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of <h1>Secured creditor can't prioritize in bankruptcy. Funds recovered held in trust for general creditors. Application dismissed.</h1> <h3>Yagerphone Ltd., In re</h3> The High Court Chancery Division ruled that a secured creditor cannot prioritize themselves over other creditors in bankruptcy or liquidation proceedings. ... Winding up – Overriding preferential payments The judgment in the High Court Chancery Division stated that a secured creditor cannot enforce a remedy to prefer themselves over other creditors in bankruptcy or liquidation. The court decided in favor of the liquidators because the money paid to the creditor was not the property of the company at the time of crystallization of the security. The recovered money was held in trust for the general creditors, not part of the company's assets. The application was dismissed with costs. (Case citation: 1935 (1) TMI 19)
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