Proudreed Ltd v Microgen Holdings plc
Proudreed Ltd v Microgen Holdings plc
- 1996
- Estates Gazette [1996] 12 EG 127-129(3) .
CA 7 July 1995. Tenant O ceased trading with no assets. Defendant M as sureties to the lease, sought discussions with plaintiff landlord P with view to take a new lease in accordance with surety obligations. P agreed to the tenant`s receiver`s request for an informal surrender of the lease in return for keys and the lease. Keys were returned but not the lease. M argued that surrender of the original lease released them from their obligations as sureties. Upheld on appeal that there had been no surrender of the original lease by operation of law.
DISCLAIMERS
KEYS
LAW OF PROPERTY (MISCELLANEOUS PROVISIONS) ACT 1989 S2
LEASES
SURETIES
SURRENDER
CA 7 July 1995. Tenant O ceased trading with no assets. Defendant M as sureties to the lease, sought discussions with plaintiff landlord P with view to take a new lease in accordance with surety obligations. P agreed to the tenant`s receiver`s request for an informal surrender of the lease in return for keys and the lease. Keys were returned but not the lease. M argued that surrender of the original lease released them from their obligations as sureties. Upheld on appeal that there had been no surrender of the original lease by operation of law.
DISCLAIMERS
KEYS
LAW OF PROPERTY (MISCELLANEOUS PROVISIONS) ACT 1989 S2
LEASES
SURETIES
SURRENDER