21 Mar 2012
UNIVERSAL TRUCKS AND EQUIPMENT LIMITED v REYNOLDS HC WN CIV 2011-485-1968
- Citation
- openlaw-11fe7f55_46cc_434a_abad_ef1d3492d201.pdf
- Court
- High Court
The Court held the trailers were not collateral under a security agreement between Universal Trucks and the debtor named in the financing statements (van der Oord), so the s162(c) ground for the liquidator's demand existed; however the trailers were collateral under a security agreement as applied to Chars Transport Ltd, and therefore the appropriate remedy was to amend the financing statements to record the debtor as Chars Transport Limited and to maintain the registration on that condition.