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Receiver of licensed premises was not bound by alleged agreement with bank
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High Court dismisses claim for specific performance of an alleged agreement for the sale of licensed premises and the compromise of personal liability, where the alleged purchaser claimed to have reached an agreement with a bank official but the vendor of the premises was a receiver, not the bank.
Commercial Court - claim for specific performance - contract for sale of pub and night club - purchased in 2007 - monies advanced by bank - appointment of receiver over property by bank - 2009 agreement to sell property to plaintiffs - receiver agreed to allow purchaser's company to run business pending completion of sale - purchaser's companies placed in receivership - expressions of interest from other potential purchasers - alleged agreement between plaintiffs and bank in 2014 in respect of sale of premises and compromise of personal liability to bank - whether agreement was alleged to be with receiver or with bank as mortgagee - whether negotiations with bank involved sale of premises or simply the compromise of the second named plaintiff's personal liability - whether there was a calculated agreement - Section 51 of the Land and Conveyancing Law Reform Act 2009 - requirement for memorandum or note in writing - agency - closing date for sale.
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