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Francis Hornyold-Strickland has successfully defended an ex parte application for an injunction. The injunction sought to restrain Francis’ client from exchanging on the sale of a high value property overlooking Hyde Park.
On 12 February 2024, Francis appeared before Leech J, in the chancery interim applications list, acting for the receivers and the mortgagee. The applicant’s company had taken out a £6,800,000 loan, secured by charges over various properties, including the property in issue. Having defaulted on the loan, the mortgagee took possession of the property. Receivers were about to exchange contracts with a buyer, when, the day before, the ex parte application was made on the basis, inter alia, that the sale was at an undervalue.
Leech J held that while there was clearly a serious triable issue about whether there was, in fact, a sale at an undervalue, nevertheless: (a) damages would be an adequate remedy, and the receivers were highly regulated professionals who were likely to have sufficient insurance in place; and (b) the balance of convenience weighed heavily in favour of not granting the injunction.
The application underscores chambers’ strengths in commercial litigation, including in bringing and defending emergency injunctions.