All articles by Greg Standing
Greg Standing
Does a charging order offer complete security?
Leasing companies will often consider obtaining a charging order over a debtors property to secure a judgment obtained when a customer defaults In Hughmans Solicitors v Central Stream Services Ltd (in liquidation) (CSS), Hughmans had acted for a client in litigation with CSS which was settled pursuant to a Tomlin (consent) order
Between a rock and a hard place
The court confirmed that where money laundering is honestly suspected and a report has been made to the Serious Organised Crime Agency (SOCA), banks can refuse to execute customers payment instructions or provide information to them which might constitute tipping off without being in breach of contract
Enforceable guarantee by email
In that case, the court held that it was highly arguable that a chain of email communications bearing the electronic signature of the parties was sufficient to constitute a guarantee within the meaning of the Statue of Frauds 1677.
Are you being served?
The courts insist parties abide by the terms of their contract and will be strict about deadlines, says Greg Standing Most contracts, including lease finance agreements, will provide for how and when notices relating to the agreement are to be served Failure to serve in accordance with the contract may well result in any potential claim being lost.
Force majeure – an escape clause?
The fact that performance of the underlying contract has become difficult or less profitable, does not excuse the lessee from continuing to perform its part of the leasing agreement or from liability if it fails to do so.
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
Case book: Greg Standing
When the party signing the document has no intention of being bound by it, says Greg Standing
Misrepresentation and undue influence
Leases of equipment to companies will often be backed up by a personal guarantee from a director to provide the lessor with some comfort should the company default on its obligations However, a guarantee may be set aside by the court if it was procured by misrepresentation or undue influence of the guarantor.
Any way, any time, any order
The case of White v Davenham Trust Ltd has reaffirmed that a creditor can choose its own method of enforcing a debt which has been guaranteed by an individual, even though it continues to hold security for that debt from the principal debtor. In this case, White gave a personal guarantee to Davenham for the liabilities of his company of which he was the sole shareholder and a director