Spring Finance Limited v HS Real Company LLC [electronic resource]
Spring Finance Limited v HS Real Company LLC [electronic resource]
- 2011
[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.
SPRING FINANCE LTD V HS REAL COMPANY LLC
England and Wales--1543-
[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.
SPRING FINANCE LTD V HS REAL COMPANY LLC
England and Wales--1543-