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Property vested in company on foot of a 2009 agreement that gave it beneficial ownership
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Court of Appeal has dismissed an appeal from the High Court, and affirmed a decision that a property is to be vested in a company in liquidation, where the liquidator claimed beneficial ownership on foot of a 2009 agreement between the partnership and the company. The original decision, which found an agreement to transfer the property from a partnership to the company, was affirmed. The Court of Appeal determined that the partnership held only a bare legal interest, with the company entitled to the entire beneficial interest. Consequently, the court utilized Section 26 of the Trustee Act 1893 to issue a vesting order, negating the need for a separate conveyance by the partnership and streamlining the process to reflect the company's ownership.
Court of Appeal, beneficial ownership, Joe Miley and Partners (Dublin) Limited, Brett Miley Partnership, property transfer, Trustee Act 1893, vesting order, bare legal trust, beneficial interest, legal title, voluntary liquidation, conveyance, Section 596 of the Companies Act 2014, Section 26 of the Trustee Act 1893, High Court, creditors, land and trust law, company asset, partnership asset.
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.
