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ARTICLE · 03 MAY 2016

Finance Litigation Briefing - April 2016

Gowling WLG
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Gowling WLG's finance litigation experts bring you the latest on the cases and issues affecting the lending industry.

United KingdomFinance and Banking
Greg Standing
Greg Standing
Ian Weatherall
Ian Weatherall
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Gowling WLG's finance litigation experts bring you the latest on the cases and issues affecting the lending industry.

Offer to secure debt not unreasonably refused

The fact that a debtor's offer to secure or compound a debt constitutes as much as that debtor can afford does not render its rejection unreasonable.

This was the finding in Cooke v Dunbar Assets plc, in which Dunbar sought to enforce a personal guarantee against Cooke. The guarantee related to loans by Dunbar to Cooke's property development company which were called in.

Receivers were appointed over the company's land. £5 million of debt remained outstand to Dunbar which subsequently issued bankruptcy proceedings against Cooke. Cooke offered to secure his debt of £750,000 with an offer of £175,000, being his half share in the equity of his matrimonial home. This was refused and a bankruptcy order was made. Cooke appealed.

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