UK: England and Wales: no implied term requiring disclosure by bank

The ICLR has provided a summary of the recent High Court decision Torre Asset Funding Ltd and another v Royal Bank of Scotland plc [2013] EWHC 2670 (Ch): see here. The headnote reads: "A term was not to be implied into a mezzanine lending agreement that a bank, which had acted as agent for two special purpose vehicles (“SPVs”) when they participated as junior lenders in such structured lending to a property company which subsequently collapsed, was obliged to disclose to the SPVs material financial information in its possession as to the declining health of the company."