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ARTICLE · 03 DECEMBER 2014

The U.K. Supreme Court Revisits Equitable Compensation In Commercial Transactions

McCarthy Tétrault
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Trusts are widely used in commercial transactions. But, as creatures of equity, trusts raise issues that may not be immediately familiar to everyone who relies on them in the commercial world.

CanadaLitigation, Mediation & Arbitration
Sam Rogers
Sam Rogers
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Trusts are widely used in commercial transactions. But, as creatures of equity, trusts raise issues that may not be immediately familiar to everyone who relies on them in the commercial world. Indeed, the interrelationship between equitable doctrines and remedies and common law principles and remedies is complicated. Fortunately, the U.K. Supreme Court has revisited the issue in its recent decision in AIB Group (UK) Plc v. Mark Redler & Co Solicitors, [2014] UKSC 58.

Background

The case arose out of a commercial loan transaction. A bank, AIB, lent £3.3m to Mr. and Ms. Sondhi (the "Borrowers"). AIB was to be secured by a first charge over the Borrowers' home, which was valued at £4.25m. There was an existing £1.5m charge over the home in favour of Barclays Bank that was to be redeemed before AIB's advance was completed.

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