Lloyd's Maritime Law Newsletter
Pharoahs Plywood Co. Ltd. v. Allied Wood Products Co. (Pte) Ltd. - Lord Denning, M.R. and Lord Justice Ackner - Court of Appeal - Jan. 18, 1980
Whether valid assignment has priority over a Mareva injunction
Allied Wood (Allied) had borrowed money from the Bank of America National Trust and Savings Association in order to purchase
timber. They sold the timber through Pharoahs, who acted as their agents, to buyers in London. Some of the timber went to
William Mallinson and Denny Mott Ltd. (Mallinson). Allied owed Pharoahs £50,000 but they were in credit with Mallinson and
had commenced arbitration proceedings to recover that money.