The directors and holders of the entire share capital of the company appealed against a summary judgement making them personally liable under guarantees given to support a debt factoring arrangement for the company.
Held: The appeal failed. The contract made them liable for the sums certified to be due on demand and as principal obligor. The arrangement was to be construed in the light of the fact that the directors between them held the entire capital.
Judges:
Lord Justice Waller, Lord Justice Lawrence Collins and Lord Justice Rimer
Citations:
Times 25-Jun-2008
Jurisdiction:
England and Wales
Citing:
Appeal from – Van Der Merwe and Another v IIG Capital Llc ChD 13-Nov-2007
The parties had entered into a debt factoring agreement, under which repayment was sought of some $30m, and the claimants were said to have guaranteed the loan by the factor to their company. The court was asked whether the guarantors had the same . .
Lists of cited by and citing cases may be incomplete.
Company, Contract
Updated: 07 May 2022; Ref: scu.278230