Source: All England Reporter
Publisher Citation: [2008] All ER (D) 248 (Jan)
Neutral Citation: [2008] UKPC 7
Court: Privy Council
Judge:

Lord Hoffmann, Lord Scott of Foscote, Lord Walker of Gestingthorpe, Lord Mance and Lord Neuberger of Abbotsbury

Judgment Dates: 24 January 2008

Catchwords

Mauritius - Receiver - Action against receiver - Company and its principal customer having credit facilities with BCCI Bank - BCCI being closed down - Company owing BCCI money - BCCI transferring assets to a bank - Bank appointing receiver - Company alleging appointment of receiver invalid and that receiver acting unlawfully - Judge holding receiver validly appointed - Judgment affirmed by Supreme Court - Whether judge erring.

The Case

Where the first bank had closed down and had transferred its assets to the second bank who appointed a receiver, and a company that previously had credit facilities with the first bank alleged that the second bank's appointment of the receiver was invalid, the judge had not erred in finding that the receiver had been validly appointed. In a certain context, an auditor might be treated as an officer of the company. However, in the light of s189 of the Companies Act 1984, the auditors were not officers of the company, and the receiver was therefore qualified for appointment.

Practice Areas

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