Source: All England Reporter
Publisher Citation: [2002] All ER (D) 457 (Mar)
Court: Court of Appeal, Civil Division

Aldous and Jonathan Parker LJJ

Representation John de St Croix of Norton Rose for the applicants.
  Guy Newey QC and Andrew Westwood (instructed by Weil, Gotshal & Manges) for the first, second and third respondents.
  David Hodge QC and Katherine Holland (instructed by Pinsent Curtis Biddle & Co, Leeds) for the fourth and fifth respondents.
  Peter Arden (instructed by Hammond Suddards Edge, Leeds) for the sixth and seventh respondents.
Judgment Dates: 27 March 2002


Land - Lease - Equitable charge - Priority of interests - Company granting debenture creating equitable charge over leasehold property - Company acquiring headlease of land and granting underlease simultaneously - Company going into administrative receivership - Dispute as to priority between debenture and underlease - Judge finding grant of headlease and underlease in substance one transaction - Judge concluding underlease having priority over debenture - Whether judge in error.

The Case

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