Re Curtain Dream plc [1990] BCLC 925 is a judicial decision of the English courts in relation to recharacterisation.

The court held that properly construed the transaction in question was a mortgage which was void against a liquidator for non-registration.

The company would then use the proceeds of sale to pay Churchill the original purchase price plus accrued interest.

"[4] He also reviewed Manchester Sheffield and Lincolnshire Railway Co v North Central Wagon Co (1888) 13 App Cas 554.

The terms of the agreements made it clear that funds were being advanced on credit and were subject to interest at commercial rates.