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14 August 2013
Issue: 7573 / Categories: Case law , Law digest , In Court
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Insolvency

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Re Southern Pacific Personal Loans Ltd [2013] EWHC 2485 (Ch), [2013] All ER (D) 63 (Aug)

It could not be deduced from the duty of a liquidator to get in the assets of the company and the power of the court to order delivery of property to the liquidator that the liquidator would hold the assets of the company as principal or as co-principal with the company. The provisions in the Insolvency Act 1986, taken as a whole, showed that title to the assets of the company remained with the company notwithstanding its liquidation. In taking control of the company's property, just as in dealing with it, the liquidator was not acting as principal but as agent, replacing the control formerly exercised by the board.

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