Ravenshaw Ltd -v- Companies Act [2012] IEHC 37 (27 January 2012)

Ravenshaw Ltd -v- Companies Act [2012] IEHC 37 (27 January 2012)

The Company is the 100% legal owner of White Lace Limited; neither Mr. Fahy nor Mrs. Jane Fahy have any beneficial interest in White Lace; the 2001 Debenture and the Receiver's appointment are valid and binding; the Receiver, as agent of the Company, is entitled to possession of Barry's Hotel under the Tenancy Agreement; s.60 Companies Act 1963 does not invalidate the security or share transfer; Mr. Fahy is estopped from raising s.60 due to the consent order.

Citation
[2012] IEHC 37
Parties
Applicant/receiver: Declan Taite; Company: Ravenshaw Limited (in Receivership); Mortgagee/chargee: Ulster Bank Ireland Ltd. (formerly First Active Plc); Director of the Company: Lynette Williams; Director/respondent: Edward Fahy
Jurisdiction
Ireland
Judgment Date
27 January 2012
Procedural Posture
Application Under S.316 Companies Act 1963 / Judgment on Application for Directions and Possession Order
Outcome
Order granted in favour of the Receiver
Legal Topics
Receivership, Validity of Debenture, Section 60 Companies Act 1963, Beneficial Ownership of Shares, Possession of Company Property
Company Law Insolvency Law Receivership Validity of Debenture Section 60 Companies Act 1963 Beneficial Ownership of Shares Possession of Company Property

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Parties

Declan Taite

Applicant/receiver

Ravenshaw Limited (in Receivership)

Company

Ulster Bank Ireland Ltd. (formerly First Active Plc)

Mortgagee/chargee

Lynette Williams

Director of the Company

Edward Fahy

Director/respondent

Procedural Posture

Application Under S.316 Companies Act 1963 / Judgment on Application for Directions and Possession Order

Legal Issues

  1. 1 Whether the 2001 Debenture and Receiver's appointment are valid
  2. 2 Whether the Receiver is entitled to possession of Barry's Hotel
  3. 3 Whether s.60 Companies Act 1963 invalidates the debenture or share transfer

Ratio Decidendi

The Company is the 100% legal owner of White Lace Limited; neither Mr. Fahy nor Mrs. Jane Fahy have any beneficial interest in White Lace; the 2001 Debenture and the Receiver's appointment are valid and binding; the Receiver, as agent of the Company, is entitled to possession of Barry's Hotel under the Tenancy Agreement; s.60 Companies Act 1963 does not invalidate the security or share transfer; Mr. Fahy is estopped from raising s.60 due to the consent order.

Court Disposition

Order granted in favour of the Receiver

Orders

  • Lynette Williams and Edward Fahy are directed to permit the Receiver to enter into possession of Barry's Hotel, 1 Great Denmark Street, Dublin 1.