Plant & Anor (Administrators of Relentless Software Ltd) v Vision Games 1 Ltd & Ors

Plant & Anor (Administrators of Relentless Software Ltd) v Vision Games 1 Ltd & Ors

The tax credits in question are not Book Debts within the meaning of the Deed of Charge and are not subject to any fixed or floating charge in favour of the first or fourth respondent. The relevant agreements and security documents treat tax credits differently from other receivables, requiring payment into an account of RVL, not the Company, and do not create any proprietary or security interest in favour of the respondents. There is no basis for a resulting trust, specifically enforceable contract, or proprietary estoppel in favour of the respondents over the tax credits.

Parties
Applicant: Simon Franklin Plant; Applicant: Daniel Plant; Respondent: Vision Games 1 Ltd; Respondent: Ultimate Finance Ltd; Respondent: Thincats Loan Syndicates Ltd; Respondent: Relentless Vision 1 Ltd
Jurisdiction
England and Wales
Judgment Date
25 January 2018
Procedural Posture
Insolvency Application / Judgment on Preliminary Issue
Outcome
Application determined in favour of the applicants; declaration that the first and fourth respondents have no security or proprietary interest in the tax credits in the Company's bank accounts.
Legal Topics
Fixed and Floating Charges, Book Debts, Proprietary Interests, Trusts, Proprietary Estoppel
Insolvency Company Law Secured Transactions Fixed and Floating Charges Book Debts Proprietary Interests Trusts Proprietary Estoppel

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Parties

Simon Franklin Plant

Applicant

Daniel Plant

Applicant

Vision Games 1 Ltd

Respondent

Ultimate Finance Ltd

Respondent

Thincats Loan Syndicates Ltd

Respondent

Relentless Vision 1 Ltd

Respondent

Procedural Posture

Insolvency Application / Judgment on Preliminary Issue

Legal Issues

  1. 1 Whether the first or fourth respondent has any security or proprietary interest in monies standing to the credit of the Company's bank accounts, specifically in relation to tax credits received by the Company.

Ratio Decidendi

The tax credits in question are not Book Debts within the meaning of the Deed of Charge and are not subject to any fixed or floating charge in favour of the first or fourth respondent. The relevant agreements and security documents treat tax credits differently from other receivables, requiring payment into an account of RVL, not the Company, and do not create any proprietary or security interest in favour of the respondents. There is no basis for a resulting trust, specifically enforceable contract, or proprietary estoppel in favour of the respondents over the tax credits.

Court Disposition

Application determined in favour of the applicants; declaration that the first and fourth respondents have no security or proprietary interest in the tax credits in the Company's bank accounts.

Orders

  • Declaration that the first and fourth respondents have no security or proprietary interest in the tax credits in the Company's bank accounts.
  • Further directions and orders to be agreed between the parties.