Ibrahim v Barclays Bank Plc & Anor

The payment by UBS under the Letter of Credit discharged LDV Group’s liability to the Secretary of State under both the Counter-Indemnity and the Guarantee Facility Agreement. As a result, the Secretary of State’s right to Distribution Monies under clause 2.1 of the Realisation Agreement terminated, and Mr Ibrahim cannot claim to be subrogated to that right.

Parties: Claimant: Syed Azman Bin Syed Ibrahim; 1st Defendant: Barclays Bank PLC; 2nd Defendant: The Secretary of State for Business, Innovation and Skills
Jurisdiction: England and Wales
Judgment Date: 21 July 2011
Procedural Posture: Civil / Judgment
Outcome: Claim dismissed
Legal Topics: Subrogation, Discharge of Debt, Guarantees, Letters of Credit, Unjust Enrichment

Equity Contract Law Restitution Subrogation Discharge of Debt Guarantees Letters of Credit Unjust Enrichment

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Parties

Syed Azman Bin Syed Ibrahim

Claimant

Barclays Bank PLC

1st Defendant

The Secretary of State for Business, Innovation and Skills

2nd Defendant

Procedural Posture

Civil / Judgment

Legal Issues

1 Did UBS's payment under the Letter of Credit discharge LDV's liability under the Counter-Indemnity to the Secretary of State?
2 If so, can Mr Ibrahim claim to be subrogated to the Secretary of State’s rights against Barclays?
3 Was there an understanding or agreement between BERR, Ibrahim and Weststar that Mr Ibrahim would be subrogated to the Secretary of State’s rights under the Realisation Agreement?

Ratio Decidendi

Court Disposition

Claim dismissed