A mortgagee is entitled to enforce his security notwithstanding the liquidation of the mortgagor1. However, on the making of a winding-up order or the appointment of a provisional liquidator, no action or proceeding is to be proceeded with or commenced against a company2 or its property except by leave of the court and subject to such terms as the court may impose3. Leave will normally be granted to a secured creditor seeking to enforce his security4. If a claim or proceeding is pending against a company after the presentation of a winding-up petition but before a winding-up order has
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This Practice Note considers claims for damages for breach of statutory duty. For guidance on claims for damages for a negligent breach of duty of care outside a statutory duty, see Practice Notes:•Negligence—when does a duty of care arise?•Negligence—when is the duty of care breached?Breach of
Dividends involve a distribution of cash or a distribution of non-cash assets (known as a distribution in kind or a distribution in specie).A scrip dividend (in a tax context, sometimes referred to as a stock dividend) allows a shareholder to receive new shares in a company as an alternative to a
Who is a fiduciary?There is no comprehensive list of the relationships which give rise to the existence of fiduciary duties under common law. Some relationships are automatically fiduciary, eg those between trustee and beneficiary, solicitor and client, principal and agent, business partner and
For guidance on the basic features of the doctrine of estoppel and the different classifications it has been subject to, see Practice Note: Estoppel—what, when and how to plead and related content.Promissory estoppel—what is it?Where A has, by words or conduct, made to B a clear and unequivocal
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