Re Resinoid & Mica Products Ltd (Note)
| Jurisdiction | England & Wales |
| Judge | THE MASTER OF THE ROLLS,LORD JUSTICE DAVIES,LORD JUSTICE RUSSELL |
| Judgment Date | 03 May 1967 |
| Judgment citation (vLex) | [1967] EWCA Civ J0503-2 |
| Court | Court of Appeal (Civil Division) |
| Date | 03 May 1967 |
[1967] EWCA Civ J0503-2
In The Supreme Court of Judicature
Court of Appeal
Civil Division
From: Mr. Justice Plowman
The Master of the Rolls
(Lord Denning)
Lord Justice Davies and
Lord Justice Russell
Mr P. M. H. Mottershead (instructed by Messrs Field Roscoe & Co., Agents for Messrs Brain & Brain, Reading) appeared as Counsel for the Applicants (Appellants), Bradley & Son Limited.
Mr Martin Jacomb (instructed by Messrs Cameron, Kemm, Nordon & Co.) appeared as Counsel for the Respondents, Resinoid & Mica Products Limited. and the Liquidator.
We need not trouble you, Mr Jacomb.
In 1965 Bradley & Son Limited. sold a factory to Resinoid & Mica Products Limited. for £5,000 but only £3,000 was paid in cash. The balance of £2,000 was left outstanding on mortgage payable by £500 every six months over two years with interest. On the 1st February, 1965, Resinoid gave Bradleys a legal charge over the property to secure the amount. It was necessary that particulars of that legal charge should be registered within twenty-one days else it would be void, see Sections 95 and 96 of the Companies Act, 1948. It was not registered within twenty-one days. It was the duty of the Company, Resinoid & Mica Products Limited., to register it. But they did not do it. It was open to the mortgagees, Bradley & Son Limited. themselves to do it. They did not do it either. It seems that the solicitors on each side left it to the other to do it: and neither did it. So by inadvertence the charge was not registered within the twenty-one days. The result is that the charge is void, unless the time is extended by the Court under Section 101 of the Act. That section gives the Court power, on being satisfied that the omission to register is due to inadvertence, to extend the time "on such terms and conditions as seem to the Court just and expedient".
So this charge ought to have been registered by the 22nd February. Months and months passed. It was not registered. The first instalment of £500 was paid; but the subsequent instalments were not paid. Still the charge was not registered. Twenty months passed. Then in October 1966 this Company, Resinoid & Mica Products Limited., found itself in a parlous condition. The Company issued a notice convening a meeting of creditors with a view to a creditors' voluntary winding-up. The meeting was to be held on the 27th October, 1966. When the mortgagees received this notice, they woke up. They realised that they ought to register this charge. They hurriedly took out an application to extend the time. On the 25thOctober they made their application to extend the time. They got leave to serve it on short notice returnable on the 26th October. On the 26th October the application came before Mr Registrar Berkeley. That was one day before the meeting. Mr Registrar Berkeley refused to extend the time. The very next day, the 27th October, the meeting of the creditors was held. A resolution for voluntary winding-up was passed: a Liquidator was appointed: and the winding-up commenced - all on that day with no charge having been registered. The Company appealed to Mr Justice Plowman. He refused to extend the time. Now the Company appeal to this Court.
In the course of the argument Lord Justice Russell suggested that it was too late now to extend the time for registration: for the simple reason that the winding-up commenced on the 27th October, 1966. The rights of all parties are to be determined as at that date. Those rights could...
Get this document and AI-powered insights with a free trial of vLex and Vincent AI
Get Started for FreeStart Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial
-
Re Ashpurton Estates Ltd
...was that it was made at a time when Ashpurton was insolvent and its winding up was imminent. He relied on Re Charles and Re Resinoid and Mica Products Ltd., to which reference is made later. 23 At 3.00 p.m. on 12th June a notice of motion by Victoria to vary the Registrar's order was served......
-
Media Development Authority of Singapore v Sculptor Finance (MD) Ireland Ltd
...3 SLR 82 (folld) R v Registrar of Companies, ex parte Central Bank of India [1986] 1 QB 1114 (refd) Resinoid & Mica Products Ltd, Re [1983] Ch 132 (refd) Sculptor Finance (MD) Ireland Ltd v Media Development Authority of Singapore [2013] 2 SLR 311 (refd) Stroud Architectural Systems Ltd v J......
-
Ng Wei Teck Michael and Another v Oversea-Chinese Banking Corporation Ltd
...All ER 955 (distd) R v Registrar of Companies, ex parte Central Bank of India [1986] QB 1114 (folld) Resinoid & Mica Products Ltd, In re [1983] Ch 132 (refd) Row Dal Constructions Pty Ltd (in liquidation), Re [1966] VR 249 (folld) Telomatic Ltd, Re [1994] 1 BCLC 90 (refd) Wallis & Simmonds ......
-
Iver Salvesen+mrs. Wendy Salvesen For Extension Of The Time Within Which Charges May Be Registered In The Register Of Charges Under Section 420 Of The Companies Act
... ... See In re Resinoid & Mica Products Ltd [1983] 1 Ch 132, In re Ashpurton Estates Ltd. But the ... ...
-
Case Note
...(MD) Ireland Ltd[2014] 1 SLR 733 at [56]. 55[1989] 1 Ch 54. 56Re Braemar Investments Ltd[1989] 1 Ch 54 at 60. 57[1983] Ch 110 at 131. 58[1983] Ch 132 at 133–134, per Lord Denning MR and 134, per Davies LJ. 59[1935] WN 15. 60Re Ashpurton Estates Ltd[1983] Ch 110 at 131, per Lord Brightman. 6......
-
UNSECURED CREDITOR VERSUS UNREGISTERED CHARGE
...Properties Pty Ltd v Leonard (WA) Pty Ltd(1986) 11 ACLR 224 at 227; Challenge Bank Ltd v Knighthood Pty Ltd(1995) 16 ACSR 430 at 432. 7 [1983] Ch 132n. 8 Section 291(6)(b) of the Companies Act. 9 Re Anglo-Oriental Carpet Manufacturing Co, supra, note 6, at 918; Re Falcon R J Developments Lt......