Madden v. Anglo Irish Bank plc [1998] IESC 6 (29th June, 1998)

Madden v. Anglo Irish Bank plc [1998] IESC 6 (29th June, 1998)

The Court's order of 23rd April 1998 was a positive direction requiring completion of the contract by the receiver and liquidator; arguments regarding illegality do not justify an injunction and, if valid, would only sound in damages.

Citation
[1998] IESC 6
Parties
Appellant: Mr. Madden; Respondent: Astra Construction Services Limited
Jurisdiction
Ireland
Procedural Posture
Appeal / Judgment
Outcome
appeal dismissed
Legal Topics
Completion of Contract, Receiver's Duties, Liquidator's Duties, Illegality of Debenture, Section 60 Companies Act 1963
Company Law Property Law Completion of Contract Receiver's Duties Liquidator's Duties Illegality of Debenture Section 60 Companies Act 1963

Case Brief

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Parties

Mr. Madden

Appellant

Astra Construction Services Limited

Respondent

Procedural Posture

Appeal / Judgment

Legal Issues

  1. 1 Whether the Court's order of 23rd April 1998 required completion of the contract by the receiver and liquidator
  2. 2 Whether the debenture was illegal due to benefit to shareholders
  3. 3 Whether section 60 of Companies Act 1963 prohibits the company from advancing money to purchase its own shares

Ratio Decidendi

The Court's order of 23rd April 1998 was a positive direction requiring completion of the contract by the receiver and liquidator; arguments regarding illegality do not justify an injunction and, if valid, would only sound in damages.

Court Disposition

appeal dismissed

Orders

  • The appeal is dismissed.
  • The sale should be closed forthwith.