Northern Bank Ltd v Ross
| Jurisdiction | Northern Ireland |
| Judgment Date | 01 January 1990 |
| Date | 01 January 1990 |
| Court | Court of Appeal (Northern Ireland) |
- Book debts - Fixed charge on book debts of company - Liquidation - Company held closing down sale - Proceeds lodged in newly opened bank account -Account included proceeds of cheque and credit card payments - Whether special account -Whether included proceeds of cheque and credit card payments - Whether charge applied to such proceeds.
A company, Ann Roulston Ltd., carried on the business of selling ladies' clothing in Bangor, Co. Down. The company maintained its bank account at the Northern Bank Ltd. In October, 1985, the company executed a fixed charge in favour of the Northern Bank, charging "all its book debts and other debts now and from time to time hereinafter due, owing or incurred to the company". Under clause 6 (b) of the charge, the company undertook to pay the proceeds of getting in and realising the debts into a separate and nominated account with the Northern Bank and, pursuant to this clause, the company opened a special account with the Northern Bank. On 2 and 26 June, 1986, the Northern Bank stopped the two accounts and on 24 July, 1986, the company resolved to go into liquidation and appointed the appellant as liquidator. After the company's special account had been stopped on 26 June but before the resolution to go into liquidation on 24 July, the company conducted a closing down sale of its stock. Proceeds in respect of the sale were received in cash, by cheque and by credit card payments and the company lodged these payments in an account which it opened with the Bangor branch of Allied Irish Banks on 25 June, 1986. These lodgements were made openly but without the approval of the Northern Bank. The Northern Bank claimed the total sum standing to the credit of the company in the Allied Irish Banks account. Nicholson J. held that the monies were subject to a fixed charge and the liquidator appealed. Held, allowing the appeal in part, that, 1, the meaning given to...
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Re Bank of Credit and Commerce International SA ((in Liquidation)) (No. 8)
...debt" or not. I express no view on the point, but the judgment of my noble and learned friend Lord Hutton in Northern Bank Ltd. v. Ross [1990] BCC 883 suggests that, in the case of deposits with banks, an obligation to register is unlikely to 35Since the decision in In re Charge Card Servic......
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Morris et al. v. Rayners Enterprises Inc. et al., (1997) 222 N.R. 352 (HL)
...22]. National Provincial and Union Bank of England v. Charnley, [1924] 1 K.B. 431, refd to. [para. 23]. Northern Bank Ltd. v. Ross, [1990] B.C.C. 883, refd to. [para. Rye v. Rye, [1962] A.C. 496 (H.L.), refd to. [para. 29]. Mersey Steel and Iron Co. v. Naylor, Benzon & Co. (1882), 9 Q.B......
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Morris and Others v Agrichemicals Ltd and Others
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SECURITY DEPOSIT ARRANGEMENTS IN INSOLVENCY
...and Liquidator of First Bangkok City Finance Ltd[1990] 2 HKLR 215. 18 Re Brightlife Ltd [1987] Ch 200 at 208—9; Northern Bank v Ross[1990] BCC 883. See also Watson v Parapara Coal Co Ltd(1915) 17 GLR 791. 19 [1996] 2 MLJ 1. 20 Ibid, at 8B—9I. However, the Court had earlier (ibid, at 7E—G) h......