Person chargeable with duty must be the importer at importation; subsequent purchasers cannot be held liable where beneficial owner rules did not appl...
A mortgage executed years after the underlying debenture arrangement was held to be a preferential transaction because it created a perfected security interest only within the look-back period and improved the creditor's position in insolvency. The Tribunal rejected the argument that the deed merely perfected an earlier contractual promise, noting that no enforceable mortgage had been created for nearly seven years, prior charges had already been created in favour of other lenders, and the later deed was a fresh arrangement creating only a second charge without fresh finance. The ordinary-course-of-business exception was also rejected, and the discharge of the security interest was affirmed.
A mortgage executed years after the underlying debenture arrangement was held to be a preferential transaction because it created a perfected security interest only within the look-back period and improved the creditor's position in insolvency. The Tribunal rejected the argument that the deed merely perfected an earlier contractual promise, noting that no enforceable mortgage had been created for nearly seven years, prior charges had already been created in favour of other lenders, and the later deed was a fresh arrangement creating only a second charge without fresh finance. The ordinary-course-of-business exception was also rejected, and the discharge of the security interest was affirmed.
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