Queen's Moat Houses Plc & Anor v Capita IRG Trustees Ltd [2004] EWHC 868 (Ch) (27 April 2004)

Queen's Moat Houses Plc & Anor v Capita IRG Trustees Ltd [2004] EWHC 868 (Ch) (27 April 2004)

The Trust Deed, by clear and unambiguous language, entitles the Claimants to withdraw the Sloane Property (a short leasehold) from the charge for nil value, subject only to payment of transaction expenses. The Proviso in the definition of 'value' applies to clause 11, and there is no sufficient evidence of a common understanding to found an estoppel by convention.

Citation
[2004] EWHC 868 (Ch)
Parties
Claimant: Queen's Moat Houses PLC; Claimant: Norfolk Capital Hotels Limited; Defendant: Capita IRG Trustees Limited
Jurisdiction
England and Wales
Judgment Date
27 April 2004
Procedural Posture
Chancery Division Civil Claim / Judgment After Expedited Trial
Outcome
Claim allowed
Legal Topics
Construction of Trust Deeds, Withdrawal of Security, Fixed and Floating Charges, Estoppel by Convention
Trusts Commercial Law Property Law Construction of Trust Deeds Withdrawal of Security Fixed and Floating Charges Estoppel by Convention

Case Brief

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Parties

Queen's Moat Houses PLC

Claimant

Norfolk Capital Hotels Limited

Claimant

Capita IRG Trustees Limited

Defendant

Procedural Posture

Chancery Division Civil Claim / Judgment After Expedited Trial

Legal Issues

  1. 1 Whether the Claimants are entitled to withdraw the Sloane Property from the charge under the Trust Deed for nil value subject only to payment of transaction expenses
  2. 2 Whether the Proviso in the definition of 'value' applies to clause 11 of the Trust Deed
  3. 3 Whether estoppel by convention precludes the Claimants from withdrawing the Sloane Property

Ratio Decidendi

The Trust Deed, by clear and unambiguous language, entitles the Claimants to withdraw the Sloane Property (a short leasehold) from the charge for nil value, subject only to payment of transaction expenses. The Proviso in the definition of 'value' applies to clause 11, and there is no sufficient evidence of a common understanding to found an estoppel by convention.

Court Disposition

Claim allowed

Orders

  • Declaration that the Claimants are entitled to withdraw the Sloane Property from the charge upon payment of transaction expenses.