• To apply to the court to sell or otherwise deal with property or assets belonging to the Bankrupt.

[See ‘Official Receiver’, ’OR’, ‘Bankruptcy’, ‘Directions’, ‘Trustee in Bakruptcy’ and ‘Antecedent Transactions’.]

U

Uberrimae Fidei

This is a Latin phrase which means of the utmost or perfect good faith.

Prior to the Companies Act 2006 there was no definition about how directors should behave. The phrase ‘uberrimae fidei’ was a ‘catch all’, which was not very helpful.

Sections 172 and 174 of the Companies Act 1986 introduced a clear definition of fiduciary duty.

[See ‘Director’ and ‘Fiduciary Duty’.]

Ultra Vires

Ultra Vires is a Latin phrase meaning acting or done beyond a legal power or authority.

It is often used in the context of, for example, a company borrowing money in a certain way when that company’s Memorandum of Association does not permit it.

This would be ‘ultra vires’, and so void.

Effectively, the rule states the objects of a company, as specified in its Memorandum of Association, can be departed from only to the extent permitted by the Companies Act 2006.

[See ‘Memorandum of Association’, ‘Intra Vires’ and ‘Void’.]