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140:) held that Blackburne J was wrong. Only the final recipients, not the bank, were liable to repay the money. There was no unjust enrichment on the bank's part, and no comparable restitution case could be found. The banking transactions 'are merely part of the process by which dispositions of the company's property are made.'
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From the perspective of company liquidators this decision will be unwelcome. The third parties that benefit from the dispositions are generally diffuse and difficult to trace. Banks, on the other hand, were a readily identifiable target to proceed against and will no doubt now be breathing a
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So property could be recovered from the payees only, but not the bank which acted as a simple agent in the transfer.
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283:Phillips v Brewin Dolphin Bell Lawrie Ltd
62:Mummery LJ, Peter Gibson LJ, Latham LJ
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377:United Kingdom insolvency case law
322:Arbuthnot Ltd v Havelet Ltd (No 2)
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217:Re Gray’s Inn Construction Co Ltd
243:Hollicourt Ltd v Bank of Ireland
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85:[2000] EWCA Civ 263
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357:UK insolvency law
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