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Status of company changed to “in receivership” by Registrar of Companies when receiver appointed over property held in trust
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High Court dismisses application for an injunction restraining the Registrar of Companies from altering the status of the applicant company as "normal", where the company held legal title to properties held by over 2,000 trust funds, one of which properties had been subject to an receivership application, resulting in the status of the company being changed to "in receivership".
Status of company - company acting as trustee to over 2,000 unit trust funds - holds legal title to properties owned by funds - application made to appoint receiver over one property - advertisement in national newspaper describing company as "in receivership" - similar description in computer system of registrar of companies - application for injunction preventing registrar of companies from altering status from "normal" - sections 107(1) and 317(1) of the Companies Act 1963 - whether assets held on trust by a company for a third party were considered to be property of the trustee company - s 5, Interpretation Act 2005 - definition of "the property”.
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