Rey & Anor v FNCB Ltd [2006] EWHC 1386 (Ch) (13 June 2006)

Rey & Anor v FNCB Ltd [2006] EWHC 1386 (Ch) (13 June 2006)

Clause 22 of the Voluntary Arrangement does not preclude a secured creditor from enforcing its security; it only precludes proceedings to enforce the personal liability of the debtor.

Citation
[2006] EWHC 1386 (Ch)
Parties
Claimant/appellant: Joseph Manuel Rey; Claimant/appellant: Elisabeth Maria Rey; Defendant/respondent: FNCB Limited
Jurisdiction
England and Wales
Judgment Date
13 June 2006
Procedural Posture
Appeal / Application for Permission to Appeal From Summary Judgment
Outcome
Permission to appeal refused
Legal Topics
Voluntary Arrangements, Secured Creditors' Rights, Interpretation of Insolvency Act 1986, Enforcement of Security
Insolvency Law Property Law Voluntary Arrangements Secured Creditors' Rights Interpretation of Insolvency Act 1986 Enforcement of Security

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Parties

Joseph Manuel Rey

Claimant/appellant

Elisabeth Maria Rey

Claimant/appellant

FNCB Limited

Defendant/respondent

Procedural Posture

Appeal / Application for Permission to Appeal From Summary Judgment

Legal Issues

  1. 1 Whether Clause 22 of the Voluntary Arrangement precludes a secured creditor from enforcing its security

Ratio Decidendi

Clause 22 of the Voluntary Arrangement does not preclude a secured creditor from enforcing its security; it only precludes proceedings to enforce the personal liability of the debtor.

Court Disposition

Permission to appeal refused

Orders

  • No permission to appeal granted
  • Summary judgment in favour of the Respondent stands