Bank notes

D - Duties of agent

19/12/14

BARNETT v CREGGY [2014] EWHC 3080 (Ch)

Claim for an account against a solicitor and defence of limitation.

10/4/14

MORAN YACHT & SHIP INC v PISAREV [2014] EWHC 1098 (Comm)

Considers principles applicable when an agent or broker claims commission on the basis that he was the effective cause of a transaction [93]. On the facts a broker had not been the effective cause of the sale of a yacht and the claim failed. Suggests it is unlikely that a director may be liable for inducing a breach of contract by a company as this would undermine the concept of limited liability [115].

3/9/13

TORRE ASSET FUNDING LTD v THE ROYAL BANK OF SCOTLAND PLC [2013] EWHC 2670 (Ch)

RBS was agent for lenders (super senior, senior and junior) participating in a securitised loan portfolio. The court dismissed claims of breach of duty brought against RBS by junior lenders which suffered losses when the borrower failed to pay. RBS’s duties were defined in the loan documentation which did not oblige it to notify junior lenders of the borrower’s financial difficulties. Its obligation was only to notify them when it became aware of an event of default. It had also only been obliged to pass on business plans presented for approval of a restructuring proposal, and had not been required to pass on plans only provided for review rather than approval. Although RBS had mis-stated to junior lenders the purpose of a proposed restructuring, that had not caused loss because the proposal had in any event been rejected by the lenders as a whole.