![[2025] EWHC 2760 (Ch)](https://backend.juristeca.com/files/emisores/logo_O3rEzCI.png){kind=logo}
Heading
MASTER MARSH (SITTING IN RETIREMENT)
ROLLS BUILDING
FETTER LANE
LONDON EC4A 1NL
BETWEEN
(1) CEDAR SECURITIES LIMITED (IN LIQUIDATION)
(acting by its liquidator Claire Louise Middlebrook)
(2) JAMES JOSEPH HANNON
Claimants
and
(1) MARK RICHARD PHILLIPS (a bankrupt)
(2) JULIE SWAN
(3) CEDAR SECURITIES LIMITED (IN LIQUIDATION)
Defendants
AND
BL-2025-000661
IN THE MATTER OF CEDAR SECURITIES LIMITED (IN LIQUIDATION) (company number 00553595) AND IN THE MATTER OF THE INSOLVENCY ACT 1986 BETWEEN | |
(1) CLAIRE LOUISE MIDDLEBROOK (as liquidator of Cedar Securities Limited (In Liquidation)) (2) JAMES JOSEPH HANNON | Applicants |
and | |
(1) MARK RICHARD PHILLIPS (A BANKRUPT) (2) JULIE SWAN | Respondents |
JUDGMENT
FRANCIS COLLACO MORAES instructed by William Sturges LLP appeared for the Claimants/Applicants
NICHOLAS GOODFELLOW instructed by Arch Law Limited appeared for the Second Defendant/Second Respondent
Judgment handed down remotely in the absence of the parties
at 14.00 on 24 October 2025
Background
- Heading
- Introduction
- The relevant facts
- Amendment to rely upon the statutory release
- Amendment to rely upon the Limitation Clause
- the conduct of the parties
- the interests of the administration of justice.”
- The merits of the Limitation Clause amendment
- In Fakhry v Pagden [2020] EWCA Civ 1207 ; [2021] B.C.C. 46 , a case arising out of the same facts as the case before me, but in relation to a different aspect, concerning alleged procedural irregulari
- The statutory trust is explained in Goode on Principles of Corporate Insolvency Law (5th edition) (" Goode ") at paragraph 3-09 as follows
- The case usually cited for this proposition is a tax case in the House of Lords, Ayerst (Inspector of Taxes) v C. & K. (Construction) Ltd [1976] A.C. 167 ("Ayerst") As Goode goes in to explain at paragraph 3-10, this is a particular type of trust tha
- "The company thus holds the assets for statutory purposes, not for persons." Clearly, as the trustee of a statutory trust, a liquidator is a fiduciary and owes corresponding fiduciary duties, such as a duty not to profit otherwise than through the re
- Determination of the amendment application
- Conclusions