Re Yagerphone Ltd [1935] 1 Ch 392 was a United Kingdom insolvency law decision relating to unfair preferences and the proceeds of any claims by a liquidator for unfair preferences, and in particular determining the priority of claims between the general body of creditors and the holder of a floating charge.

[1][2] The case held that because the power to challenge a transaction as an unfair preference was a statutory right vested in the liquidator alone, the proceeds of any action were not "property of the company" and as such they were not caught be a floating charge which was expressed to include after acquired property (distinguishing Re Anglo-Austrian Printing & Publishing Union [1895] 2 Ch 891).

[3] On 14 January 1933 the company granted a debenture which contained an all-assets floating charge in favour of H. Yager (London) Limited as chargee.

The debenture contained a fairly standard provision that the charge would also attach to any after-acquired property of the company.

Although initially, the judgment appears to indicate that this is because the floating charge crystallised before the sum became the property of the company, later in the judgment he clarified: The right to recover a sum of money from a creditor who has been preferred is conferred for the purpose of benefiting the general body of creditors, and I think Mr. Montgomery White was right when he said that the sum of money when recovered by the liquidators by virtue of s. 265 of the Companies Act, 1929, and s. 44 of the Bankruptcy Act, 1914, did not become part of the general assets of Yagerphone, Ld., but was a sum of money received by the liquidators impressed in their hands with a trust for those creditors amongst whom they had to distribute the assets of the company.