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High Court, in proceedings arising from bankruptcy in England and Wales, determines: (a) that a deed of charge was not charged to the successor in title of the original lender in respect of an investment in a UK company; (b) that the deposit of a loan note certificate did not create an enforceable equitable mortgage over another investment; but (c) that the entire of the investment proceeds had been validly charged to the successor in title to the original lender by virtue of letters of undertaking, the legal effect of which had been to create an equitable assignment by the bankrupt to the original lender.
Special summons - whether the plaintiffs or the defendants were entitled to proceeds of two investments in estate of bankrupt - claim by trustees in bankruptcy - claim against successor in title to bank - loan of €1.2 million and STG£6 million - bankruptcy in England and Wales - Council Regulation (EC) number 1346/2000 - cross-border insolvency - EU legislation - rights in rem - whether rights over investments were rights 'in rem' - lex situs - investment proceeds - deed of charge over shares - deposit of share certificate - letters of undertaking - interpretation of security documents - whether loan certificate had legal status - errors on face of certificate - whether equitable mortgage had been created - whether any equitable mortgage secured loan facility for loan note - undertakings.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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