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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

15 MAR 2013

Garwood v Bank of Scotland Plc [2012] EWHC 415 (Ch) (04 March 2013)

Mr Justice Norris has handed down his judgment in Garwood v Bank of Scotland Plc [2012] EWHC 415 (Ch) (04 March 2013). The case makes for fascinating reading. This comes across almost immediately in the first sentence. The judge notes: "This is a contest between the unsecured creditors of a bankrupt fraudster (or possibly the fraudster's trustee in bankruptcy in respect of his fees), and a lender whom the fraudster duped, as to who should suffer most. The lender says that despite the fraudster's machinations and its own carelessness it should have first call on what can be salvaged from the sale of a property: and the fraudster's trustee in bankruptcy (who stands in the fraudster's shoes) says that what is salvaged should fall into the general pot and (after payment of the costs of the bankruptcy) be shared by all unsecured creditors (including the lender)." Enjoy! 

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