Olympia & York Canary Wharf Ltd and another v Oil Property Investments ltd
Olympia & York Canary Wharf Ltd and another v Oil Property Investments ltd
- 1994
- Estates Gazette (1994) 29 EG 121-123(3) .
CA 17 February 1994. An appeal by Olympia and York and Enterprise Petroleum Ltd, from a decision where the judge refused to declare that the defendant, Oil Property Investments Ltd, was unreasonably withholding consent to the assignment of the unexpired term of a lease by the first to the second plaintiff, on the grounds that the original tenant would determine the clause under a break clause. Briefly, the property was demised to the second plaintiff, EPL. The lease contained a break clause which gave EPL the right to determine the lease at the expiration of the 10th year of the term, and a requirement that the landlord should not unreasonably withhold consent to an assignment. In 1987, EPL assigned the lease to the first plaintiff , Olympia & York. In 1992, Olympia & York went into receivership, and the administrators sought OPIL`s consent for assignment of the lease to EPL; this was refused and the plaintiffs appealed. Held, dismissing the appeal. The break clause was not intended
ASSIGNMENT
Insolvency
LEASES
ORIGINAL TENANT
CA 17 February 1994. An appeal by Olympia and York and Enterprise Petroleum Ltd, from a decision where the judge refused to declare that the defendant, Oil Property Investments Ltd, was unreasonably withholding consent to the assignment of the unexpired term of a lease by the first to the second plaintiff, on the grounds that the original tenant would determine the clause under a break clause. Briefly, the property was demised to the second plaintiff, EPL. The lease contained a break clause which gave EPL the right to determine the lease at the expiration of the 10th year of the term, and a requirement that the landlord should not unreasonably withhold consent to an assignment. In 1987, EPL assigned the lease to the first plaintiff , Olympia & York. In 1992, Olympia & York went into receivership, and the administrators sought OPIL`s consent for assignment of the lease to EPL; this was refused and the plaintiffs appealed. Held, dismissing the appeal. The break clause was not intended
ASSIGNMENT
Insolvency
LEASES
ORIGINAL TENANT