJ 1982/378/47 482 n 171984 Close Corporations Act 69 (South Africa) s. 72 290 n 1751985 Companies Act 12, 17, 330

s. 153 689s. 234 ZA 261s. 300 724s. 320 577s. 322 578 n 266s. 395 75 n 25s. 425 366ss. 425–7 480 n 3, 488 n 39s. 458 698s. 582 488 n 39s. 601 488 n 39s. 741 590 n 322ss. 431–53

Insolvency Act 16 n 171986 Company Directors’ Disqualification Act 148, 181, 438

s. 1 A 228, 262 n 82, 718s. 2 717ss. 2–12 31s. 3 717s. 4 717s. 5 717s. 6 717, 723, 724, 730 n 267, 731–2s. 6(2) 148, 717s. 6(4) 717s. 7 736 n 312s. 7(2)(A) 718s. 7(3) 252 n 46, 717 n 195, 735 n 308s. 8 717, 724 n 229, 726 n 250

table of statutes and other instruments xxxi






s. 8(1) 712, 718, 719s. 8(2)(A) 712, 718, 719ss. 9A–9E 719 n 209s. 10 717, 737s. 11 718s. 12 718s. 16(1) 729 n 265s. 17 730 n 267s. 18(2) 733s. 22(5) 720Sch. 1 571 n 231, 735 n 307

Insolvency Act 16–19, 183, 190, 193, 251, 328–36, 353, 365, 612s. 1 24ss. 1–7 180 n 11, 251, 481, 488s. 1A(1) 491s. 2 24s. 2(2) 489, 706s. 2(3) 706s. 4(2) 501s. 4(3) 179, 228, 332, 490s. 4(4) 228ss. 4A(2), (3) and (4) 489 n 44s. 5 489, 506s. 5(2)(b) 180 n 9s. 6 215, 487, 507 n 134, 509s. 6A 496 n 84s. 7 489s. 7A 496 n 84s. 7(2) 489s. 7(4) 27s. 7(5) 195s. 8(1)(a) 371s. 8(2) 365s. 8(3) 180 n 13, 382 n 92s. 8(3)(a) 380ss. 8–27 31, 180s. 9(1) 400s. 9(2)(a) 332s. 9(3) 332, 404s. 9(4) 365 n 10s. 10 384s. 10(1) 365

xxxii table of statutes and other instruments






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