Crumpler & Anor v Candey Ltd

Crumpler & Anor v Candey Ltd

The SCB Monies and Court Monies are subject to the charge in favour of Candey Limited. Both charges are floating, not fixed, as the charging document did not restrict Peak's ability to deal with the assets. Section 245 Insolvency Act 1986 applies, and the only remaining issue is the value of services supplied by Candey after entry into the Charging Deed, which will determine the extent of the secured claim.

Parties
Applicant (joint Liquidator): Russell Crumpler; Applicant (joint Liquidator): Sarah Bower; Respondent: Candey Limited
Jurisdiction
England and Wales
Judgment Date
23 June 2017
Procedural Posture
Insolvency (cross Border Recognition and Charge Validity) / Judgment on Application to Determine Validity and Nature of Charge
Outcome
Application granted in part; declaration as to nature of charges and application of section 245 Insolvency Act 1986; valuation issue adjourned.
Legal Topics
Floating Vs Fixed Charges, Security for Costs, Recognition of Foreign Insolvency, Section 245 Insolvency Act 1986, Monies in Court, Liquidator Powers
Insolvency Company Law Cross Border Insolvency Floating Vs Fixed Charges Security for Costs Recognition of Foreign Insolvency Section 245 Insolvency Act 1986 Monies in Court +1 more

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Parties

Russell Crumpler

Applicant (joint Liquidator)

Sarah Bower

Applicant (joint Liquidator)

Candey Limited

Respondent

Procedural Posture

Insolvency (cross Border Recognition and Charge Validity) / Judgment on Application to Determine Validity and Nature of Charge

Legal Issues

  1. 1 Whether sums (SCB Monies and Court Monies) are subject to valid charges in favour of Candey Limited
  2. 2 Whether the charges are fixed or floating
  3. 3 Whether section 245 Insolvency Act 1986 applies to limit the sums secured

Ratio Decidendi

The SCB Monies and Court Monies are subject to the charge in favour of Candey Limited. Both charges are floating, not fixed, as the charging document did not restrict Peak's ability to deal with the assets. Section 245 Insolvency Act 1986 applies, and the only remaining issue is the value of services supplied by Candey after entry into the Charging Deed, which will determine the extent of the secured claim.

Court Disposition

Application granted in part; declaration as to nature of charges and application of section 245 Insolvency Act 1986; valuation issue adjourned.

Orders

  • Court Monies fall within the charge in the Charging Document.
  • Charges over the Court Monies and SCB Monies are floating charges.