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High Court refuses application for interlocutory injunctive relief sought by mortgagee's of six commercial properties in the UK against bank and loan provider in order to restrain the sale of the properties by receivers appointed by the bank, on the grounds that damages can be assessed and would be an adequate remedy to the applicants were they to succeed at the trial of the action.
Interlocutory injunction application - restraining bank from selling six commercial properties in UK pending determination of proceedings - receivers appointed over mortgaged properties and seek to sell properties - test to be applied - damages an adequate remedy for plaintiffs - factual background - nature of loan facilities granted - actions of receivers - minimum risk of injustice - serious issue to be tried - low threshold - alleged invalidity of demands and breach of facility and contract pertaining to owner of economic interest in properties - burden of proof on plaintiffs to establish damages would be inadequate - no inherent or special feature or emotional attachment to properties for plaintiffs - lack of evidence - commercial nature of properties - financial loss calculable - summary conclusions on adequacy of damages for defendants - balance of convenience - court's equitable discretion to refuse application - no intention to provide misleading information to defendants in correspondence - application refused.
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