Spring Finance Limited v HS Real Company LLC [electronic resource]
Language: English Publication details: 2011Subject(s): Online resources: Summary: [2011] EWHC 57 (Comm), 20 January 2011. Can a guarantor delay enforcement on the basis that payment was agreed to be deferred for five years? Specialist loan company Cheval Property Finance was sold to claimant (S), a company 50% owned by defendant (H). Fifty per cent of the purchase price was secured under a loan-note guaranteed by H. Cheval's loan-note was transferred to S with H's consent. H failed to pay the second instalment and signed a memorandum to postpone the payment to S for five years. "Held": HC found for S. H knew that the memorandum of understanding to delay the payment was not legally binding.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Law report | Virtual Online | ONLINE PUBLICATION (Browse shelf(Opens below)) | 1 | Available | 152643-2001 |
[2011] EWHC 57 (Comm), 20 January 2011. Can a guarantor delay enforcement on the basis that payment was agreed to be deferred for five years? Specialist loan company Cheval Property Finance was sold to claimant (S), a company 50% owned by defendant (H). Fifty per cent of the purchase price was secured under a loan-note guaranteed by H. Cheval's loan-note was transferred to S with H's consent. H failed to pay the second instalment and signed a memorandum to postpone the payment to S for five years. "Held": HC found for S. H knew that the memorandum of understanding to delay the payment was not legally binding.