‘A leading firm has avoided paying out significant damages despite admitting negligence when it gave advice on the purchase of a £3.6m yacht.’
Law Society’s Gazette, 5th August 2014
Source: www.lawgazette.co.uk
Abercrombie and others v Aga Rangemaster Ltd [2013] EWCA Civ 1148; [2013] WLR (D) 381
“The question governing liability to make guarantee payments under section 28 of the Employment Rights Act 1996 was whether the employee ‘would normally be required to work [on the day in question] in accordance with his contract of employment’. The fact that an agreement introducing changes to an employee’s working hours was temporary did not prevent the day in question remaining ‘normally’ a working day.”
WLR Daily, 11th October 2013
Source: www.iclr.co.uk
“On 9 July I looked at a Court of Appeal decision which showed that it remained arguable that a change in the arrangements between a creditor and the principal debtor might so alter the subject matter of what was guaranteed as to discharge the guarantor. This week comes a timely reminder that the first and fundamental step is to construe the contract to see what obligations are covered by the guarantee.”
Littleton Chambers, 19th July 2013
Source: www.littletonchambers.com
“Well–drawn guarantees contain comprehensive ‘anti-discharge’ provisions, designed to prevent a guarantor being discharged from liability by any post-guarantee amendments to the principal transaction or extensions of time to pay or other indulgence given to the principal debtor without the guarantor’s knowledge or consent. This right to be discharged is generally known as the rule in Holme v Brunskill (1878) 3 QBD 495) after the leading case that set out the mature principle. Banks and others have continuously refined these ‘anti-discharge’ provisions to try to make sure that the rule in Holme v Brunskill is stripped of its effect.”
Littleton Chambers, 9th July 2013
Source: www.littletonchambers.com
“An advert for an essay writing service has been banned for implying that students had a moneyback guarantee that they would get the grade they wanted.”
The Guardian, 8th May 2013
Source: www.guardian.co.uk
“The government is facing the threat of a judicial review into its handling of an investigation into Barclays’ involvement in a state-backed loan scheme.”
The Guardian, 10th April 2013
Source: www.guardian.co.uk
“A creditor was entitled to invoke the equitable doctrine of marshalling to claim the benefit of securities held by a doubly-secured creditor even if the two securities did not both come from a debtor if one of the securities derived from a principal for whom the debtor stood surety.”
WLR Daily, 14th February 2013
Source: www.iclr.co.uk
“An Oxford college is being sued for discriminating against poorer students applying to study for postgraduate courses. St Hugh’s, which was founded in 1886, is being taken to court for choosing applicants not just on academic merit, but also on their ability to prove they can pay tens of thousands of pounds for tuition fees and living expenses.”
The Guardian, 19th January 2013
Source: www.guardian.co.uk
Hackney Empire Ltd v Aviva Insurance Ltd [2012] EWCA Civ 1716; [2013] WLR (D) 2
“The rule in Holme v Brunskill (1878) 3 QBD 495, permitting the discharge of a surety’s liability under a guarantee, only applied where the parties to the principal contract guaranteed had varied the terms of that contract without the surety’s consent.”
WLR Daily, 19th December 2012
Source: www.iclr.co.uk
“A government business lending specialist is to investigate a loan made by Barclays that turned sour and allowed the bank to collect nearly £70,000 in taxpayer guarantees.”
The Guardian, 20th September 2012
Source: www.guardian.co.uk
McGuinness v Norwich and Peterborough Building Society [2011] EWCA Civ 1286; [2011] WLR (D) 324
“A petition in bankruptcy against a guarantor could be founded, in certain circumstances, upon a guarantee which had contained a ‘see to it’ clause.”
WLR Daily, 9th November 2011
Source: www.iclr.co.uk
“Guarantees and warranties given by the directors of a company did not take effect despite the signing, witnessing and handing over of documents, the High Court has ruled. The documents in question were deeds and the Court said that they had not been ‘delivered.’ ”
OUT-LAW.com, 20th October 2011
Source: www.out-law.com
“The children of the late tycoon Lord Steinberg are fighting the rump of their father’s Stanley Leisure gambling empire in a multimillion-pound case at the high court in London.”
The Guardian, 10th July 2011
Source: www.guardian.co.uk
White v Davenham Trust Ltd [2011] EWCA Civ 747; [2011] WLR (D) 212
“A guarantor of a debt could not set aside a statutory demand served by a creditor where the creditor had security over the assets of the principal debtor, and so could not serve a statutory demand on the principal debtor because of rule 6.5(4)(c) of the Insolvency Rules 1986, but had the benefit of an unsecured debt owed by the guarantor.”
WLR Daily, 28th June 2011
Source: www.iclr.co.uk
Skandinaviska Enskilda Banken AB Momsgrupp v Skatteverket (Case C-540/09); [2011] WLR (D) 103
“The exemption from VAT laid down in article 13B(d)(5) of Sixth Council Directive 77/388/EEC applied to services supplied by a credit institution, for consideration, in the form of an underwriting guarantee to a company wishing to issue shares, where under that guarantee the credit institution undertook to acquire any shares which were not subscribed within the period for share subscription.”
WLR Daily, 10th March 2011
Source: www.iclr.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
White v Davenham Trust Ltd [2010] EWHC 2748 (Ch); [2010] WLR (D) 272
“The mere existence of a secured remedy against another party was not a substantial ground for refusing to allow a creditor to pursue a remedy in bankruptcy against a surety.”
WLR Daily, 2nd November 2010
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
“There was no justification for implying a term in a contract for the sale of goods that goods which were accepted as complying with specification on loading at a seaport should be capable of remaining in an acceptable condition until unloaded at the end of a voyage. The contract specified that the buyer ‘assumes all risks pertaining thereto’. These included the risk of cargo instability. Were the term to be implied it would destroy certainty in the international sale of goods because the testing and certification of goods at the point of loading would always have to make way for a special implied term. Despite the huge inroads made first by the common law and then statute, the underlying principle remained caveat emptor, let the buyer beware.”
Good Harvest Partnership LLP v Centaur Services Ltd [2010] EWHC 330 (Ch); [2010] WLR (D) 48
“The Landlord and Tenant (Covenants) Act 1995 precluded a person who had guaranteed a tenant’s obligations under a lease from being required to give a further guarantee in respect of an assignee of the lease.”
WLR Daily, 24th February 2010
Source: www.lawreports.co.uk
Please note once a case has been reported in one of the ICLR series the corresponding WLR Daily summary is removed.
IIG Capital llc v Van der Merwe
Court of Appeal
“Where shareholders of a company over which they had complete control borrowed money for the business, the question whether they guaranteed to repay the loan as principal or as secondary obligors had to be assessed in that context.”
The Times, 25th June 2008
Source: www.timesonline.co.uk
Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.
“In distinguishing oral promises as either guarantees or indemnities under the Statute of Frauds 1677, the classic criterion relying on interest in the transaction was not to be taken literally; not every interest in the transaction took the promise out of the statute.”
The Times, 19th December 2007
Source: www.timesonline.co.uk
Please note the Times Law Reports are only available free on Times Online for 21 days from the date of publication.
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