30/11/18
McDONAGH v BANK OF SCOTLAND PLC [2018] EWHC 3262 (Ch)
On its proper interpretation a loan agreement required payment in Euros, not in Sterling as the claimant had argued. Had it been necessary, the agreement would have been rectified to that effect. A subsequent agreement had been effective to vary the terms of the loan agreement without any further draw down and a claim to set aside the subsequent agreement for economic duress failed, as did a claim for damages for intimidation. The bank had done nothing illegitimate, inequitable or unconscionable [119]. A further claim that receivers acted in breach of duty in selling the security for the loan as part of a portfolio of properties belonging to other borrowers, also failed. Although accounting issues might arise as to the correct apportionment of the proceeds of a portfolio sale, no claim for an account had been made [132]. A portfolio sale would not necessarily involve a breach of duty so long as the receivers reasonably considered such a sale was in the best interests of the mortgagor [149] as well as being in the interests of the mortgagee. On the facts, the receivers had satisfied that test in this case [193].
1/11/18
RECOVERY PARTNERS GB LTD v RUKHADZE [2018] EWHC 2918 (Comm)
Considers when fiduciary duties are owed, the duty of a fiduciary not to divert a maturing business opportunity, fiduciary duties owed by members of limited liability partnerships, and the continuation of fiduciary duties after resignation of a company director. Comments on the need for multiple defendants to sign or authorise signature of a statement of truth in pleadings.