T - Third Party Debt Orders
22/5/20
MICHAEL WILSON & PARTNERS LTD v SINCLAIR [2020] EWHC 1249 (Comm)
The lower court had been right to refuse to make a final third party debt order (TPDO). Summaries principles for construction of contracts [20]. On its proper construction, a loan agreement made by deed required notice as a pre-condition to the obligation to repay. Until notice was served and had expired, there was no sum due or accruing due from the debtor. The making of an interim TPDO did not operate as notice. Cases which establish that demand is not a pre-condition to recover a debt due on demand had no application.
28/7/15
For the purpose of a third party debtor order, a debt due under a letter of credit is situated at the place where payment is to be made not where the debtor is resident (following Power Curber International Ltd v National Bank of Kuwait SAK, 1981). On the facts, the debt was situated in New York so the court had no jurisdiction to make a TPDO.
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