Re Queenstown Dry Docks Shipbuilding and Engineering Company

• Jurisdiction: Ireland
• Judge: M. R.
• Judgment Date: 14 May 1918
• Court: Chancery Division (Ireland)
• Date: 14 May 1918

In re Queenstown Dry Docks Shipbuilding and Engineering Company.

M. R.

CASES

DETERMINED BY

THE CHANCERY DIVISION

OF

THE HIGH COURT OF JUSTICE IN IRELAND

AND BY

THE IRISH LAND COMMISSION,

AND ON APPEAL THEREFROM IN

THE COURT OF APPEAL.

1918.

Company — Winding-up — Leaseholds — Mortgage by sub-demise to trustee for debenture-holders — Sale by trustee — Dissolution of company — Nominal reversion outstanding — Appointment of new trustee — Vesting order — Trustee Act, 1893 (56 & 57 Vict. c. 53), s. 25, sub-s. 1, and s. 26.

A company held certain premises as assignees under several leases. These premises were mortgaged by sub-demise to a trustee for debenture-holders of the company, leaving outstanding in the company the last three days of the terms for which they were held, with the usual declaration of trust of such reversions. The trustee for the debenture-holders sold the premises under the power of sale in the trust deed, and subsequently the company was dissolved, without an assignment of the nominal reversion vested in it having been obtained. The premises having become vested in the applicants, subject to the outstanding nominal reversions, they applied, under sect. 25, sub-s. 1, of the Trustee Act, 1893, to be appointed trustees of such reversions, and for an order vesting the same in them.

Held that the application should be granted. Form of order considered. In re No. 9 Bomore Road ([1906] 1 Ch. 359) followed.

Originating Notice of Motion.

Certain premises, held under twelve leases, became vested in the Queenstown Dry Dock Shipbuilding and Engineering Company By an indenture, dated the 1st February, 1907, these premises were demised for the residue of the respective terms for which they were held save the last three days thereof to a trustee for the debenture-holders of the company; and it was declared that the company would hold such reversions in trust for the trustee and his assigns. The trustee sold the premises under the power of sale contained in the debenture trust deed, and subsequently the company was dissolved without any assignment of the nominal reversions outstanding in it having been obtained. A new company, called the Queenstown Dry Docks Shipbuilding and Engineering Company, having acquired the premises, and being desirous of surrendering two of the leases to the lessor for the purpose of obtaining a new lease, the present application was brought for an order appointing the applicants(the new company) trustees of the premises...