https://www.taxtmi.com/caselaws?id=96742 Advance money paid in anticipation of a film-hiring contract, before any concluded agreement existed, was treated as trust property rather than part of the company's general assets. The payment remained identifiable in the company's hands, and the insolvency rules applied on winding up excluded property held on trust from distribution among creditors. The reasoning relied on the statutory position that insolvency principles govern winding up and that property held without the full beneficial interest is held for the person entitled to it. The amount was therefore recoverable by the payer in priority to unsecured creditors. en-us Fri, 08 Jan 1937 00:00:00 +0530 Tue, 10 Jan 2012 16:55:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96742 Advance money paid in anticipation of a film-hiring contract, before any concluded agreement existed, was treated as trust property rather than part of the company's general assets. The payment remained identifiable in the company's hands, and the insolvency rules applied on winding up excluded property held on trust from distribution among creditors. The reasoning relied on the statutory position that insolvency principles govern winding up and that property held without the full beneficial interest is held for the person entitled to it. The amount was therefore recoverable by the payer in priority to unsecured creditors. Case-Laws Companies Law Fri, 08 Jan 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96742