||All England Reporter
|| All ER (D) 213 (Jul)
|| EWHC 1948 (Ch)
|| Chancery Division, Companies Court
David Richards J
||Marcus Haywood (instructed by Dundas & Wilson) for the applicants.
||Nicholas Peacock QC and Matthew Smith (instructed by TLT LLP) for the bank.
||Adrian Beltrami QC (instructed by Quinn Emanuel Urquhart & Sullivan LLP) for trustee.
||22 July 2011
Contract - Construction - Contractual term - Company and respondents entering into inter-creditor agreement (ICA) - Company going into administrative receivership with respondents as its secured creditors - Applicant receivers seeking directions from court as to priority issues between respondents - Construction of ICA - Whether relevant alteration of ICA having any effect - Whether such effect restricting first respondent's priority.
Contract Construction. The Chancery Division of the High Court decided that on the true construction of the inter-creditor agreement (the ICA) between the company in question and the respondents, the ICA was to be read as inserting certain words to cl 2.1 of the ICA, with the effect that the ICA did not limit the priority enjoyed by the first respondent bank on its fixed charge.
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