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Supreme Court allows appeal from High Court, and determines: a) that a floating charge over company assets arising under a debenture had been converted to a fixed charge by "crystallisation notice" prior to the winding up of the relevant companies; and b) that, accordingly, the claims of the debenture holder to the funds realised from the assets ranked in priority to the preferential debts of the company.
Laffoy J (nem diss): Company law - winding up of companies by the court - 2009 petition - appointment of liquidator on 7 December 2009 - s. 280 of the Companies Act 1963 - debenture - conversion of floating charge - crystallisation notice dated 28 October 2009 - application to court for directions - whether floating charge validly crystallised - whether assets of company fell outside of liquidation - Section 285(7) of the Companies Act 1963 - construction of section - effect of crystallisation notices - whether floating charges converted into first fixed charges over property - submissions by liquidator, bank and revenue commissioners - whether company could deal with assets following crystallisation of a floating charge - decisions of other jurisdictions on equivalent provisions - whether reference to floating charge in section 285(7) included reference to a floating charge that had been converted to a fixed charge.
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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