Debt in UK Law

Leading Cases
  • Re Lines Brothers. Ltd
    • Court of Appeal (Civil Division)
    • 11 February 1982

    There is no particular reason, in the field of abstract justice, why the currency risk should be borne by one description of creditor rather than by another description of creditor when they are all directed to rank pari passu. The just course, as it seems to me, is to value the foreign debt once and for all at an appropriate date, and to keep to that rate of conversion throughout the liquidation until all debts have been paid in full.

    If the creditor petitions to wind up a company, or claims in a liquidation initiated by others, he is not engaged in proceedings to establish the company's liability or the quantum of the liability (although liability and quantum may be put in issue) but to enforce the liability. The liquidation of an insolvent company is a process of collective enforcement of debts for the benefit of the general body of creditors.

  • Re United Railways of Havana and Regla Warehouses Ltd; Tomkinson v First Pennsylvania Banking and Trust Company
    • Court of Appeal
    • 08 December 1958

    The contractual right to receive payment of a debt is an item of property, that is to say, a chose in action. It can be transferred by the creditor to a third party but the validity of the transfer necessarily depends upon the lex situs because the Courts of the country where the debt is have jurisdiction over the title to it.

  • Banque Financiere de la Cite v Parc (Battersea) Ltd and Others
    • House of Lords
    • 26 February 1998

    It is a means by which the court regulates the legal relationships between a plaintiff and a defendant or defendants in order to prevent unjust enrichment. It is a means by which the court regulates the legal relationships between a plaintiff and a defendant or defendants in order to prevent unjust enrichment.

  • S.C.F. Finance Company Ltd v Masri (No. 3)
    • Court of Appeal (Civil Division)
    • 16 July 1986

    That is well established as a principle of discretion on which the Court acts."

  • Aberdeen Construction Group Ltd v Commissioners of Inland Revenue
    • House of Lords
    • 15 February 1978

    The decisions were on different statutes inter se and from the Finance Act 1965 and it is difficult to find any clear common principle underlying them, but taking such guidance as they do provide leads me to think that the only basis on which a distinction can be drawn is between a pure unsecured debt as between the original borrower and lender on the one hand and a debt (which may be unsecured) which has, if not a marketable character at least such characteristics as enable it to be dealt in and if necessary converted into shares or other securities.

  • Salford Estates (No. 2) Ltd v Altomart Ltd
    • Court of Appeal (Civil Division)
    • 08 December 2014

    For the reasons I have given, I consider that, as a matter of the exercise of the court's discretion under IA 1986 s. 122(1)(f), it was right for the court either to dismiss or to stay the Petition so as to compel the parties to resolve their dispute over the debt by their chosen method of dispute resolution rather than require the court to investigate whether or not the debt is bona fide disputed on substantial grounds.

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Books & Journal Articles
  • Debt Management
    • Part II. Actions and Responses
    • Stop Vulture Fund Lawsuits
    • Poornimah Devi Sookun
    • 63-71
    5.1 What is public debt management? - 5.2 Why is public debt management important? - 5.3 How to achieve effective debt management - 5.4 Identifying loans which are targets for vulture funds
  • Government Debt
    • No. 1-3, December 2010
    • Political Insight
  • Debt financing puzzle and internationalization
    • No. 13-1, January 2019
    • Journal of Asia Business Studies
    • 33-56
    Purpose: This study aims to examine the relation between long-term debt and internationalization in the presence of the agency costs of debt and business risk. Design/methodology/approach: Sample ...
  • Sovereign Debt Restructuring in Europe
    • No. 9-S1, June 2018
    • Global Policy
    The Eurozone sovereign debt crisis began in the spring of 2010. Seven years on seems like an appropriate point at which to critique how the crisis has been handled and to assess whether policy chan...
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Law Firm Commentaries
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