||All England Reporter
|| All ER (D) 141 (Jul)
|| EWHC 1820 (Ch)
Henry Carr J
||Jonathan Gaunt QC and Mark Sefton (instructed by Forsters LLP) for Deutsche bank.
||Ben Valentin QC and Gary Cowen (instructed by White & Case LLP) for Sentrum Holdings.
||Sentrum Hayes did not appear and was not represented.
||20 July 2017
Bank - Guarantee - Surrender of leases
Bank Guarantee. Deutsche Bank AG brought a Pt 20 claim against Sentrum (Hayes) Ltd and Sentrum Holdings Ltd, concerning the purported surrender of leases granted in respect of a property. Deutsche Bank had been granted the headlease of the property. It later sub-let the property to Sentrum Hayes, by way of an underlease. Sentrum Holdings was the guarantor under the underlease. The parties entered into a deed to release them from their respective obligations under the leases. However, due to the existence of a charge in favour of another bank, and the absence of that bank's consent, the surrender of the headlease was not effective and Deutsche Bank was not released from its liability to pay the head-rent. The Chancery Division, in dismissing Deutsche Bank's claim, held that it had not been an implied condition precedent to the release of Sentrum Holdings' guarantee that the surrender of the headlease would be effective. It further held that the surrender of the underlease had been effective and that Deutsche Bank was not entitled to rescind the deed on the ground of implicit fraudulent misrepresentation, which had not been established on the facts. Further, the court held that the deed was not void on the alleged grounds of unilateral or common mistake.
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