Farstad Supply A/S owned a vessel called the “Far Service”. On 4 February 1994, Aberdeen Service Company (North Sea) Ltd (“Asco UK Ltd”) chartered the Far Service from Farstad. Asco UK Ltd is a wholly owned subsidiary of ASCO plc, a major oil and gas logistics company registered in Scotland. They wished to use the Far Service to supply and service offshore installations.Enviroco Ltd cleans ships on an industrial scale among other things and is also registered in Scotland. Until 1999 it too, like ...
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Sigma is a structured investment vehicle, whose business involved acquiring asset-backed securities and other instruments, using funds raised by issuing or guaranteeing US dollar and Euro medium term notes (MTNs) as well as liquidity from other sources, such as facilities, derivatives, repurchase contracts and capital notes. All of Sigma’s assets were secured in favour of its secured creditors upon the terms of a Security Trust Deed (STD) made between Sigma and Deutsche Trustee Compa ...
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A reinsurer’s failure to replenish a trust account set up under an agreement with an insurance company did not make the insurer a creditor of the reinsurer. Accordingly, the insurer did not have locus standi to bring a winding-up petition in respect of the reinsurer.
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In 2001 Chartbrook entered into an agreement with Persimmon for the development of a site which Chartbrook had recently acquired. Persimmon was to obtain planning permission and then, pursuant to a licence from Chartbrook, enter into possession, construct a mixed residential and commercial development and sell the properties on long leases. Chartbrook would grant the leases at the direction of Persimmon, which would receive the proceeds for its own account and pay Chartbrook an agreed price for ...
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An appeal against a decision of the Court of Appeal of Belize on the construction of an article in the articles of association of Belize Telecommunications Ltd, a company which had been formed to take over the undertaking of the Belize Telecommunications Authority. The CA rejected A’s argument that the articles should be construed as providing by implication that a director appointed by virtue of a specified shareholding would vacate his office if there was no longer any holder of such a shareho ...
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The effect of the Sch.B1 para.43(6) of the Insolvency Act 1986 was not that proceedings brought against a company in administration without consent or permission of the court were a nullity, but only that they were liable to be stayed. Thus when considering a claim made without consent of the administrators against a company in administration, the correct course for an employment tribunal to take was to accept the claim but stay proceedings pending the issue of consent.
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This is a case in which the appellants, Mr and Mrs Jain, had their nursing home business destroyed by executive action taken against them by a regulatory authority, The Nottingham Health Authority. The Authority’s statutory successors, Trent Strategic Health Authority are the respondents to this appeal. The executive action taken by the Authority consisted of an expedited application made under s.30 of the Registered Homes Act 1984, said application being made ex parte and without ...
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Yeoman’s Row Management Ltd (A) appealed against a decision that James Cobbe (R) a property developer, had established proprietary estoppel against it and was therefore entitled to a lien over a property to secure his interest. R had expended time and money in obtaining planning permission pursuant to an oral agreement in principle for the sale of land from A to R, the terms of which had not all been agreed. The CA regarded the finding that A’s behaviour in repudiating and seeking an improvement ...
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The charterer, Transfield (A), appealed against a decision upholding an arbitrators’ ruling on the damages to which Mercator, the shipowner (R), was entitled following the late return of a ship. New charterers had agreed to take the ship after its late return, but the market had fallen sharply and they would only do so at a reduced rate. The issue was whether A was liable to pay only for the use of the ship for the number of days that it was late at the market rate then prevailing or whether it ...
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If the country of the principal winding up of an insolvent company was the “relevant country or territory” for the purposes of the Insolvency Act 1986 s.426 and the liquidators in that country requested the English liquidators to remit to them the assets collected in England so that they could, pursuant to the insolvency law in that country, implement a universal scheme of pari passu distribution to ordinary unsecured creditors, the request was one to which, in principle, the English liquidators ...
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