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High Court, in determining a preliminary issue, finds that a retention of title clause is void, on the grounds that: (a) the retention of title clause created a charge over the proceeds of sale and not a trust in favour of the plaintiff; and (b) the charge was not registered with the Companies Registration Office, as required by statute, and did not fall within the exception in the relevant statute.
Preliminary issue concerning meaning and effect of retention of title clause - first defendant in receivership - agreement between plaintiff and first defendant providing that plaintiff wholesaler retained title of goods until sold on by first defendant as distributor - whether proceeds of sale of goods sold by first defendant before receivers appointed for held on trust for the plaintiff - whether trust gave rise to right to trace the proceeds of sale - whether, in the alternative, retention of title clause created a charge - whether such a charge within the meaning of ss. 408-409 of the Companies Act 2014 and did not require registration in order to be effective - whether retention of title clause was void for non-registration.
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