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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
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 irregularities in restoring the Companies to the register, David Richards LJ (as he then was) explained (at [28]) that:
"In all types of liquidation, the beneficial interest in the assets is suspended and they are held on a statutory trust to be dealt with in accordance with the statutory scheme".
- 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