4 Aug 2011
CAPITAL + MERCHANT FINANCE LTD (IN RECEIVERSHIP & IN LIQUIDATION) v VISION SECURITIES LTD (IN RECEIVERSHIP) COA CA147/2010
- Citation
- CAPITAL + MERCHANT FINANCE LTD (IN RECEIVERSHIP & IN LIQUIDATION) v VISION SECURITIES LTD (IN RECEIVERSHIP) COA CA147/2010
- Court
- Court of Appeal
Clause 8.5 was intended to capture payments that reduced the subordinated indebtedness by or on behalf of the borrower; it did not cover capital proceeds received by CMF for assignment of its debt to a third party. Consequently the assignment consideration was not payable to Vision under cl 8.5; CMF was entitled to summary judgment on that issue though the assignment itself was a contractual breach giving Vision a claim for damages.