https://www.taxtmi.com/caselaws?id=106688 Beneficial owners of floating rate notes may enforce rights attached to those notes where the issuer recognises beneficial ownership. Notes acknowledging debt and promising repayment with interest may fall within the concept of debentures, making their holders deemed creditors for winding-up purposes. A trustee may be a necessary party because it can provide discharge, but its role does not necessarily remove noteholders' statutory right to petition. Contractual enforcement conditions requiring trustee action must be assessed alongside the trustee's position and the noteholders' interest. en-us Wed, 20 Mar 2002 00:00:00 +0530 Thu, 15 Mar 2012 12:35:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106688 Beneficial owners of floating rate notes may enforce rights attached to those notes where the issuer recognises beneficial ownership. Notes acknowledging debt and promising repayment with interest may fall within the concept of debentures, making their holders deemed creditors for winding-up purposes. A trustee may be a necessary party because it can provide discharge, but its role does not necessarily remove noteholders' statutory right to petition. Contractual enforcement conditions requiring trustee action must be assessed alongside the trustee's position and the noteholders' interest. Case-Laws Companies Law Wed, 20 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106688