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The statutory trust is explained in Goode on Principles of Corporate Insolvency Law (5th edition) (" Goode ") at paragraph 3-09 as follows
The statutory trust is explained in Goode on Principles of Corporate Insolvency Law (5th edition) (" Goode ") at paragraph 3-09 as follows:
"Although winding-up does not of itself divest the company of legal title to its assets, it ceases to be the beneficial owner and holds the assets on trust to apply them in discharge of the company's liabilities in accordance with the statutory scheme of distribution.
- 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