15 Sept 1983
LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
- Citation
- LLOYDS BANK INTERNATONAL LTD AND ANOTHER v. DERICOURT INVESTMENTS LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCA4301/1983
The court held that on construction the Facility Letters did not prevent the lenders calling loans for immediate repayment after the review date and that the reservation to reduce or withdraw facilities meant loans could be called in; implications contended for by defendants were not necessary for business efficacy and conflicted with express terms; the earlier fraud action did not constitute an election precluding recovery on the loans; triable issues existed as to certain Paliburg share transactions and consideration for guarantees, and unconditional leave to defend must be granted where tr…