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Corporate Insolvency Law Perspectives and Principles In this volume Vanessa Finch provides a new way of looking at corporate insolvency laws and processes. She adopts an interdisciplinary approach in placing two questions at the centre of her discussion. Are current English laws and procedures efficient, expert, accountable and fair? Are fundamentally revised conceptions of insolvency law needed if it is to develop in a way that serves corporate as well as broader social ends? Topics considered in this wide-ranging study include the different ways of financing companies, the causes of corporate failure and the prospects of designing processes that are rescue friendly. Alternative ways of distributing the assets of failed companies are also examined as are allocations of insolvency risks and the effects of insolvency on a company’s directors and employees. Finch argues that changes of approach are needed if insolvency law is to develop with coherence and purpose. Corporate Insolvency Law: Perspectives and Principles offers a framework for such an approach. This book has relevance across the common law world and will appeal to academics, insolvency professionals and students at advanced undergraduate as well as graduate level. Vanessa Finch is a Reader in Law at the London School of Economics and Political Science where she teaches corporate law and insolvency law. She has published numerous articles in these fields and she is a member of the Insolvency Lawyers’ Association Academic Advisory Group. © Cambridge University Press www.cambridge.org Cambridge University Press 0521622565 - Corporate Insolvency Law: Perspectives and Principles Vanessa Finch Frontmatter More information
Transcript of CorporateInsolvencyLaw - Assetsassets.cambridge.org/97805216/22561/frontmatter/... ·...
Corporate Insolvency LawPerspectives and Principles
In this volume Vanessa Finch provides a newway of looking atcorporate insolvency laws and processes. She adopts aninterdisciplinary approach in placing two questions at thecentre of her discussion. Are current English laws andprocedures efficient, expert, accountable and fair? Arefundamentally revised conceptions of insolvency law needed ifit is to develop in a way that serves corporate as well as broadersocial ends?Topics considered in this wide-ranging study include the
different ways of financing companies, the causes of corporatefailure and the prospects of designing processes that are rescuefriendly. Alternative ways of distributing the assets of failedcompanies are also examined as are allocations of insolvencyrisks and the effects of insolvency on a company’s directorsand employees.Finch argues that changes of approach are needed if
insolvency law is to develop with coherence and purpose.Corporate Insolvency Law: Perspectives and Principles offers aframework for such an approach. This book has relevanceacross the common lawworld andwill appeal to academics,insolvency professionals and students at advancedundergraduate as well as graduate level.
Vanessa Finch is a Reader in Law at the London School ofEconomics and Political Science where she teaches corporatelaw and insolvency law. She has published numerous articlesin these fields and she is amember of the Insolvency Lawyers’Association Academic Advisory Group.
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Cambridge University Press0521622565 - Corporate Insolvency Law: Perspectives and PrinciplesVanessa FinchFrontmatterMore information
Corporate InsolvencyLawPerspectives and Principles
Vanessa Finch
© Cambridge University Press www.cambridge.org
Cambridge University Press0521622565 - Corporate Insolvency Law: Perspectives and PrinciplesVanessa FinchFrontmatterMore information
published by the press syndicate of the university of cambridgeThe Pitt Building, Trumpington Street, Cambridge, United Kingdom
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C© Vanessa Finch 2002
This book is in copyright. Subject to statutory exceptionand to the provisions of relevant collective licensing agreements,no reproduction of any partmay take place withoutthe written permission of Cambridge University Press.
Printed in the United Kingdom at the University Press, Cambridge
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Library of Congress Cataloguing in Publication data
Finch, Vanessa.Corporate insolvency law: perspectives and principles / Vanessa Finch.
p. cm.Includes bibliographical references and index.isbn 0 521 62256 5 (hardback) – isbn 0 521 62685 4 (pbk.)1. Bankruptcy – Great Britain. 2. Business failures – Law and legislation –Great Britain. i. Title.
kd2139.f558 2002346.4107′8 – dc21 2002070893
isbn 0 521 62256 5 hardbackisbn 0 521 62685 4 paperback
First published 2002Reprinted 2004
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To Roband inmemory of D.F.G. andM.A.G.
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Cambridge University Press0521622565 - Corporate Insolvency Law: Perspectives and PrinciplesVanessa FinchFrontmatterMore information
Contents
Acknowledgements xiTable of cases xiiTable of statutes and other instruments xxixList of abbreviations xxxviii
Introduction 1
Part I Agendas and objectives
1 The roots of corporate insolvency law 7Development and structure 8Corporate insolvency procedures 16The players 20The tasks of corporate insolvency law 22Conclusions 23
2 Aims, objectives and benchmarks 25Cork on principles 25Visions of corporate insolvency law 28The nature ofmeasuring 43Conclusions 54
Part II The context of corporate insolvency law: financialand institutional
3 Insolvency and corporate borrowing 59Creditors, borrowing and debtors 61Modes of financing corporate activity 73Conclusions 117
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viii Contents
4 Corporate failure 120What is failure? 121Who defines insolvency? 124Why companies fail 126Conclusions: failures and corporate insolvency law 140
5 Insolvency practitioners 145The evolution of the administrative structure 148Evaluating the structure 152Conclusions 182
Part III The quest for turnaround
6 Rescue 187What is rescue? 187Why rescue? 189Approaches to rescue 194Rescue options 207Conclusions 210
7 Informal rescue 211Assessing the prospects 211Implementing strategies 216Conclusions 232
8 Receivers and their role 234The development of receivership 235Processes, powers and duties: the Insolvency Act 1986onwards 240Efficiency and creditor considerations 249Expertise and the institution 260Accountability and fairness 261Revising receivership 265Conclusions 269
9 Administration 273The rise of administration 273Efficiency 280Expertise 292Accountability and fairness 292
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Contents ix
Ministering to administration 294Conclusions: administration as practical rescue 321
10 Company arrangements 324Schemes of arrangement under the Companies Act 1985sections 425–7 324Company voluntary arrangements 331Reform 336Conclusions 355
11 Rescuing rescue 358
Part IV Gathering and distributing the assets
12 Gathering the assets: the role of liquidation 369The voluntary liquidation process 369Compulsory liquidation 375The concept of liquidation 381Efficiency 382Expertise 395Accountability 397Fairness 398Conclusions: concepts of liquidation 418
13 The pari passu principle: when everyone is equal? 421Exceptions to pari passu 424Conclusions: rethinking exceptions to pari passu 447
14 Bypassing pari passu 450Security 452Retention of title and quasi-security 464Trusts 470Alternatives to pari passu 483Conclusions 491
Part V The impact of corporate insolvency
15 Directors in troubled times 495Accountability 495Expertise 521Efficiency 540
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x Contents
Fairness 548Conclusions 551
16 Employees in distress 553Protections under the law 554Efficiency 559Expertise 564Accountability 565Fairness 567Conclusions 570
Conclusion 573
Bibliography 580Index 609
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Acknowledgements
I would like to thank all my colleagues at the London School ofEconomics who have helped me with this book and who have made theLawDepartment sucha stimulating environment inwhich to research lawin its broader contexts.
Particular thanks go to thosewho have read and commented on drafts:Rob Baldwin, Hugh Collins LSE and David Milman of the University ofManchester. I owe a special debt to Judith Freedman of the University ofOxford for her all-round encouragement and support, and Susan Huntmust also be singled out for her superbly efficient work with themanuscript. I am grateful for research assistance to Opeyemi Atawo andLuke Finch. Finally, I thank Olivia, Luke and Nat for their help andforbearance during the gestation of this work.
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Table of cases
ACompany, Re (No. 0013925 of 1991), ex parte Roussel [1992]BCLC 562 377
A Company, Re (No. 007923 of 1994) [1995] BCC 634 381A Company, Re (No. 007070 of 1996) [1997] BCLC 139 380Abbey National Building Society v. Cann [1991] 1 AC56 462
ABC Coupler and Engineering Co. Ltd (No. 3) [1970] 1 All ER656 425
Abels v. Bedrijfsvereniging voor deMetaal-Industrie en deElectrotechnische Industrie (Case C-135/83) [1987] 2 CMLR406 559, 562–3
Abraham v. Thompson [1997] 4 All ER 362 389Adams v. Cape Industries [1990] 2WLR 657 405, 411Agip (Africa) v. Jackson [1989] 3WLR 1367 471Agnew v. Commissioner of Inland Revenue (Re BrumarkInvestments Ltd) [2001] 3WLR 454, [2001] UKPC 28 308
AIB Finance Ltd v. Alsop and Another [1998] BCC 780 457Alderson v. Temple (1768) 6 Burr. 2235, 97 ER 165 401Allied Domecq plc, Re [2000] BCC 582 325Aluminium Industrie Vaassen BV v. Romalpa AluminiumLtd [1976] 1WLR 676 110, 465–6
American Express v. Hurley [1986] BCLC 52 245AMF International Ltd (No. 2), Re [1996] 2 BCLC 9 160ANC Ltd v. Clark Goldring and Page Ltd [2001] BPIR 568388, 391
Anderson v. Pringle of Scotland Ltd [1998] IRLR 64 566Anglo-Austrian Printing and Publishing Co., Re [1895]Ch 152 516
Anglo-Continental Supply Co. Ltd, Re [1922] 2 Ch 723 325
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Arbuthnot Leasing International Ltd v. Havelet Leasing(No. 2) [1991] 1 All ER 591 404
Argylls Ltd v. Coxeter [1913] 29 TLR 355 374Armour v. Thyssen Edelstahlwerke AG [1990] 3WLR 810,[1990] 3 All ER 481, [1991] 2 AC 339 110, 114, 465, 467
ArmstrongWhitworth Securities Ltd, Re [1947] Ch 673 374Artic Engineering Ltd, Re (No. 2) [1986] BCLC 253 529Associated Alloys Pty Ltd v. ACN (2000) 171 ALR 568 466,468
Atlantic Computer Systems plc, Re (No. 1) [1992] Ch 505,[1992] 2WLR 367, [1990] BCC 859 277–8, 288–9, 306–7
AtlanticMedical Ltd, Re [1992] BCC 653 306AtlasMaritime Co. v. AvalonMaritime Ltd (No. 1) [1991]4 All ER 769 410
Automatic BottleMakers Ltd, Re [1926] Ch 412 114Ayerst v. C and K Construction Ltd [1976] AC 167 378
B. Johnson & Co. (Builders) Ltd, Re [1955] Ch 634 245–6Baker v. Secretary of State for Trade and Industry [2001] BCC273 527
Bank of Baroda v. Panessar [1986] BCLC 497 240Bank of Ireland v. Hollicourt (Contracts) Ltd [2001] 2WLR290, [2001] 1 All ER 289, [2001] 1 BCLC 233 (CA) 377
Barclays Bank Ltd v. Quistclose Investments Ltd [1970] AC567, [1968] 3 All ER 651 473–82
Barings plc, Re, Secretary of State for Trade and Industryv. Baker [1998] BCC 583; (No. 5) [1999] 1 BCLC 433 527
Bath Glass Ltd, Re [1988] 4 BCC 130 521, 526, 531Bayoil SA, Re [1999] 1WLR 147, [1998] BCC 988 375BCCI (No. 8), Re [1997] 3WLR 909 439–40Beacon Leisure Ltd, Re [1991] BCC 213 400Bell Group v.Westpac Banking Corp. (1996) 22 ACSR 337387
Blackspur Group plc, Re (No. 2) [1998] 1WLR 422, [1998]BCC 11 523, 536, 549
Blackspur Group plc, Re (unreported, 23May 2001) 526BondWorth Ltd, Re [1979] 3 All ER 919, [1980] Ch 228465–6
Bondina Ltd v. Rollaway Shower Blinds Ltd [1986] 1WLR 517510
Borden (UK) Ltd v. Scottish Timber Products Ltd [1979]3WLR 672, [1981] Ch 25 466, 481
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Bork International A/S v. Foreningen 101/87 [1988] ECR3057, [1990] 3 CMLR 701 558
Brady v. Brady [1989] 3 BCC 535 (CA), [1988] 2 All ER 617(HL) 500, 503, 505, 520
Brelec Installation Ltd, Re, The Times, 18 April 2000 335Brian D. Pierson (Contractors) Ltd, Re [1999] BCC 26513–14, 516
Brightlife Ltd, Re [1987] Ch 200 80, 306, 426Brinds Ltd v. Offshore Oil [1986] 2 BCC 98 375Bristol Airport plc v. Powdrill [1990] Ch 744 277Bristol and CommonwealthHoldings plc (JointAdministrators) v. Spicer and Oppenheim (Re British andCommonwealthHoldings plc No. 2) [1993] AC 426 395
British Eagle International Airlines Ltd v. CompagnieNationale Air France [1975] 2 All ER 390, [1975] 1WLR758 439, 443–4, 450, 476–7
Brooks v. Secretary of State for Trade and Industry [1999]BCC 232 553
Brumark Investments Ltd, Re [1999] NZCA 227, [2000]1 BCLC 353 308–9
Brumark Investments Ltd, Re (Agnew v. Commissioner ofInland Revenue) [2001] 3WLR 454, [2001] UKPC 28308–9, 426
Brunton v. Electrical Engineering Corp. [1892] 1 Ch 434 103BTR plc, Re [1999] 2 BCLC 675 327, 328–9Buchan v. Secretary of State for Employment, Ivey v.Secretary of State for Employment [1997] IRLR 80 553
Buckingham International plc, Re [1998] BCC 943 435Bullen v. Tourcorp Developments Ltd (1988) 4 NZCLC64 412
Burgoine v. London Borough of Waltham Forest [1997] BCC347 513
Business Computers Ltd v. Anglo-African Leasing Ltd [1977]1WLR 57 438
Canada RiceMills Ltd v. R [1939] 3 All ER 991 405Carecraft Construction Co. Ltd, Re [1993] 4 All ER 499, [1994]1WLR 172 522, 536
Carlen v. Drury [1812] 1 Ves & B 154 501Carreras Rothmans Ltd v. FreemanMathews Treasure Ltd[1985] 1 Ch 207, [1984] 3WLR 1016 451, 475, 481
Carroll GroupDistributors Ltd v. Bourke Ltd [1990] ILRM285 465
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Castell & Brown Ltd, Re [1898] 1 Ch 315 103CCG International Enterprises Ltd, Re [1993] BCC 580 306Cedac Ltd, Re [1990] BCC 555, [1991] BCC 148 524, 527–8,531
Centrebind Ltd, Re [1967] 1WLR 377 370Chaigley Farms Ltd v. Crawford, Kaye &Greyshire Ltd [1996]BCC 957 114
Challoner Club Ltd, Re (in liquidation), The Times,4 November 1997 472
Charnley Davies Ltd, Re [1990] BCC 605 278–9Charterbridge Corp. Ltd v. Lloyds Bank [1970] 1 Ch 62 409Chartmore Ltd, Re [1990] BCLC 673 525, 528–9, 531Chohan v. Saggar & Another [1992] BCC 306 405ChristopherMoranHoldings Ltd v. Bairstow [1999] All ER673 291
Churchill Hotel (Plymouth) Ltd, Re [1988] BCC 112 525, 527City Equitable Fire Insurance Co., Re [1925] Ch 407 499,512
Cladrose Ltd, Re [1990] BCC 11 523, 526Clarence Coffey v. Corchester Finance (unreported,3 November 1998) 291
CloughMill Ltd, Re [1985] 1WLR 111 467Cloverbay Ltd, Re [1991] Ch 90, [1990] BCC 415 395Collins v. John Ansell & Partners [2000] ELR 555 558Commissioners of Inland Revenue v. Kahn (Re ToshokuFinance (UK) plc) [2000] 3 All ER 938, [2001] BCC 373 383,424
Compaq Computers Ltd v. Abercorn Group Ltd [1992] BCC484 465
Connolly Bros Ltd (No. 2), Re [1912] 2 Ch 25 462Consumer and Industrial Press Ltd, Re [1988] 4 BCC 68 275Continental Assurance Co. of London plc, Re (sub nom.Secretary of State for Trade and Industry v. Burrows) [1996]BCC 888, [1997] BCLC 48, [2001] BPIR 733 513–16, 527
Copp, Ex parte [1989] BCLC 13 92Corbenstoke Ltd, Re (No. 2) [1989] 5 BCC 767 159Cornhill Insurance plc v. Improvement Services Ltd [1986]1WLR 114 123
Countrywide Banking Corporation Ltd v. Dean [1998] BCC105 (PC) 402
Coutts & Co. v. Stock [2000] BCC 247 377Credit Suisse First Boston (Europe) Ltd v. Litster [1999] ICR794 558
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Crestjoy Products Ltd, Re [1990] BCC 23, [1990] BCLC677 524–5, 529
Crigglestone Coal Co., Re [1906] 1 Ch 523 241Croftbell, Re [1990] BCC 781 209CU Fittings Ltd, Re [1989] 5 BCC 210 502, 527Cuckmere Brick Co. Ltd v.Mutual Finance Ltd [1971]Ch 949 245
Dalhoff and KingHoldings Ltd, Re [1991] 2 NZLR 296 412Dawson Print Group Ltd, Re [1988] 4 BCC 322 527De Villiers, Ex parte, Re CarbonDevelopments Ltd(in liquidation) [1993] 1 SA 493 444
Dean-Willcocks v. Soluble SolutionHydroponics Pty Ltd[1997] 13 ACLC 833 412
Diplock, Re [1948] Ch 465 471D. J. Matthews (Joinery Design) Ltd, Re [1988] 4 BCC513 526, 528
D’Jan of London Ltd, Re [1993] BCC 646, [1994] 1 BCLC561 142, 499, 516
DKGContractors Ltd, Re [1990] BCC 903 514–15Dorchester Finance Co. Ltd v. Stebbing [1989] BCLC498 499
Dorman Long, Re [1934] 1 Ch 635 325, 328Douai School Ltd, Re; Re a Company (No. 005174 of 1999)[2000] BCC 698 286
Douglas Construction Services Ltd, Re [1988] BCLC 397526–7
Downer Enterprises Ltd, Re [1974] 2 All ER 1074 425DownsviewNominees Ltd v. First City Corporation Ltd[1993] 2WLR 86, [1993] AC 295 109, 245–6, 250–1, 457
Dunlop Pneumatic Tyre Co. Ltd v. Selfridge & Co. Ltd [1915]AC 847 445
Dyer v. Dyer (1788) 2 Cox Eq 92 472
Eastglen Ltd v. Grafton [1996] BCC 900 387Eaton v. Robert Eaton Ltd [1988] IRLR 83 553Ebrahimi v.Westbourne Galleries Ltd [1973] AC 360 376ECM (Europe) Electronics, Re [1991] BCC 268, [1992] BCLC814 524, 529
Edennote Ltd, Re, TottenhamHotspur plc v. Ryman [1996]BCC 718, [1996] 2 BCLC 389 160, 398
Ellis, Son & Vidler Ltd, Re [1994] BCC 532 243, 472
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Embassy Art Products Ltd, Re [1987] 3 BCC 292 395English & American Insurance Co., Re [1994] 1 BCLC649 471
English & ScottishMercantile Investment Co. Ltdv. Brunton [1892] 2 QB 700 103
Equiticorp International plc, Re [1989] BCLC 317 275Esal Commodities Ltd, Re [1988] 4 BCC 475, [1988] PCC443 159, 398
Evans v. Rival Granite Quarries [1910] 2 KB 979 103Evans (C) and Sons Ltd v. Spritebrand Ltd and Sullivan [1985]1WLR 317 510
Everson and Barrass v. Secretary of State for Trade andIndustry and Bell Lines Ltd (in liquidation) [2000] IRLR202 (ECJ) 555
Exchange Travel Agency Ltd v. Triton Property Trust plc[1991] BCC 341 288, 291
Exchange Travel Holdings, Re [1996] 2 BCLC 524 393Exchange Travel Holdings Ltd (No. 3), Re [1997] 2 BCLC579 385
Export Credits Guarantee Dept. v. Turner 1981 SLT 286 472Ezekiel v. Orakpo [1976] 3 All ER 659 291
Facia Footwear Ltd (in administration) v. Hinchliffe [1998]1 BCLC 218 505
Fairline Shipping Corporation v. Adamson [1974] 2 All ER967 510
FairwayMagazines Ltd, Re [1992] BCC 924, [1993] 1 BCLC643 400, 405
Farmizer (Products) Ltd, Re [1995] BCC 926 513Firedart, Re [1994] 2 BCLC 340 525FJL Realisations Ltd, In re [2001] ICR 424 (also reported asInland Revenue Commissioners v. Lawrence [2001]BCC 663) 287, 556
FLEHoldings, Re [1967] 1WLR 140 401Fleet Disposal Services Ltd, Re [1995] 1 BCLC 345 471Flooks of Bristol (Builders) Ltd, Re [1982] Com LR 53 377Floor Fourteen Ltd, Re, Lewis v. Commissioners of InlandRevenue [2001] 3 All ER 499, [2001] 2 BCLC 392 383,385–8, 519
Ford AG-Werke AG v. Transtec Automotive (Campsie)(Transtec Automotive (Campsie) Ltd) [2001] BCC 403247
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Forster v.Wilson 1843 12M&W 191 442
G. L. Saunders Ltd, Re [1986] 1WLR 215 248Galladin Pty Ltd v. Aimnorth Pty Ltd (1993) 11 ACSR 23 505GatewayHotels Ltd v. Stewart [1988] IRLR 281 559Gertzenstein Ltd, Re [1997] 1 Ch 115 374Giles v. Thompson [1994] 1 AC 142 389Glenisla Investments Ltd, Re (1996) 18 ACSR 84 387, 392Golden Chemical Products Ltd, Re [1976] 1 Ch 300 381Goldthorpe Exchange Ltd, Re [1995] 1 AC 74 (PC) 472, 475GombaHoldings UK Ltd andOthers v. Homan and Bird[1986] 1WLR 1301, [1986] 3 All ER 94 109, 243, 245, 261,516
Grayan Building Services Ltd, Secretary of State for Tradeand Industry v. Gray, Re [1995] Ch 241 498, 524, 526
Greenwood, Re [1900] 2 QB 306 377Greystoke v. Hamilton-Smith [1997] BPIR 24 350GriffinHotel Co. Ltd, Re [1941] Ch 129 426Grove v. Flavel (1986) 4 ACLC 654 504GrovewoodHoldings v. James Capel & Co. [1995] BCC760 388
Gye v.McIntyre [1991] 171 CLRT 609 442
H&KMedway Ltd, Re [1997] BCC 853 426Hadjipanayi v. Yeldon et al. [2001] BPIR 487 250, 457Hamlet International Plc, Re [1998] 2 BCLC 164 65Hans Place Ltd, Re [1993] BCLC 768 160Harris Bus Company Ltd, Re (unreported, 16 December1999) 279
Harris Simons Construction Ltd, Re [1989] 5 BCC 11 276Harrison Bowden Ltd v. Bowden [1994] ICR 186 558Hawk Insurance Co. Ltd, Re [2001] BCC 57, [2001] EWCACiv 241 327
Hendy Lennox (Industrial Engines) Ltd v. Grahame PuttickLtd [1984] 1WLR 485 466
Henry Brown& Sons v. Smith [1964] 2 Lloyd’s Rep 476 510Henry Pound and Sons Ltd v. Hutchins [1889] 42 ChD 402240
Hindcastle Ltd v. Barbara Attenborough Associates [1996]2WLR 262 373
Hire Purchase Co. v. Richans [1887] 20 QBD 387 372Holiday Stamps Ltd, Re, The Times, 11 July 1985 377
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Holroyd v.Marshall [1862] 10 HL Cas 191 455Home and Colonial Insurance Co. Ltd, Re [1930] 1 Ch 102160
Honeycombe 78 Ltd v. Cummins and Others (unreported,EAT 100/99) 558
Hooker Investments Pty Ltd v. Email Ltd (1986) 10 ACLR443 500
Horne v. Chester & Fein Property Development Pty Ltd andOthers (1986–7) 11 ACSR 485 444, 446
Horsley andWeight Ltd, Re [1982] 3 All ER 1045 500–1, 504,506, 516, 520
Huish v. Ellis [1995] BCC 462 246Hydrodan (Corby) Ltd, Re [1994] BCC 161, [1994] 2 BCLC180 213, 513, 535
Illingworth v. Houldsworth [1904] AC 355 80Imperial Motors (UK) Ltd, Re [1989] 5 BCC 214 275Inland Revenue Commissioner v. Goldblatt [1972] Ch 498248
Inland Revenue Commissioner v. Hoogstraten [1985] QB1077 379
Inland Revenue Commissioner v. Lawrence (In reRealisations) [2001] BCC 663, [2001] ICR 424 287, 556
Inns of Court Hotel Co., Re 1868 LR 6 Eq 82 403Istituto Chemioterapico Italiano SpA v. EC Commission(Case 6, 7/73) [1974] ECR 223 411
J. E. Cade & Son Ltd, Re [1991] BCC 360 376James, Ex parte, Re Condon 1874 9 Ch App 609 160Jeffree v. National Companies & Securities Commission(1989) 7 ACLC 556 502
Jessel Trust Ltd, Re [1985] BCLC 119 328Joint Liquidators of Sasea Finance Ltd and KPMG [1998]BCC 216 394
Jones v. Secretary of State forWales [1997] 1WLR 1008 155Joshua Shaw& Sons Ltd, Re [1989] BCLC 362 242Jules Dethier Equipment SA v. Dassy (Case C-319/94) [1998]ICR 541 559, 563
Katz v.McNally [1997] BCC 784 385–7Kayford Ltd, Re [1975] 1 All ER 604, [1975] 1WLR 279471–2, 474–7
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Kaytech International plc, Re [1999] BCC 390, [1999] 2 BCLC351 527, 535
Kerry Foods Ltd v. Creber [2000] IRLR 10 558KeypackHomecare Ltd, Re [1987] BCLC 409 160, 529KeypackHomecare Ltd (No. 2) [1990] BCC 117 527, 548Kinsela v. Russell Kinsela Pty Ltd (1986) 4 ACLC 215 500,502–4, 516
Kleinwort Benson v. Lincoln City Council and Others [1992]2 AC 349 309
Knight v. Lawrence [1991] BCC 411 251Kuwait Asia Bank EC v. NationalMutual Life Nominees Ltd[1990] BCC 567, [1991] 1 AC 187 213, 501
L. Todd (Swanscombe) Ltd, Re [1990] BCC 127 511Landhurst Leasing, Re [1999] 1 BCLC 286 527Lathia v. Dronsfield Bros. Ltd [1987] BCLC 321 109, 148Leigh Estates Ltd, Re [1994] BCC 292 377Leisure Study Group Ltd, Re [1994] 2 BCLC 65 354Leon v. York-O-Matic Ltd [1966] 1WLR 1450 398Lewis v. Hyde [1997] BCC 976 401LeylandDAF Ltd v. Automotive Products plc [1993] BCC 389116, 425, 469
LeylandDAF, Re / Re Ferranti International [1994] BCC 654:see also Powdrill v. Watson [1995] 2 AC 394, [1995] BCC 319190, 244, 286–291
LeylandDAF Ltd, Re, [2001] 1 BCLC 419 252, 383, 386, 424Leyton &Walthamstow Cycle Co. [1901]WN 275 448Liebert, Re (1873) 8 Ch App 283 401Lightning Electrical Contractors Ltd, Re [1996] 2 BCLC 302515
Lindgreen v. L & P Estates Ltd [1968] 1 Ch 572 409Linton v. Telnet Pty Ltd (1999) 30 ACSR 465 505Liquidators ofWestMercia SafetyWear Ltd v. Dodd [1988]4 BCC 30 213, 500, 505, 508
Litster v. Forth Dry Docks and Engineering Co. Ltd [1990]1 AC 546 558
Living Images Ltd, Re [1996] 1 BCLC 348 524Lloyd’s Furniture Palace Ltd, Re, Evans v. Lloyd’s FurniturePalace Ltd [1925] Ch 853 404
Lo-Line ElectricMotors Ltd, Re [1988] 4 BCC 415 523, 527,529–30
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Lomax Leisure Ltd, Re [1999] EGCS 61 291London and Paris Banking Corporation, Re 1875 LR 19Eq 444 375
London PressedHinge Co. Ltd, Re [1905] 1 Ch 576 455LondonWine Shippers Ltd, Re [1986] PCC 121 472Lonrho v. Shell Petroleum [1980] 1WLR 627 500, 505Lowestoft Traffic Services Co. Ltd, Re [1986] 2 BCC 98, [1986]BCLC 81 159, 372
M. C. Bacon Ltd, Re [1990] BCC 78, [1991] Ch 127, [1990] BCLC324 400, 403, 463
M. C. Bacon (No. 2) [1990] BCC 430, [1990] 3WLR 646382–5, 393, 463, 519
Mackay, Ex parte 1873 LR 8 Ch App 643 451Majestic Sound Recording Studios Ltd, Re [1988] 4 BCC 519529
Mancetter Developments Ltd v. Garmanson Ltd et al. [1986]2WLR 871 510
Manlon Trading Ltd, Re, Official Receiver v. Haroon AbdulAziz [1995] 1 All ER 988 529
Mann v. Secretary of State for Employment [1999] IRLR 566235, 554–5
Maple Environmental Services Ltd, Re [2000] BCC 93 335Maskelyne British Typewriter Ltd, Re [1898] 1 Ch 133 235Maxwell Communications Corp., Re [1992] BCLC 465 160Maxwell Communications Corp., Re (No. 2) [1994] 1 BCLC 1,[1993] BCC 369, [1994] 1 All ER 737 440–4, 450
Maxwell Fleet FacilitiesManagement Ltd (No. 2) [2000] 2All ER 860 558
McCredie, Re, The Times, 5 October 1999 394McMeechan v. Secretary of State for Employment [1997]ICR 549 (CA) 555
McQuisten v. Secretary of State for Employment(EAT/1298/95, 11 June 1996) 553
Meadrealm Ltd v. Transcontinental Golf Construction Ltd(1991, unreported) 240, 458
Medforth v. Blake [1999] 3 All ER 97, [1999] BCC 771246–51, 261, 271, 363, 457, 460
Meesan Investments Ltd, Re [1988] 4 BCC 788 289Meigh v.Wickenden [1942] 2 KB 160 242, 261Melcast (Wolverhampton) Ltd, Re [1991] BCLC 288 525
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Michael Peters Ltd v. Farnfield &Michael Peters Group plc[1995] IRLR 190 410
Ministry of Health v. Simpson [1951] AC 251 445Mirror GroupNewspapers plc v. Maxwell [1998] BCC 324152
Mirror GroupNewspapers v. Maxwell and Others [1999]BCC 684 152
Mitchell v. Buckingham International plc [1998] 2 BCLC369 398
MMI v. LSE [2001] 4 All ER 223 443, 451Mond v. Hammond Suddards [2000] Ch 40, [1999] 3WLR697 385
MoorgateMetals Ltd, Re [1995] 1 BCLC 503 525Morphites v. Bernasconi [2001] 2 BCLC 1 511Morris v. Agrichemicals Ltd (Morris v. Rayners EnterprisesInc.) (BCCI No. 8) [1997] 3WLR 909, [1997] BCC 965, [1998]AC 214, [1997] 4 All ER 568, [1998] 1 BCLC 68 439–40
MS Fashions v. Bank of Credit and Commerce InternationalSA (No. 2) [1993] BCC 70 440
Multi Guarantee Co. Ltd, Re [1987] BCLC 257 471
National Arms and Ammunition Co., Re (1885) 28 ChD 474424
National Bolivian Navigation Co. v.Wilson (1880) 5 AppCas 176 473
NationalWestminster Bank Ltd v. Halesowen Presswork andAssemblies Ltd [1972] AC 785 439–41, 450
NationalWestminster Bank plc v. Jones, The Times,7 July 2000 404
New Bullas Trading Ltd, Re [1993] BCC 251 306–9New Bullas Trading Ltd, Re [1994] BCC 36 (CA) 426NewGeneration Engineers, Re [1993] BCLC 435 522NewWorld Alliance Pty Ltd, Re (Fed. No. 332/94,26May 1994) 501
Newport County Association Football Club Ltd, Re [1987]3 BCC 635 275
NFUDevelopment Trust Ltd, Re [1972] 1WLR 1548 325NiagaraMechanical Services International Ltd, Re(in administration) [2001] BCC 393 473
Nicholson v. Permakraft [1985] 1 NZLR 242 499–502,504–7, 516, 520
Nicol v. Cutts [1985] 1 BCC 99 244
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Nokes v. Doncaster Amalgamated Collieries [1940] AC 1014557
Norman v. Theodore Goddard [1991] BCLC 1028 142NormandyMarketing Ltd, Re [1994] Ch 198, [1993] BCC 879381
Northwest Holdings plc, Re, Secretary of State for Trade andIndustry v. Backhouse [2001] BCH 7, [2001] EWCACiv 67381
Oak Pits Colliery Co., Re (1882) 21 ChD 322 425OasisMerchandising Services Ltd, Re [1995] BCC 911, [1997]BCC 282 385–90, 513–14
Ocean SteamNavigation Co. Ltd, Re [1939] Ch 41 326Official Receiver v. Barnes (Re Structural Concrete Ltd) [2001]BCC 478 522
Official Receiver v. Cooper [1999] BCC 115 536Official Receiver v. Vass [1999] BCC 516 527Official Receiver of Celtic Extraction and BluestoneChemicals v. Environment Agency [2000] BCC 487, [1999]4 All ER 684 373
Oriental Bank Corporation, Re (Macdowell’s Case) (1886)32 ChD 36 378
Osiris Insurance Ltd, Re [1999] 1 BCLC 182 327Oy Liikenne Ab v. Pekka Liskjarvi and Pentti Juntunen[2001] IRLR 171 557
Pacific Syndicates (NZ) Ltd, Re (1989) 4 NZCLC 64 412Palk v.Mortgage Services Funding plc [1993] Ch 330 460Pamstock, Re [1994] 1 BCLC 716 525Paramount Airways Ltd (No. 3), Re: reported as Powdrillv. Watson [1994] 2 BCLC 118, [1995] 2WLR 312, [1995] BCC319, [1995] 2 All ER 65, [1995] 2 AC 394 190, 244, 286–291
Park Air Services, Re (ChristopherMoranHoldings Ltdv. Bairstow and Ruddock) [1999] BCC 135, [1999] EGCS 17373
ParkHouse Properties Ltd, Re [1997] 2 BCLC 530 527Parker-Tweedale v. Dunbar Bank plc [1991] Ch 12 245Patrick and Lyon Ltd, Re [1933] Ch 786 406, 511Peachdart, Re [1984] Ch 131 466PearlMaintenance Services Ltd, Re [1995] 1 BCLC449 248
Penrose v. Official Receiver [1996] 1 BCLC 389 515
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Pfeiffer (E.) WWGmbh v. Arbuthnot Factors Ltd [1988]WLR 150, [1987] BCLC 522 465
PFTZMLtd, Re [1995] BCC 280 92, 213, 535Phillips v. Brewin Dolphin Bell Lawrie Ltd [2001] 1WLR 143402
Pinewood Joinery v. Starelm Properties Ltd [1994]2 BCLC 412 405
Plant (Engineers) Sales Ltd v. Davis (1969) 113 Sol Jo 484374
Polkey v. A. E. Dayton Services Ltd [1988] ICR 142 565Polly Peck International plc (No. 3), Re [1996] 1 BCLC 428410
Polly Peck International (No. 4) Re, The Times, 18May 1998472
Portbase Clothing Ltd, Re [1993] Ch 388, [1993] BCC 96 383Potters Oils Ltd (No. 2), Re [1986] 1WLR 201 22Powdrill v. Watson (also known as Re Paramount AirwaysLtd) [1995] 2 All ER 65 (HL) 190, 244, 286–91
Power v. Sharpe Investments Ltd (Re Shoe Lace Ltd) [1994]1 BCLC 111 405, 410
Primlaks (UK) Ltd, Re [1989] BCC 710 276Probe Data Systems Ltd (No. 3), Re [1991] BCC 428, [1992]BCC 110 528, 531, 534
ProduceMarketing Consortium Ltd, Re [1989] 5 BCC 569,[1989] BCLC 520 142, 212, 513–15, 530
Pulsford v. Devenish [1903] 2 Ch 625 160Purpoint Ltd, Re [1991] BCLC 491 514–15
R v. Evans [2000] BCC 901 523, 526R v. Grantham [1984] 2WLR 815 212R v. Holmes [1991] BCC 394 524, 530R v.Miles (1992) Crim L Rev 657 511R v. Young [1990] BCC 549 523RACMotoring Services Ltd, Re [2000] 1 BCLC 307 325Rafidain Bank, Re [1992] BCLC 301 450Razzaq v. Pala [1997] 1WLR 1336, [1998] BCC 66 291Rea v. Barker (1988) 4 NZCLC 6 412Rea v. Chix (1986) 3 NZCLC 98 412Realisations, In re (IRC v. Lawrence) [2001] BCC 663, [2001]ICR 424 287, 556
Regeling v. Bestur van de Bedrijfsvereniging voor deMetaalnijverheid [1999] IRLR 379 (ECJ) 555
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Regentcrest plc (in liquidation) v. Cohen [2001] BCC 494501, 507
Rhine Film Corporation (UK) Ltd, Re [1986] 2 BCC98 159
Richbell Information Systems Inc. v. Atlantic GeneralInvestments Trust Ltd [1999] BCC 871 375
Robson v. Smith [1895] 2 Ch 118 80, 103Rolfe Lubell & Co. v. Keith [1979] 1 All ER 860 510Rolls Razor v. Cox [1967] 1 QB 552 439Rolus Properties, Re [1988] 4 BCC 446 526Rother IronWorks v. Canterbury Precision Engineers Ltd[1974] QB 1 438
RowbothamBaxter Ltd, Re [1990] BCC 113 285, 294, 457
S. Davies & Co. Ltd, Re [1945] Ch 402 373St James Court Estate Ltd, Re [1944] Ch 6 326SalcombeHotel Development Co. Ltd, Re [1991] BCLC 44370
Salomon v. A. Salomon& Co. Ltd [1897] AC 22 407, 499Samuel Sherman plc, Re [1991] BCC 699 526SAR Schotte GmbH v. Parfums Rothschild SARL, 218/86[1992] BCLC 235 410
Saunders v. UK [1997] BCC 872 395SCL Building Services Ltd, Re [1989] 5 BCC 746 285Scott v. Thomas (1834) 6 C&P 661 401Secretary of State for Employment v. Spence [1986] ICR 651558
Secretary of State for Trade and Industry v. Backhouse [2001]EWCACiv 67 384
Secretary of State for Trade and Industry v. Baker [1999] 1 AllER 1017 529
Secretary of State for Trade and Industry v. Bottrill [1999]IRLR 326, [1999] BCC 177 553
Secretary of State for Trade and Industry v. Collins [2000]BCC 998 529
Secretary of State for Trade and Industry v. Deverell [2000]2WLR 907 92, 213, 414, 498, 535
Secretary of State for Trade and Industry v. Gray [1995]Ch 241, [1995] 1 BCLC 276 498, 524, 526
Secretary of State for Trade and Industry v. Griffiths, ReWestmid Packaging Services Ltd (No. 3) [1998] BCC 836523, 526, 529, 548
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Secretary of State for Trade and Industry v. Imo SyntheticTechnology Ltd [1993] BCC 549 521–2
Secretary of State for Trade and Industry v. Langridge [1991]Ch 402 524
Secretary of State for Trade and Industry v.McTighe [1997]BCC 224 526
Secretary of State for Trade and Industry v. Rosenfeld [1999]BCC 413 529
Secretary of State for Trade and Industry v. Travel Time (UK)Ltd [2000] BCC 792 380
Secure and Provide plc, Re [1992] BCC 405 380Sevenoaks Stationers Retail Ltd, Re [1991] Ch 164, [1990]BCC 765 213, 525, 529
Shamji v. JohnsonMatthey Bankers Ltd [1991] BCLC36 457
Sherborne Associates Ltd, Re [1995] BCC 40 513–15SHV Senator Hanseatische Verwaltungs Gesellschaft mBH,Re [1997] BCC 112, [1996] 2 BCLC 562 380
Siebe Gorman & Co. Ltd, v. Barclays Bank Ltd [1979] 2Lloyd’s Reports 142 305, 308–9
SIG Security Services Ltd, Re, Official Receiver v. Bond [1998]BCC 978 536
Silver ValleyMines, Re (1882) 21 ChD 381 379Smith (Administrator of Coslett (Contractors) Ltd)v. Bridgend CBC (Re Coslett (Contractors) Ltd(in administration)) [2001] BCC 740 438
Smith and Fawcett Ltd, Re [1942] Ch 304 499, 501Smith v. Pilgrim (1876) 2 ChD 127 401Soden v. British & CommonwealthHoldings plc(in administration) [1997] BCC 952 446
Southard, Re [1979] 1WLR 1198 409Southbourne SheetMetal Co. Ltd, Re [1991] BCC 732528–9, 531
Sovereign Life Assurance Co. v. Dodd [1892] 1 QB 573 327Spa Leasing Ltd v. Lovett & Others [1995] BCC 502 405SpecialisedMouldings Ltd, Re (unreported, 13 Feb. 1987)244, 286
Standard Chartered Bank Ltd v.Walker [1982] 1WLR 1410245
Stein v. Blake [1996] 1 AC 243 442Stocznia Gdanska SA v. Latvian Shipping Co. (No. 2) [1999]3 All ER 822 389
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Sunlight Incandescent Ltd, Re [1906] 2 Ch 728 371Swan, The (Bridges & Salmon v. Swan, The (Owner)) [1968]1 Lloyd’s Rep 5 510
Swift 736 Ltd, Re [1992] BCC 93, [1993] BCC 312 (CA)524–6
Swiss Bank Corp. v. Lloyds Bank Ltd [1981] 2WLR 893 471
T &D Industries plc and T&DAutomotive Ltd, Re [2000]1WLR 646 279
Tasbian Ltd (No. 3), Re [1992] BCC 358 528, 531Taylor v. Standard Gas and Electric Co. (1939) 306 US 307410–11
TBL Realisations plc, Re, 20March 2001 332Thirty Eight Building, Re [1999] BCC 260 400Thomas Saunders Partnership v. Harvey (1990) 9 Trad LR 78510
Titan International Inc., Re [1998] 1 BCLC 102 381TLL Realisations Ltd, Re, Secretary of State for Trade andIndustry v. Collins [2000] BCC 998 529
Toshoku Finance plc, Re, as Commissioners of InlandRevenue v. Kahn [2000] 3 All ER 938, [2001] BCC 373,[2002] BCC 110 (HL) 383, 426
TransTec Automotive (Campsie) Ltd [2001] BCC 403 247Tri-State Paving, Re, 34 BR 2 (Banker UDPA 1982) 204
US Trust Corporation v. Australia andNewZealandBanking Group (1995) 17 ACSR 697 446
Valletort Sanitary Steam Laundry, Re [1903] 2 Ch 654 103Vandervell v. Inland Revenue Commissioners [1967] 2 AC 291472
Vuma Ltd, Re [1960] 1WLR 1283 377
Wait, Re [1927] 1 Ch 606 475Walker v.Wimborne [1976] 50 ALJR 446, (1976) 137 CLR 1,(1978) 3 ACLR 529 499, 505, 516
Walter L. Jacobs Ltd, Re [1989] 5 BCC 244 380Ward v. Aitken [1997] BCC 282 385Watts v. Midland Bank plc [1986] BCLC 15 248Weddel (NZ) Ltd, Re [1996] 5 NZBLC 104 468Weisgard v. Pilkington [1995] BCC 1108 400Welfab Engineers Ltd, Re [1990] BCC 600 503
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Wellworth Cash & Carry (North Shields Ltd) v. NorthEastern Electricity Board [1986] 2 BCC 99 425
WestMercia Safetywear Ltd v. Dodd [1988] 4 BCC 30, [1988]BCLC 250 359, 500, 504–6, 508
Westlowe Storage &Distribution Ltd, Re [2000] BCC 851516
Westmid Packing Services Ltd, Re, Secretary of State forTrade and Industry v. Griffiths [1998] 2 All ER 124, [1998]BCC 836 (CA) 523, 526, 529, 548
Westminster PropertyManagement Ltd, Re, OfficialReceiver v. Stern [2001] 1 All ER 633, [2001] BCC 121 523,526–7
Wheatley v. Silkstone &HaighMoor Coal Co. (1885)29 ChD 715 103, 114
Wheeler v. Patel and J. Goulding Group of Companies [1987]ICR 631 559
Whitehouse v. Charles A. Blatchford & Sons Ltd [2000] ICR542 559
William Leach Brothers Ltd, Re [1932] 2 Ch 71 511Williams v. CompairMaxam [1982] ICR 156 565Williams v. Natural Life Health Foods [1998] 1WLR 830 510Willis v. McLaughlin andHarvey plc [1996] NI 427 558Wilson v. St Helens Borough Council, British Fuels Ltdv. Baxendale [1999] 2 AC 52, [1998] ICR 1141 558, 561
Windsor SteamCoal Co. (1901) Ltd, Re [1929] 1 Ch 151 160Winkworth v. Edward BaronDevelopments Co. Ltd [1987]1 All ER 114, [1986] 1WLR 1512 500, 502, 505
Woodroffes Ltd, Re [1986] Ch 366 425Woods v.Winskill [1913] 2 Ch 303 248Wright v. Frisnia (1983) 1 ACLC 716 505
Xyllyx plc, Re (No. 2) [1992] BCLC 378 381
Yagerphone, Re [1935] Ch 392 384Yorkshire LtdWoolcombers Association, Re [1903] 2 Ch 28480, 308
Yukong Lines Ltd of Korea v. Rendsburg Investments Corp.of Liberia (No. 2) [1998] 1WLR 294, [1998] BCC 870500–1, 519
Ziceram Ltd, Re [2000] BCC 1048 375
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Table of statutes and other instruments
1542 Bankruptcy Act 81844 Joint Stock Companies Act 10
CompaniesWinding Up Act 101855 Limited Liability Act 101856 Joint Stock Companies Act 101861 Bankruptcy Act 101862 Companies Act
s. 81 111869 Debtors Act 101870 Joint Stock Companies Act 3241897 Preferential Payments in Bankruptcy Act 4251908 Companies (Consolidation) Act 101925 Law of Property Act 211929 Companies Act 101948 Companies Act 10, 328, 381
ss. 206–8 328s. 287 331s. 306 331
1955 New Zealand Companies Act 4021966 Bankruptcy Act 3941974 Consumer Credit Act 66
s. 10(1) 66s. 189(1) 346
1976 Insolvency Act 11Second Council Directive 77/91/EEC of 13 December 1976,OJ 1997, No. L26/1 (‘Acquired Rights Directive’) 84
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1978 American Bankruptcy ReformAct 195Bankruptcy Code (as amended) 195–204, 303EEC Council Directive 78/855, OJ 1978/295/36 326
1979 Sale of Goods Act 4651981 Supreme Court Act
s. 51 387Transfer of Undertakings (Protection of Employment)Regulations (TUPE) SI No. 1981/1794 556–71
1982 Customer Prepayment (Protection) Bill 478Insurance Companies Act 276EEC Council Directive 82/891, OJ 1982/378/47 326
1985 Companies Act 16ss. 135–41 84s. 153(1)(b) 505s. 227 406s. 247 336s. 258 406s. 300 521s. 309 503s. 318 553s. 378 370s. 378(3) 370s. 395 382ss. 395–6 465s. 404 456s. 405(1) 241ss. 425–7 19, 20, 199, 205, 208, 292, 300, 324–31s. 425(6)(b) 325s. 426(2)s. 427 326s. 458 212, 511, 521, 530, 537s. 582 331s. 736 406s. 741 413, 512s. 744 62
Insolvency Act 14, 161986 Company Directors’ Disqualification Act 14, 148
s. 2(1) 521, 530ss. 2–12 27s. 4 521, 530s. 5 521, 530s. 6 299, 521, 524
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s. 6(1)(4) 521s. 6(2) 123–4s. 7(1) 521, 531, 534s. 7(3) 209, 298–9, 521s. 8 521s. 9 277s. 10 521, 530s. 11 522s. 12 522s. 16(1) 531s. 22(5) 498, 512, 535Sched. 1 399, 533
Insolvency Act 14, 16ss. 1–7 20, 147, 208, 325, 331s. 2(2) 20, 331, 517s. 4(3) 146, 241, 332s. 4(4) 146s. 5 349s. 6 177s. 7(2) 332s. 7(4) 22, 275s. 7(5) 160s. 8 123, 297s. 8(1)(a) 364s. 8(1)(b) 276s. 8(2) 275s. 8(3) 18, 51, 147, 204, 276, 310, 320–2s. 8(3)(a) 144, 294, 361, 364, 457s. 8(3)(b) 333s. 8(3)(d) 361s. 8(4) 276ss. 8–27 27, 147, 209s. 9 147s. 9(1) 275s. 9(2) 18, 144, 241, 291, 360, 458s. 9(3) 241, 276, 360s. 9(4) 277s. 10 109, 147, 521s. 10(1) 277s. 10(1)(a) 277s. 11 109, 147, 277, 290s. 11(1)(b) 248
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s. 14 300s. 14(1) 21s. 14(4) 277, 278s. 14(5) 278, 279s. 15 243, 279, 283, 310s. 17(2) 278s. 19(1) 160, 279s. 19(4) 245, 287, 556s. 19(5) 245, 287, 556s. 19(6) 287, 556s. 19(7)–(9) 287s. 20 288s. 23(1) 278, 279s. 24 262, 278, 279s. 27 160, 177, 363s. 27(1) 272, 278s. 27(1)(a) 293ss. 28–69 209s. 29(2) 16, 21, 147, 209, 235, 240, 458s. 30 21s. 32 21s. 35 243s. 36 153s. 39 241s. 40 426s. 42 17, 21, 242s. 43 17, 21, 243s. 43(7) 243s. 44 21, 245, 287, 555s. 44(1)(a) 243, 516s. 44(1)(b) 237, 244, 555s. 44(1)(c) 237, 245s. 44(2) 244s. 45 248s. 45(1) 243, 248–9s. 45(2) 21, 248s. 46 241s. 47 248, 268s. 47(1) 142, 517s. 48 248, 268s. 48(1)–(2) 142, 517s. 48(2) 248, 261
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