Making assumptions makes for dangerous drafting
Many a young lawyer is taught early on that making assumptions is dangerous. The Buckingham Gateway litigation is a rare, but valuable, example of a party getting away with what could otherwise have been a very costly mistake in reliance upon incorrect assumptions.
Crowborough Properties, a company owned by Mr and Mrs Kaushal, had borrowed £29m from Lloyds TSB Bank to develop land in Slough. The land would be developed to include a hotel, offices, shops and a basement car park. The overall site was made up of 15 separate titles, some of which were owned by Crowborough and some by Mr and Mrs Kaushal. Mr and Mrs Kaushal had given personal guarantees to the bank in respect of Crowborough’s borrowing worth up to £25m.
The personal guarantees were secured by charges in favour of the bank over the land owned by Mr and Mrs Kaushal. However, the charges secured only Mr and Mrs Kaushal’s liability as sureties…
If you are registered and logged in to the site, click on the link below to read the rest of the Walker Morris briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Walker Morris
News from The Lawyer
Briefings from Walker Morris
From 1 October this year, landlords who let English properties will have to be wary of a change to the law introduced by the Deregulation Act 2015.
Landlords must protect tenants’ deposits and provide tenants with prescribed information, regardless of when the tenancy commenced and when the deposit was received.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.