Continue reading "Undue influence claims: What remedies?"
AIB Group (UK) Plc v Mark Redler & Co Solicitors [2014] UKSC 58
Wills & Trusts Law Reports | March 2015 #147The appellant bank instructed the respondent solicitors to act in relation to a £3.3m re-mortgage on behalf of themselves and the borrowers. The borrowers’ property (the property) was already subject to a first charge in favour of Barclays. A part of the respondent’s instructions was to redeem the outstanding Barclays mortgage and to secure a first charge against the property in the appellant’s favour.
Due to an oversight, the respondents paid only £1,23m of the outstanding £1.5m Barclays loan and then transferred the balance to the borrowers. Having realised their error, the resp...
Libertarian Investments Ltd v Hall FACV Nos 14 & 16 of 2012
Wills & Trusts Law Reports | March 2015 #147W and the defendant embarked on a project with the aim of acquiring a substantial interest in an English company, TSE, which started with the acquisition of 125,000 TSE shares in 2002 (the first tranche). In 2003 they attempted to make additional acquisitions of TSE shares, such attempts involving three of W’s companies, including the plaintiff. The overall scheme was that funds would be provided by one company, Assanzon, for the acquisition of shares for another company, Momentum, which were held for its beneficial owners which were principally the plaintiff company, Libertarian. The fu...
Musings From Manchester: Plus ça change
Continue reading "Musings From Manchester: Plus ça change"
AIB Group (UK) plc v Mark Redler & Co Solicitors [2013] EWCA Civ 45
Wills & Trusts Law Reports | October 2013 #133In 2006, Drs Ravindra and Salma Sondhi applied to the claimant (AIB) for a loan of £3.3m, to be secured against their private home, in order to provide finance for their business. The application stated that the Sondhis’ home was worth £4.5m but was subject to an existing mortgage in favour of Barclays Bank to secure an outstanding loan of £1.5m. AIB agreed to the loan but required security over the Sondhis’ home in the form of first legal charge. AIB instructed the defendant (MRC) to act for it in connection with the remortgage and provided MRC with a facility letter which s...