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Salomon v Salomon & Co Ltd: Difference between revisions
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Amwelladmin moved page Salomon v Salomon & Co Ltd - Case Note to Salomon v Salomon & Co Ltd
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{{cite|Salomon|Salomon & Co Ltd|1896|UKHL|1}} | {{cn}}{{cite|Salomon|Salomon & Co Ltd|1896|UKHL|1}} | ||
Key case about corporate legal personality. | Key case about corporate legal personality. | ||
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Lord MacNaghten: “For such a catastrophe as has occurred in this case some would blame the law that allows the creation of a [[floating charge]]. But a {{tag|floating charge}} is too convenient a form of {{tag|security}} to be lightly abolished. I have long thought, and I believe some of your Lordships also think, that the ordinary trade creditors of a trading company ought to have a preferential claim on the assets in liquidation in respect of debts incurred within a certain limited time before the winding-up. But that is not the law at present. Everybody knows that when there is a winding-up debenture-holders generally step in and sweep off everything; and a great scandal it is.” | Lord MacNaghten: “For such a catastrophe as has occurred in this case some would blame the law that allows the creation of a [[floating charge]]. But a {{tag|floating charge}} is too convenient a form of {{tag|security}} to be lightly abolished. I have long thought, and I believe some of your Lordships also think, that the ordinary trade creditors of a trading company ought to have a preferential claim on the assets in liquidation in respect of debts incurred within a certain limited time before the winding-up. But that is not the law at present. Everybody knows that when there is a winding-up debenture-holders generally step in and sweep off everything; and a great scandal it is.” | ||
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*[[Salomon Brothers]] | *[[Salomon Brothers]] | ||