CR-2024-MAN-000540 - [2025] EWHC 2159 (Ch)

Mr Faik indicated that he had not reached a final view so far as priority as between secured creditors was concerned, a possible complication having been caused by the taking by Supahome of an assignment of PF2L’s charge dated 22 February 2023. However, the ICO was made and registered against the title to the Property prior to the grant of the latter charge, and so must, I consider, take priority thereto.

In the circumstances, and in order to seek to narrow issues, I consider that it would be appropriate for me to declare as part of any order that I make that Milltom’s security under the ICO and FCO takes priority to that now enjoyed by Supahome. However, bearing in mind that Supahome is not presently formally before the court, I consider that Supahome ought to have the opportunity to apply to vary or set aside the relevant declaration should it wish to seek to argue to the contrary.