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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

01 MAY 2012

Re J T Frith Ltd [2012] EWHC 196 (Ch)

(Chancery Division)

A secured creditor sought to surrender his security and participate in the prescribed part. He argued that his security had been effectively surrendered in three ways: (1) by submitting a proof of debt which omitted to disclose the security (by virtue of r 4.96(1) of the Insolvency Rules 1986); (2) by stating in his witness statement that he relinquished his security; (3) by a Deed of Release. His Honour Judge Keyser QC held that each of the three methods would suffice to enable the creditor to surrender his security. The fact that an Inter-creditor Deed required any sums recovered to be paid to the prior floating charge holder (who was not entitled to participate in the prescribed part) did not infringe the policy and/or terms of s 176A(2)(b) of the Insolvency Act 1986.

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