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Court of Appeal allows appeal from High Court, and sets aside an interlocutory injunction restraining the purchaser of a loan from enforcing its terms against a borrower, on the grounds that: (a) other related proceedings had determined that there was no implied term of good faith and mutual fair dealing in the loan agreement; (b) the High Court judge had adopted an incorrect test of whether the remaining grounds for the injunction were 'bound to fail' whereas the correct test was whether they amounted to a fair issue to be tried as to whether a permanent injunction would be granted at final hearing; and (c) the remaining terms did not give rise to a fair issue to be tried.
Peart J (nem diss): Injunction - refusal to discharge injunction - whether shareholders' agreement included a term that the parties owed mutual duties of good faith and fair dealing - determination in other proceedings that the term was not included - whether injunction should be maintained in light of determination - other reasons for maintaining injunction - injunction restraining company from seeking to enforce security attaching to loan facilities - shareholding in other company - appointment of receiver over shares - whether a material change of circumstance - whether claims bound to fail - whether trial judge adopted correct test.
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