(Outer House) The bank had covenanted to provide a certain proportion of its profits to the pursuer charitable foundation. The bank had acquired another at an accounting loss, but in 2005, a change in accounting standards turned that substantial loss into a profit. The Foundation said that the donation should be calculated accordingly.
Held: The court granted to the defendant a decree of absolvitor. The parties had not intended that the calculation be affected ‘in a dramatic way’ by changes in accountancy practice.
Judges:
Lord Glennie
Citations:
[2011] ScotCS CSOH – 105, 2012 SLT 13, 2011 GWD 21-477, [2011] CSOH 105, 2012 SCLR 143
Links:
Statutes:
Cited by:
At Outer House – Lloyds TSB Foundation for Scotland v Lloyds Banking Group Plc SCS 29-Dec-2011
(Inner House) The bank had created a trust deed providing for a share of realised profits to be paid each year to the pursuer charitable foundation. The bank had acquired another bank leading to a substantial but unrealised gain. Regulations on . .
At Outer House – Lloyds TSB Foundation for Scotland v Lloyds Banking Group Plc SC 23-Jan-2013
A predecessor bank had created a trust into which it paid a small proportion of its profits. The parties now disputed the calculation of profits when the Bank declared a loss which allowed for an unrealised gain on the acquisition of HBOS. . .
Lists of cited by and citing cases may be incomplete.
Scotland
Updated: 15 September 2022; Ref: scu.441331