Barlow Clowes International Ltd v Vaughan

Where the funds of contributors to a common pool (such as a collective investment fund) are mixed and then dissipated, the rule in Clayton's Case (first in, first out) is only a prima facie rule and will not be applied where it would be impracticable or would produce an unjust result contrary to the parties' presumed intentions; in such a case the court may distribute the remaining fund pari passu.