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The joint receivers issued summons for determination claiming that (1) although the clause referred to "equitable and beneficial ownership" it did not have the effect of creating a bare trust for the benefit of the sellers, but rather it created a
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held the clause, which referred to "equitable and beneficial ownership", did not create a bare trust for
Monsanto's benefit, but did create a floating equitable charge. This followed from
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134:" clause. Bond Worth Ltd went into receivership when a large sum of money was owing to Monsanto Ltd under various contracts containing the "title" clause. Monsanto Ltd notified the
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1 WLR 676 was distinguished. Because the floating charge was created by the buyer company and therefore registrable, it was void for non-registration.
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in favour of the sellers; and (2) such a floating charge created by the buyer company would therefore be registerable, and so was
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of their claim. The receivers contested whether the retention of title clause was valid.
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Bond Worth Ltd was a carpet manufacturing company. It bought man-made fibres from
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The trial lasted a total of 15 days. Notable counsel who appeared included
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Ltd and used them to make carpets. The conditions of sale included a "
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192:Aluminium Industrie Vaassen BV v Romalpa Aluminium
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262:Borden (UK) Ltd v Scottish Timber Products Ltd
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150:if not registered (as was in fact the case).
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237:Aluminium BV v Romalpa Aluminium Ltd
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386:United Kingdom insolvency case law
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275:Indian Oil v Greenstone Shipping
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299:Barclays Ltd v Quistclose Ltd
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186:Illingworth v Houldsworth
144:floating equitable charge
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228:Cases on quasi-security
189:2 Ch 284 was applied.
183:(1887) 35 ChD 373 and
325:Re Curtain Dream plc
160:Jeremiah Harman QC
132:retention of title
116:retention of title
95:retention of title
90:Recharacterisation
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353:UK insolvency law
349:Security interest
249:Re Bond Worth Ltd
164:Elizabeth Gloster
114:case, concerning
112:UK insolvency law
107:Re Bond Worth Ltd
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21:Re Bond Worth Ltd
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287:Re Peachdart Ltd
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180:Coburn v Collins
61:Court membership
48:12 February 1979
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337:WDA v Exfinco
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66:Judge sitting
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110:Ch 228 is a
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368:References
85:Insolvency
39:High Court
316:1 WLR 279
278:3 WLR 869
240:1 WLR 676
136:receivers
118:clauses.
380:Category
340:BCLC 148
328:BCLC 925
170:Judgment
128:Monsanto
76:Keywords
53:Citation
175:Slade J
70:Slade J
45:Decided
303:UKHL 4
290:Ch 131
252:Ch 228
56:Ch 228
363:Notes
266:Ch 25
154:Trial
122:Facts
35:Court
351:and
347:see
162:and
148:void
382::
166:.
221:e
214:t
207:v
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