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Synopsis
This book explains how a creditor of an insolvent debtor can take priority over other creditors by claiming a proprietary interest in assets held by the debtor, and concentrates on the circumstances in which proprietary interests are created by operation of law or are implied from the arrangements between the parties.
This is a subject of particular importance and difficulty in common law systems because of the changeable nature of equitable proprietary interests, and this book provides a clear and structured explanation of the current state of the law, with detailed reference to case law from England and Wales as well as Commonwealth jurisprudence, and suggests how it might be clarified and simplified by returning to first principles.
The new edition considers a number of important developments which pertain to proprietary rights and insolvency. It evaluates the key decision of the Supreme Court in FHR European Ventures v Cedar Capital Partners. Although this has settled the question of whether constructive trusts extend to bribes, it has raised more general issues regarding the approach of the courts to the imposition of proprietary remedies, which the book explores. It also covers recent Privy Council and Court of Appeal
decisions concerning constructive notice (Credit Agricole v Papadimitrou, Central Bank of Ecuador v Conticorp, and SFO v Lexi), as well as interesting issues concerning the new status of intangibles (Armstrong v Winnington) and the status of the anti-deprivation rule (Belmont Park v BNY).
Proprietary Rights and Insolvency is a lucid and practical reference source on insolvency and property law. New & Used
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What Reviewers Are Saying
GET HOOKED ON CONSTRUCTIVE TRUSTS:
THE NEW SECOND EDITION OF ‘PROPRIETARY RIGHTS AND INSOLVENCY’ IS OUT NOW.
An appreciation by Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers
This new second edition of Richard Calnan’s highly regarded title, ‘Proprietary Rights and Insolvency’, has had a long gestation, but all the better for commercial and chancery lawyers, insolvency practitioners in particular.
The first edition of 2009, says Calnan, was a book which he’d wanted to write for thirty years, inspired by his early enthusiasm for constructive trusts. His mentor, Tony Oakley, warned that ‘there are topics of conversation more popular in public houses than the finer points of the equitable doctrine of the constructive trust.’ ‘But by then,’ says Calnan,’ I was hooked.’
Fast forward to the recently published new edition from the Oxford University Press and you too might well find yourself hooked on this book, especially if you agree with the author that ‘the availability of equitable proprietary interests is an important factor in the success of the law in meeting the requirements of commercial life.’ Crucial in financial transactions, he adds, ‘is the ability to create security over practically any present or future asset.’
Replete with fascinating case material throughout, including important recent cases cited in most of the chapters, this new edition contains much new material which reflect recent developments, for example, in insolvency law that have emerged since the first edition.
Copious reference to the main cases is what is especially helpful about this book in that the principles of property law (actually the main focus) which apply to the various types of proprietary interests are illustrated and elaborated upon. Thus is the structure of the law revealed.
Calnan nevertheless views with some alarm the relative lack of ‘proper consideration being given to the interests of third parties’ which he identifies as the defining characteristic of property law. This, he says, manifests itself in three decisions of the Supreme Court and the Privy Council concerning respectively, fiduciaries… equitable tracing… and issues pertaining to family homes. We are of course summarizing!
That said, busy practitioners will appreciate the logical organisation of the book into five parts. The first is the introduction which covers the principle of pari passu – sharing (in equal steps).
Retaining and recovering a proprietary interest is the focus of Part 2, while Part 3 deals with express agreements and implied or presumed agreements. Obtaining a proprietary interest in a substitute asset by operation of law is covered in Part 4, which contains interesting chapters on tracing in law and equity. Part 5 elaborates on obtaining a proprietary interest in an unconnected asset by operation of law.
What is striking about the book is its insistence on clear and detailed explanation of technicalities, sometimes illustrated by simple diagrams. Paragraphs are numbered throughout, with each chapter prefaced by a summary of its contents. There is an index of almost twenty pages and, as you would expect, detailed tables of cases, statutes and statutory instruments.
Definitely this is an authoritative, accessible and up-to-date work of reference which should find its way into the possession of all serious commercial lawyers.
The publication date is cited as at 2016.
THE NEW SECOND EDITION OF ‘PROPRIETARY RIGHTS AND INSOLVENCY’ IS OUT NOW.
An appreciation
This new second edition of Richard Calnan’s highly regarded title, ‘Proprietary Rights and Insolvency’, has had a long gestation, but all the better for commercial and chancery lawyers, insolvency practitioner
The first edition of 2009, says Calnan, was a book which he’d wanted to write for thirty years, inspired by his early enthusiasm for constructive
Fast forward to the recently published new edition from the Oxford University Press and you too might well find yourself hooked on this book, especially if you agree with the author that ‘the availability
Replete with fascinating case material throughout, including important recent cases cited in most of the chapters, this new edition contains much new material which reflect recent developments
Copious reference to the main cases is what is especially helpful about this book in that the principles of property law (actually the main focus) which apply to the various types of proprietary interests are illustrated and elaborated upon. Thus is the structure of the law revealed.
Calnan nevertheless
That said, busy practitioner
Retaining and recovering a proprietary interest is the focus of Part 2, while Part 3 deals with express agreements and implied or presumed agreements. Obtaining a proprietary interest in a substitute asset by operation of law is covered in Part 4, which contains interesting chapters on tracing in law and equity. Part 5 elaborates on obtaining a proprietary interest in an unconnected asset by operation of law.
What is striking about the book is its insistence on clear and detailed explanation of technicaliti
Definitely this is an authoritativ
The publication date is cited as at 2016.
Definitely this is an authoritative, accessible and up-to-date work of reference which should find its way into the possession of all serious commercial lawyers. * Phillip Taylor MBE and Elizabeth Taylor of Richmond Green Chambers * Most stimulating for all who have grown up with English property law...the ideal companion through the maze of the English case law. * Stefan Enchelmaier, Legal Studies * This is a major work of scholarship and it makes a singularly important contribution to our understanding of the interface between property and insolvency law. The book will be indispensable reading for anyone interested in the law of restitution, property law, the principles of equity, remedies or the law of bankruptcy and insolvency. * Anthony Duggan, Review Essays and Book Reviews *