Clydesdale Bank Plc, Re Application For Sequestration [2000] ScotCS 81 (24 March 2000)

Clydesdale Bank Plc, Re Application For Sequestration [2000] ScotCS 81 (24 March 2000)

The petition for sequestration is competent without naming individual partners, the oath was lodged in sufficient time and form, no sufficient security exists to prevent sequestration as the standard securities are not capable of immediate realisation, and the appointment of Mr McGruther as permanent trustee is appropriate.

Citation
[2000] ScotCS 81
Parties
Petitioner: Clydesdale Bank plc; Respondent: Grantly Developments
Jurisdiction
Scotland
Judgment Date
24 March 2000
Procedural Posture
Petition for Sequestration / Final Judgment
Outcome
Sequestration awarded; pleas-in-law for the firm repelled; permanent trustee appointed.
Legal Topics
Sequestration, Competency of Petition, Statutory Requirements, Security for Debt, Appointment of Trustee
Bankruptcy Insolvency Commercial Law Sequestration Competency of Petition Statutory Requirements Security for Debt Appointment of Trustee

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Parties

Clydesdale Bank plc

Petitioner

Grantly Developments

Respondent

Procedural Posture

Petition for Sequestration / Final Judgment

Legal Issues

  1. 1 Whether the petition for sequestration is competent without naming partners of the firm
  2. 2 Whether the oath by the creditor was lodged in accordance with statutory requirements
  3. 3 Whether sufficient security for payment of the debt exists to prevent sequestration

Ratio Decidendi

The petition for sequestration is competent without naming individual partners, the oath was lodged in sufficient time and form, no sufficient security exists to prevent sequestration as the standard securities are not capable of immediate realisation, and the appointment of Mr McGruther as permanent trustee is appropriate.

Court Disposition

Sequestration awarded; pleas-in-law for the firm repelled; permanent trustee appointed.

Orders

  • Award sequestration of the estates of Grantly Developments
  • Appoint Duncan Donald McGruther as permanent trustee