Supreme Court dismisses appeal from Court of Appeal, and: (a) affirms order for costs against the liquidator of a company, rather than the company itself, following an unsuccessful claim against a bank concerning a 'debt purchase agreement', on the grounds that the action should have been brought in the name of the liquidator rather than the company and that the bank had given the liquidator ample notice that they would seek to hold him personally liable for the costs; and (b) orders that the liquidator be precluded from having any recourse to the assets of the company for the purpose of satisfying the costs order.
MacMenamin J (nem diss): Ruling on costs by Court of Appeal - debt purchase agreement between company and lending bank - liquidation of company - challenge to bank's claim for money collected - whether 'debt purchase agreement' had been a true sale of debts or a loan secured on company's debts - whether necessary to register as a charge - whether standard form invoice discounting agreement was invalid by reason of non-registration - finding for bank - costs - whether costs should be borne by liquidator personally or by company in liquidation - voluntary liquidation - whether it had been advisable to bring an appeal to the Court of Appeal - s.280(1) of the Companies Act 1963 - determination of a question arising in the winding up of a company - whether appeal frivolous or vexatious - decision to bring action - decision to appeal - whether creditors consulted - whether evidence of male fides, misconduct or self-interest - legal advice received - failure to disclose legal advice - applications taken by liquidators in their own names - third party liability for costs.