Brook v Green [2006] EWHC 349 (Ch) (08 February 2006)

Brook v Green [2006] EWHC 349 (Ch) (08 February 2006)

The guarantee expressly excluded the right of discharge for omissions, including non-registration of security. All loans were made by or on behalf of the petitioner and are within the guarantee. The interest rate of 3% per month compounded is implied for all loans. The value of the security held is less than the...

Source-derived case information.

Citation
[2006] EWHC 349 (Ch)
Parties
Petitioner: Eric Arthur Brook; Respondent: Stuart Andrew Green
Jurisdiction
England and Wales
Judgment Date
08 February 2006
Procedural Posture
Bankruptcy Petition / Contested Final Hearing
Outcome
Bankruptcy order made against Stuart Andrew Green.
Legal Topics
Bankruptcy, Personal Guarantee, Security for Debt, Interest on Loans, Discharge of Surety, Registration of Charges
Insolvency Contract Law Guarantees Bankruptcy Personal Guarantee Security for Debt Interest on Loans Discharge of Surety +1 more

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Parties

Eric Arthur Brook

Petitioner

Stuart Andrew Green

Respondent

Procedural Posture

Bankruptcy Petition / Contested Final Hearing

Legal Issues

  1. 1 Whether the guarantee excludes the right of discharge for loss of security due to non-registration of charge
  2. 2 Whether all sums claimed were loaned by the petitioner and fall within the guarantee
  3. 3 Whether the interest rate claimed is enforceable or needs to be determined by the court

Ratio Decidendi

The guarantee expressly excluded the right of discharge for omissions, including non-registration of security. All loans were made by or on behalf of the petitioner and are within the guarantee. The interest rate of 3% per month compounded is implied for all loans. The value of the security held is less than the debt, and the respondent is not fully secured. There is a liquidated sum exceeding the statutory minimum due. A bankruptcy order is warranted.

Court Disposition

Bankruptcy order made against Stuart Andrew Green.

Orders

  • Bankruptcy order granted against the respondent.
  • Petitioner to file an amended petition to comply with procedural rules.