Jurisdiction(s):
United Kingdom

England & Wales Banking & Finance: Feb 2024—debenture validity and estoppel; shipping arrest and mortgagee duties; conditions for permission to appeal in GDP-linked sovereign securities

Published on: 01 March 2024

Published by a LexisNexis Banking & Finance expert

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Article summary

Banking & Finance—February 2024 case round-up

Chapman and another company v Celtic Property Developments Ltd [2024] Lexis Citation 104

Security—continued validity of a debenture—estoppel

The dispute concerned whether a debenture given to the First Claimant by the Defendant still subsisted. Although the First Claimant transferred the benefit of the loan agreement to the Second Claimant, the linked debenture was not assigned at the same time, and was only transferred much later. Relying on the loan assignment, the Defendant lodged at Companies House a statement of satisfaction, asserting that the debenture had ceased to exist. The Claimants sought restoration of the debenture’s registration, whereas the Defendants contended that proprietary or promissory estoppel barred any reinstatement. The court decided there was no representation, assurance, or promise by the Claimants that the security would be treated as redeemed, ineffective, or left unenforced after the loan was assigned. Nor had they indicated that the debenture would be regarded as discharged, or that enforcement would be withheld, once the assignment took effect, so estoppel did not arise here clearly...

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