STEPHEN AND ANOTHER, PETITION OF AS THE JOINT ADMINISTRATORS OF GRANITE CITY ASSETS LIMITED [2018] ScotCS CSOH_55 (01 June 2018)

STEPHEN AND ANOTHER, PETITION OF AS THE JOINT ADMINISTRATORS OF GRANITE CITY ASSETS LIMITED [2018] ScotCS CSOH_55 (01 June 2018)

Granite's obligation to repay deposits to BridgePoint Purchasers is a secured debt if the Purchasers have a jus quaesitum tertio to enforce clause 15 or clause 21 of the Master Agreement; such a right exists if there was delivery or equivalent of the Master Agreement to them; further inquiry is needed to determine...

Source-derived case information.

Citation
[2018] ScotCS CSOH_55
Parties
Petitioner: James Bernard Stephen; Petitioner: Francis Graham Newton; Company Subject to Administration: Granite City Assets Limited; Respondent: IPN Global Capital Limited
Jurisdiction
Scotland
Judgment Date
01 June 2018
Procedural Posture
Petition for Directions Under Insolvency Act 1986 / Judgment on Construction of Security and Third Party Rights
Outcome
Further inquiry required; case put out by order for discussion and procedure.
Legal Topics
Secured Liabilities, Standard Security, Jus Quaesitum Tertio, Third Party Rights, Priority of Creditors
Insolvency Contract Property Secured Liabilities Standard Security Jus Quaesitum Tertio Third Party Rights Priority of Creditors

Source-derived case record

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 4 Authorities cited 14 Party arguments 2 Amounts and remedies 2
Sign in to unlock

Parties

James Bernard Stephen

Petitioner

Francis Graham Newton

Petitioner

Granite City Assets Limited

Company Subject to Administration

IPN Global Capital Limited

Respondent

Procedural Posture

Petition for Directions Under Insolvency Act 1986 / Judgment on Construction of Security and Third Party Rights

Legal Issues

  1. 1 Whether sums paid by BridgePoint Purchasers are secured under the standard security
  2. 2 Whether BridgePoint Purchasers have enforceable third party rights (jus quaesitum tertio)
  3. 3 Proper construction of indemnity and repayment obligations under Master Agreement

Ratio Decidendi

Granite's obligation to repay deposits to BridgePoint Purchasers is a secured debt if the Purchasers have a jus quaesitum tertio to enforce clause 15 or clause 21 of the Master Agreement; such a right exists if there was delivery or equivalent of the Master Agreement to them; further inquiry is needed to determine if delivery or equivalent occurred.

Court Disposition

Further inquiry required; case put out by order for discussion and procedure.

Orders

  • Case to be put out by order to discuss interlocutor and further procedure.