A correct reading of the settlement agreement after the Lloyd’s litigation was that the names were given a choice either to pay the true liabilities less debt credits, all such payments to be made before 30 September 1996, or to pay the full amounts without any deduction by a later date. The possibility of having to pay the full amount later was not unenforcable as a penalty. The sums claimed were already due.
Citations:
Times 02-Feb-2000
Jurisdiction:
England and Wales
Insurance, Contract
Updated: 28 April 2022; Ref: scu.82613
