1935 (1) TMI 19

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....ies, there is, I think, no case which decides the point which calls for decision on this summons. There have been two cases which establish quite clearly that, whether in bankruptcy or in the liquidation of a company, a secured creditor has no right to enforce for his benefit the remedy which is given to a trustee in bankruptcy or the liquidator of the company of avoiding a payment or setting asid....

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.... the money was paid and from whom it was recovered was a creditor of Yagerphone Ltd. When Yagerphone, Ltd., paid to the creditor the GBP 240 11s. 2d., that sum in my judgment, ceased to be the property of Yagerphone Ltd. The payment to that creditor could not have been attacked or impeached, unless within three months from the date of payment the liquidation of Yagerphone, Ltd., had begun, and in ....