Supreme Court Decision in ACC Loan Management DAC Case in Sight

We don’t often comment on legal cases but there is a judgement due to be given by the Supreme Court next week which could have long lasting consequences for various groups as well as litigation into the future.  You should keep an eye out for the judgement when it is issued. 

The case is ACC Loan Management DAC V Rickard & Ors and is a long running case.  Briefly, the back ground to the case is that ACC got a judgement against borrowers and in 2011 succeeded in getting a receiver by equitable execution appointed over Single Farm Payments.  Following changes in the farm support payments structure, the appointment of the receiver was challenged.  ACC succeeded in the High Court and again in the Court of Appeal. 

The Supreme Court will now give its decision on the continued appointment of a receiver by equitable execution over Basic Farm Payments.  The main question in this case will be whether or not the Basic Farm Payments are future income payments.  If these payments are deemed to be future income the existing case law says that a receiver cannot be appointed over income. 

There should be answers to other technical questions about the Courts’ power to appoint a receiver over equitable or legal interests.

For details on the sitting see below link: