| Source: | All England Reporter |
| Publisher Citation: | [2011] All ER (D) 11 (Feb) |
| Court: | Court of Appeal, Civil Division |
| Judge: | Lord Neuberger MR, Richards and Hughes LJJ (judgment delivered extempore) |
| Representation | James Ayliffe QC (instructed by Teacher Stern LLP) for the claimants. |
| Raquel Agnello QC and Philip Hinks (instructed by Lawrence Graham LLP) for the defendants. | |
| Judgment Dates: | 1 February 2011 |
Catchwords
Company - Charge - Priority - Debenture - Claimants being trustees of property unit trust - Trust formed as vehicle for purchase of property - Claimants raising purchase price by way of loan from defendant bank - Security created by deed of guarantee and debenture between trustees and bank - Trustees failing to repay loan and bank appointing receivers - Insufficient funds to repay secured loan in full - Trustees contending right of indemnity ranking in priority to bank's security under debenture - Judge rejecting trustees' contention - Whether judge erring.
The Case
Company Charge. The Court of Appeal, Civil Division, held that in the circumstances the judge had been correct in rejecting the trustees' contention that their right of indemnity ranked in priority to the defendant's security under a debenture.
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