A question of loss
One of the questions that the courts have been vexed with is how much loss a claimant is entitled to recover in relation to a breach of trust claim against its solicitors. In this case, solicitors...
View ArticleCan a lender petition for bankruptcy based on a guarantee?
Last December, I reviewed the case of McGuinness v Norwich and Peterborough Building Society [2010] EWHC 2989, which considered whether a guarantee liability is a liability for a liquidated sum within...
View ArticleOFT publishes revised Debt Collection Guidance
Last month, following a consultation between 10 March and 2 June 2011, the Office of Fair Trading (OFT) published a revised version of its Debt Collection Guidance. It was last revised in December...
View ArticleUnfair relationships – Payment Protection Insurance
This Court of Appeal decision focused on the narrow issue of the size of the commission, relating to the cost of payment protection insurance (“PPI”), which the borrowers alleged gave rise to an unfair...
View ArticleDisclosing names of bank officials who report suspicions of money laundering
This Court of Appeal decision raised the important question whether a bank’s obligation to make standard disclosure requires it to reveal the names of the bank employees who report suspicions of money...
View ArticleNylon and Barclays settle £250m investment dispute
Nylon Capital was a hedge fund that was set up seven years ago, and Barclays made an initial capital investment of £250 million into funds under its management. The parties entered into an LLP...
View ArticleMoney laundering – do you need to disclose bank employee details?
Last year, the Court of Appeal decided that a claimant was entitled to require a bank to prove its case that it was obliged to make a number of authorised disclosures to the Serious Organised Crime...
View ArticleDuty of care – valuers and the buy-to-let market
Last October we reported on a case where a valuer was held to owe a duty of care to a purchaser on a buy-to-let property in respect of a valuation provided to the lender not the purchaser. The...
View ArticlePPI claims – “unnecessary embellishments”
PPI claims – “unnecessary embellishments” This case is an interesting example of the type of claims a borrower with PPI can attempt to raise and the court’s approach to these claims. Borrowers are...
View ArticleCan a written guarantee be subject to an oral agreement?
The guarantor, Mr Binney, claimed that although he had signed a written guarantee in favour of National Westminster Bank plc (“the Bank”), it was subject to an oral agreement that the guarantee limited...
View ArticleWhat happens when a claimant discontinues his claim – who is liable to pay...
In 2009, banks were facing a flood of claims pursuant to section 78 of the Consumer Credit Act 1974 (“the Act”). The Act provides that a creditor under a regulated agreement for running account credit...
View ArticleWhat duty of disclosure does a lender owe a guarantor?
The Court of Appeal considered the question of how much information a lender is obliged to give a guarantor? Although the case did not involve a retail bank, the principles highlighted are of wider...
View ArticleUndue influence – again?
This case dealt with very familiar arguments which a wife may raise when a bank seeks to enforce a guarantee and legal charge against her. In September 2001, Mrs Chandra gave a guarantee in favour of...
View ArticleShare Transfers: Only Bona Fide Transactions Will Suffice
A recent High Court case has highlighted that a purported gift of shares in a company by one of the company’s directors which was intended to put those shares beyond the reach of individuals who may...
View ArticleSale and leaseback schemes
The court was asked here to determine preliminary issues in 9 test cases concerning the controversial sale and lease back schemes. These schemes enabled the occupiers of property to sell their property...
View ArticleClaim of privilege failed
A lender requested copies of the complete file from a defendant firm of solicitors who acted for both the lender and the borrower on a conveyancing transaction. The defendant solicitors claimed that...
View ArticleCharging orders
A creditor obtained a charging order over a property based on a judgment in which a company had been ordered to pay £11,500 in costs. In addition, the company had been ordered to pay into court the sum...
View ArticleCharging orders
The OFT has announced that it has uncovered problems about the use of charging order by some lenders. Problems uncovered by the OFT’s investigation were specific to each business, as set out in the...
View ArticleOverriding interests
This recent case considered whether a person who had an overriding interest can be taken to have authorised a charge and so be bound by it. Mrs Qutb had suffered from Alzheimer’s disease for a number...
View ArticleThe impact of settling a case in a multi-party situation
What happens if you reach a settlement with one party, but not others? In this case, Chelsea Building Society had repossessed and then sold a property, but then wished to pursue the mortgagors for the...
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