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The former chairman and chief executive of New Law Publishing, Kenneth Bagnall QC, has failed to stop a possession order over property owned by him, his wife and their company.
Written submissions before the Court of Appeal said that Bagnall had fallen into mortgage arrears as a result of unexpected litigation (now stayed) involving two publishing ventures, New Law Publishing and New Property Cases, in which he was involved.
He was charged in October on nine counts of theft totalling £375,000 between October 1997 and March this year. No date has been fixed for judgment.
At Central London County Court last July, Judge Levy QC ordered that Bagnall, his wife Rosemary and their company, Brookfield House, should hand over possession of Brookfield House of Portnall Rise, Wentworth, Surrey. The property is valued at around £1.5m.
Now, after a hearing at which Bagnall represented himself, the Appeal Court has upheld the order. Lords Justices Roch and Ward are to give written reasons for their decision in the new year.
The case centres on a deal in 1989 in which the Bagnalls, through Brookfield House, obtained a £1.6m loan, secured on Brookfield House, from Foreningen Realdanmark. The aim of the loan was to finance redevelopment and sale of the property.
However, as a result of the fall in the property market and problems over redevelopment, the Bagnalls faced difficulties in selling the house and in keeping up the mortgage payments.
The bank originally issued proceedings for possession of the house in 1995.