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Company – Insolvency. The Chancery Division dismissed an application seeking declarations that the appointment of the first three respondents as joint administrators of a company had been a nullity because of an alleged prior floating charge in favour of another company. The court allowed a cross-application by the respondents, the joint administrators and Nationwide Building society, to strike out the substantive application having found that Nationwide's predecessor (Derbyshire), had had a qualifying floating charge for the purposes of s 251 of the Insolvency Act 1986, which Nationwide had acquired and that the company had never acquired the hotel in question and its adjoining land otherwise than subject to the terms of Derbyshire's legal charge and debenture. Accordingly, nothing had had the effect of depriving the Derbyshire debenture of its status of a floating charge as created and Nationwide had not been not precluded from making the appointment of the joint administrators.
Company – Insolvency. The Chancery Division dismissed an application seeking declarations that the appointment of the first three respondents as joint administrators of a company had been a nullity because of an alleged prior floating charge in favour of another company. The court allowed a cross-application by the respondents, the joint administrators and Nationwide Building society, to strike out the substantive application having found that Nationwide's predecessor (Derbyshire), had had a qualifying floating charge for the purposes of s 251 of the Insolvency Act 1986, which Nationwide had acquired and that the company had never acquired the hotel in question and its adjoining land otherwise than subject to the terms of Derbyshire's legal charge and debenture. Accordingly, nothing had had the effect of depriving the Derbyshire debenture of its status of a floating charge as created and Nationwide had not been not precluded from making the appointment of the joint administrators.
The age of criminal responsibility, extreme weather and conflict resolution – plus, new protocol for reporting bullying at the Bar
By David Green
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Solicitor General Ellie Reeves KC MP discusses her decade as a trade union and employment law barrister, the demands of life as a Law Officer and the number one priority shaping her work. Interview by Anthony Inglese CB
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