[9] Mr. Webster argued that it was fair and proper that the charges in favour of the petitioners be registered late. The petitioners are not responsible for non-registration and late registration would only make effective the contract with RBS in the filing agreement, according to which the petitioners` fees should be classified before their obligation and variable costs. If the court did not allow late registration, RBS would have a windfall at the expense of the petitioners. In the past, the Tribunal had used its power to authorize late registration in order to implement agreements between creditors without effect: in re I.C. Johnson & Co Ltd [1902] 2 chap. 101. It recognized that it was possible that NH`s ordinary creditors would lose if the costs were registered late, since the portion prescribed for unsecured creditors could be reduced pursuant to section 176A of the Insolvency Act 1986. The petitioners therefore undertook to pay the trustees an amount corresponding to the amount, the prescribed portion of which would be reduced by the late registration of their taxes.
Different rankings can be accommodated in the agreement – tailoring is necessary. [4] In 2003, NH granted a bond and a variable royalty on its assets to Royal Bank of Scotland plc (“RBS”). On 31 March 2006, Merrill Lynch International Bank Limited (“Merrill Lynch”) transferred £300,000 to NH, which charged the farm. To regulate the ranking of the various titles, NH, Mr. and Mrs. Salvesen, RBS and Merrill Lynch entered into a ranking agreement on March 31, 2006. In this agreement, Merrill Lynch took first place, Mr. and Mrs. Salvesen the second and RBS the third. During the negotiations on the agreement, no one noticed that the charges in favour of Mr and Mrs Salvesen had not been registered in the commercial register.
Used to settle the classification of 2 legal fees granted for real estate in England or Wales. [7] Mr. Webster argued, on behalf of the petitioners, that the non-registration was accidental or accidental. Mr. Dalgleish did not dispute this assertion on behalf of the directors. The petitioners` officers submitted affidavits from Mr. and Mrs. Salvesen, Mr. Eric Cowsill, a lawyer working for NH, and Mr. Anthony Goddard, a qualified lawyer and director of NH. It is apparent from the assurances under oath that Ms Salvesen did not participate in NH and that she had agreed, at Mr Salvesen`s request, to provide with him the loan of £200,000 to NH.
She did not participate in the negotiations on the loans or the classification contract, but signed the documents he asked her to sign. Salvesen made the decision to buy the farm and asked his co-director, Anthony Goddard, to manage the legal requirements. [12] The onset of formal insolvency generally determines the position of creditors who are classified in the insolvency account, in accordance with their strict legal rights. From there, the receiver holds the assets of the company in favour of the creditors, in accordance with the rights that confer on them the general right of classification. The fact that the court then intervenes in this classification would be a serious step. I do not rule out the rule that, in exceptional circumstances, the court may allow the late registration of a charge after the commencement of formal insolvency, for example. B where a creditor has been the victim of fraud and, in particular, where the offender was able to win in insolvency by striking down the charge. But in the absence of exceptional circumstances, I do not think it is fair and just to intervene in the legal classification of creditors in the event of insolvency. .