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Lloyd Maynard successful in High Court claim

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Lloyd Maynard acted for the successful claimants, Lendy Limited and Saving Stream Security Holdings Ltd, in claims for £3.7m arising from an unpaid bridging loan. The Defendant, Ms Omoruyi, had made counterclaims alleging that Lendy’s employee, partner or agent had made fraudulent misrepresentations and that the claimants were also liable for the receiver’s sale of a secured property, which was claimed to be at a £1.2m undervalue. In rejecting those claims, Richard Smith (Sitting as a Deputy High Court Judge) found that the finance broker that made the alleged representations to the defendant was not an employee, partner or agent of the claimant. Further, the Judge accepted the claimants’ case that a lender is only liable for a receiver’s sale of a property in the event that they interfere with or otherwise direct the receiver in the discharge of its office. In this case, no such interference or direction was made out on the facts.

In providing his oral judgment, Richard Smith thanked Mr Maynard “for his professionalism and courtesy to the court and the Defendant which helped ensure the smooth running of the trial.”

The claimants obtained judgment for more than £3.7m, an order for costs on the indemnity basis and a substantial interim costs payment.

Thank you to Jonathan Smart and Laura Clark at Shoosmiths.

If you would like to discuss this judgment further please contact clerks@forumchambers.com

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