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High Court answers in the affirmative the question, remitted by the Court of Appeal, of whether the appointment of a receiver, in matters concerning loan facilities secured by way of deed of mortgage and charge, was valid pursuant to a clause of the charge conferring on the mortgagee the power to appoint a “receiver and manager” over a secured property, on the grounds that the general principle that such an appointment was valid determined had already been determined by the court in a previous decision; and the court refuses the plaintiff's application to vary an existing Isaac Wunder order, on the grounds that the issue which the plaintiff wished to agitate was bound to fail, was frivolous and vexatious and would constitute an abuse of process.
Loan facilities - secured by deed of mortgage and charge - default on loans - lites pendents - Isaac Wunder order imposed - abuse of process - validity of appointment of receiver - question of whether appointment of receiver was valid remitted to High Court - plaintiff sought to vary Isaac wunder order - appointment of receiver was done within the terms of the mortgage and charge and was therefore valid and effective - motion seeking to vary Isaac wunder order refused as the issue was bound to fail frivolous and vexatious - constitute an abuse of process - oppressive - reliefs refused.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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