Rottenberg and Others v Monjack and Another
| Jurisdiction | England & Wales |
| Judgment Date | 25 June 1992 |
| Date | 25 June 1992 |
| Court | Chancery Division |
Chancery Division
Before Judge Roger Cooke
Insolvency - receiver's remuneration - disputed figure - injunction
Where a receiver appointed by a debenture holder had paid the debenture holder in full and all that remained before the termination of the receivership was payment of his own remuneration, but the company disputed the figure claimed by the receiver for his remuneration, the company could obtain an interlocutory injunction to restrain the receiver from selling any further property pending the determination of the question of the disputed remuneration which would reveal whether there was any need to realise any further sums.
Judge Roger Cooke, sitting as a judge of the Chancery Division so held in a reserved judgment granting an interlocutory injunction on a motion by Moshe Rottenberg, Chaye Esther Rottenberg, Britknit (International) Ltd and Lounova (1982) Ltd seeking relief against Philip Monjack and Stephen Daniel Swaden, the receivers of the company plaintiffs.
Mr Peter Castle for the plaintiff companies; Mr Jonathan Arkush for the receivers.
HIS LORDSHIP said that the plaintiffs sought summary determination of an enquiry as to what the receivers of the company plaintiffs could properly charge for their remuneration and costs and for an injunction to prevent the receivers realising any further properties under their control pending that determination.
The company plaintiffs were wholly owned subsidiaries of AKLIM, a charitable company dedicated to Orthodox Jewish charities. The individual plaintiffs were husband and wife and directors of the company plaintiffs.
The plaintiffs borrowed substantial sums from First National Commercial Bank plc and a series of securities were created to secure the plaintiffs' indebtedness.
The plaintiffs were unable to keep up with their payments and the bank appointed the defendants, partners in a well known insolvency firm, as administrative receivers of the companies.
The receivers proceeded with the receivership and had managed to repay the bank in full.
In fact in doing so they had done themselves a disservice because the terms of their appointment under the debenture entitled them to be paid first. Now they only had to quantify what was properly due to them, pay themselves and bring the receivership to an end.
It was there that the conflict arose. The plaintiff said that the sums which the receivers ought properly to pay themselves...
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