26 June 2017
Co-Operative Bank plc v Phillips [2017] EWHC 1320 (Ch), [2017] All ER (D) 50 (Jun)
The Chancery Division ruled that a district judge had erred in excepting, from a summary judgment in favour of the bank, the defendant’s claim against the bank that the effect of an individual voluntary arrangement (IVA) was that any claims, which the bank had against him, were time-barred.
The underlying claim by the bank was for possession of two properties, in respect of which charges had been granted to the bank, as part security for loans to the defendant’s company.
The court allowed the bank’s appeal, in part, in circumstances where the IVA had not been terminated by certificate, but by effluxion of time, and held that there would be a complete summary judgment in favour of the bank.
