Source: All England Reporter
Publisher Citation: [2012] All ER (D) 25 (Jun)
Neutral Citation: [2012] EWCA Civ 640
Court: Court of Appeal, Civil Division
Judge:

Lord Justice Rimer, Lord Justice Mcfarlane and Lord Justice Lewison
Representation Romie Tager QC (instructed by Winckworth Sherwood LLP) for the claimant.
  Patrick Goodall and Rupert Allen (instructed by Addleshaw Goddard LLP) for the bank.
Judgment Dates: 16 May 2012

Catchwords

Guarantee - Construction - Discharge of guarantee - First defendant bank providing finance to vehicle manufacturer - Second defendant Secretary of State guaranteeing manufacturer's liability to bank - Secretary of State receiving surplus recoveries in event of manufacturer's insolvency - Claimant proposing to purchase manufacturer - Claimant issuing letter of credit in favour of Secretary of State - Claimant deciding not to proceed with acquisition - Secretary of State discharging liability to bank - Claimant submitting subrogation of Secretary of State's entitlement to recoveries in insolvency of manufacturer - Judge finding Secretary of State's entitlement discharged - Whether judge erring.

The Case

Guarantee Construction. The Court of Appeal, Civil Division, dismissing the claimant's appeal, held that the claimant had not been entitled by way of subrogation to sums recoverable in the insolvency of a vehicle manufacturing company, because any liability under guarantees to pay the sums out of the insolvency had been discharged.

Practice Areas

If you are a LexisLibrary subscriber you can read more about this case here.

Lexis®Library

  • An Official transcript is the final version of the judgment prepared by shorthand writers. LexisLibrary contains all judgments from the High Court and aboveView Judgment
  • Commentary discussing this particular case from LexisLibrary's comprehensive range of titles including Butterworths, Halsbury's and TolleyView related commentary
  • The All England Law Reports comprises judgments with headnotes and catchwords indicating the area of law and key issues of the case prepared by legally qualified editorsFind AllER Reports
  • Cases related to this particular case that are related to, or discuss this caseView related cases