Bank of Leumi (UK) Plc v Akrill

Bank of Leumi (UK) Plc v Akrill

Given the defendant's substantial assets and lack of credible evidence regarding his means, a condition requiring payment of £1 million into court is appropriate to test bona fides, provide some security to the claimant, and is a sum the defendant can raise. The claimant's security over the development site reduces the sum required, but does not eliminate the need for a substantial condition.

Parties
Claimant: Bank of Leumi (UK) PLC; Defendant: Philip Robert Akrill
Jurisdiction
England and Wales
Judgment Date
26 November 2014
Procedural Posture
Civil / Post Appeal, Determination of Conditions for Leave to Defend
Outcome
Conditional leave to defend granted
Legal Topics
Guarantees, Summary Judgment, Conditional Leave to Defend, Security for Debt
Banking Law Contract Law Guarantees Summary Judgment Conditional Leave to Defend Security for Debt

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Parties

Bank of Leumi (UK) PLC

Claimant

Philip Robert Akrill

Defendant

Procedural Posture

Civil / Post Appeal, Determination of Conditions for Leave to Defend

Legal Issues

  1. 1 Appropriate conditions for granting leave to defend a claim on guarantees
  2. 2 Assessment of defendant's means and disclosure
  3. 3 Adequacy of security for the principal debt

Ratio Decidendi

Given the defendant's substantial assets and lack of credible evidence regarding his means, a condition requiring payment of £1 million into court is appropriate to test bona fides, provide some security to the claimant, and is a sum the defendant can raise. The claimant's security over the development site reduces the sum required, but does not eliminate the need for a substantial condition.

Court Disposition

Conditional leave to defend granted

Orders

  • Defendant to pay £1 million into court within three months as a condition for leave to defend.
  • Defendant to file a witness statement verifying matters offered regarding the valuation of the development site.