Construction
Malik v Hussain and others [2023] EWCA Civ 2, [2023] All ER (D) 29 (Jan)
The Court of Appeal, Civil Division, allowing the appeal of a partner in a restaurant business that was being purchased under a court-ordered sale mechanism, held that the judge had erred in dismissing the appellant’s declaration that the second respondent, who had made the highest bid to purchase the partnership’s assets, had failed to exchange contracts within seven days of paying his deposit and that his purchase had accordingly been invalid, since a proper construction of the relevant contracts pointed to the requirement on the bidder being able to exchange once presented with a contract in a form capable of being executed and exchanged and, in those circumstances, a declaration would be made that the bidder was not in breach of any obligations, his deposit was not forfeit and the contract to sell the partnership assets to him did not become invalid.
Disclosure
AQR Capital Management LLC and others v The London Metal Exchange and another
