Breach of trust: AIB v Redler update

In AIB v Redler & Co, the Court of Appeal decided that, although solicitors had acted in breach of trust by failing to obtain a first legal charge against a property in favour of their client, losses were limited to the additional security that a first legal charge would have provided.

In summary, AIB sought to recover its full shortfall loss of £2.4m from the solicitors on the grounds that the advance should not have been released in circumstances where there was a failure to redeem the existing charge fully and to secure AIB a first legal charge…

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.