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."
Thursday, 12 September 2013
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."
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