The Business Law Reports
[2007] Bus LR 474
Chancery Division
Customs and Excise Commissioners
v
Royal Bank of Scotland plc
In re
Oval 1742 Ltd
[2006] EWHC 2813 (Ch)
2006 Oct 10,
11;
Nov 6
Nov 6
Susan Prevezer QC sitting as a deputy High Court judge
Company
— Debenture
— Fixed or floating charge
— Company selling business and assets
— Company subsequently going into liquidation
— Consideration for assets paid to debenture holder both before and after date of liquidation
— Debenture holder releasing charge after receiving payment
— Whether preferential creditors payable in priority to debenture holder
— Whether debenture holder “taking possession” of property comprised in charge
—
Companies Act 1985 (c 6), s 196 (as substituted by Insolvency Act 1986 (c 45), s 439(1), Sch 13, Pt I)