Banking and Finance

Chancery Division - liabilities of receivers disposing of assets to a nominee of the mortgagee which appointed them.

Issues of interpretation, rectification, estoppel and duress in relation to an €11m property finance transaction.

Claims against administrators and the bank which appointed them for alleged breaches of statutory and fiduciary duties in their approach to the realisation of a development property in Docklands.

A series of linked cases heard in the Irish Commercial Court, Court of Appeal and Supreme Court concerning the effects of insolvency of a large construction group in the wake of the collapse of the “Celtic Tiger” boom and a dispute between the group and its bankers.

Application by B to rectify register and restore ownership of house to B from purchaser S and remove Bank’ registered charge. Property hijacking case in which alleged by B that fraudsters had pretended to be registered owners of house, forged Bs’ signatures to various documents and sold house to S, who had purchased it with a mortgage loan from the Bank. Rectification refused.

Security for costs; disclosure of identity of third party funder; CPR 25.14; European Convention on Human rights, art 8.

Multi-million dollar damages claim against a bank arising out of sale of oilfield in Azerbaijan.

First reported decision in this jurisdiction on whether the giving of a company director’s personal guarantee would amount to a voidable transaction at undervalue under the Insolvency Act 1986.

Bank not liable to customer in respect of CHAPS payment where recipient sort code and account number (but not the account name) matched those given in the customer’s payment instruction.

Whether a mortgagee who had discontinued possession proceedings (i) could set off its liability for the mortgagor's costs of the proceedings against sums owed to it by the mortgagor; (ii) could add its own costs or its liability for adverse costs to the mortgage; and (iii) should be liable for costs on the indemnity basis by reference to its purpose in bringing the proceedings.

Proceedings for recovery of £9m claimed under invoice discounting facility and directors’ personal guarantees, considering ability of banks to self-certify sums due from debtors, in reliance on contractual ‘conclusive evidence clauses’ (permission to appeal to the Court of Appeal granted immediately before settlement of case).

Validity of mortgage; effect of s 284 Insolvency Act 1986 and ss 58 & 85 Land Registration Act 2002; second defendant’s claim to an overriding interest binding on the claimant dismissed.

The judge below had been wrong to grant summary judgment dismissing the claimant’s claim that the bank was liable in restitution to compensate a company for legal costs which the company had incurred in seeking to recover monies from a third party which were ultimately held to be book debts charged to the bank.

Guarantee claim; alleged defences of misrepresentation and economic duress.

Actions by and against a bank and receivers in relation to a major property development in London.

Chancery Division – redemption of mortgages; validity of the tender of sums outstanding under mortgages where tender monies to be raised by refinancing conditional upon simultaneous release of security.

Enforcement of CCA regulated liability and bill of sale following debtor’s bankruptcy.

Claim for injunctive relief restraining NAMA from taking an interest in the Claimant’s loan facility.

Acting for successful claimant alleging that a receiver had sold property at an undervalue. The appeal related to content of the duty to obtain a proper price.

Court of Appeal decision establishing entitlement of creditor to petition for bankruptcy of a guarantor even if that creditor was precluded from petitioning against the principal debtor for the same guaranteed debt.

Summary determination of, inter alia, allegations of an oral partnership between a property developer and provider of loan finance.

To qualify as a "security financial collateral arrangement" under the Financial Collateral Arrangements (No.2) Regulations 2003 reg.3, the financial collateral had to be "in the possession or under the control of the collateral-taker"; for that purpose, "control" meant the legal right to control the collateral and not simply administrative control.

Significant claim against an office equipment supplier which concerned pyramid financing and fraudulent ‘cashback’ schemes in the equipment leasing industry. Ross acted for the successful Claimant, which had been defrauded in a multi-year, million-pound pyramid finance scheme.

Application by local authority to sell assets pending trial of a claim by the funder of a failed PFI project to remove and sell the assets notwithstanding a PFI vesting clause on contractor default.

Whether credit agreement a multiple agreement within s 18 Consumer Credit Act 1974 and unenforceable as not properly documented.

Whether liability within scope of guarantee; whether estoppel by convention prevented guarantor asserting guarantee covered only a specified loan.

Whether Consumer Credit Act regulated credit agreement enforceable; whether sums to clear existing mortgage arrears credit or charges; whether insurance premiums credit or charges.

Chancery Division - forged signature on a mortgage deed; whether legal or equitable mortgage; terms of order for sale.

Trial of guarantor’s claims against lender and receivers for misrepresentation, conspiracy, shadow directorship and breach of duty in connection with sale of failed property development.

Whether fixed or floating charge over credit balances; Whether cause shown for removal of liquidators.

Court of Appeal - whether sale of mortgaged property tainted by fraud and to be set aside.

Whether non-status credit agreement extortionate.

Claims to be subrogated to vendors’ liens following a series of mortgage frauds.

Defence to mortgage possession claims on grounds of misrepresentation and undue influence where the bank alleged rights of subrogation and sub-subrogation.

Whether administrative receivers personally liable for alleged misrepresentations.

Bank recovery of loans and overdraft; whether regulated by Consumer Credit Act 1974.

Judge hearing bank recovery claim having shareholding in bank; whether bias.

Undue influence defence to mortgagee's claim to possession.

Conflict of laws; Consumer Credit Act 1974, s 75; connected lender liability.

Effect on debenture holder of contractual prohibition against assignment.

Successful appeal against a finding that a client had been involved in a fraud against a bank relating to investments in property in Spain.

Whether bank had released assets from its security.

Extent of bank's duty to account as constructive trustee.

Receivers, overreaching and constructive trusts.

Striking out proceedings against receivers.

Whether receivers were administrative receivers.

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