Chargeholder Barred from Participating in the Prescribed Part

Springford, Emily; Davis, Steve
February 2008
Credit Control;2008, Vol. 29 Issue 2, p13
Trade Publication
The article reports on the lawsuit that examines whether Harris NA could participate in the prescribed part by claiming as an unsecured creditor with respect to the shortfall in its security. The court confirmed that an administrator of a company shall not distribute the prescribed part of a company's net property available for the satisfaction of unsecured debts. It also declared that Harris NA was not entitled to participate in the prescribed part with respect of any claims based on shortfall.


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