Doherty v Fannigan Holdings Ltd

Bankruptcy – Appeal. The appellant's appeal against a bankruptcy petition against him succeeded. The Chancery Division held that the relationships of the parties had been respective obligations. Neither of the parties had been entitled to enforce the performance of the other's except against a performance of his/its own. It followed that, whilst the appellant had breached a contract by failing to make the £ 2m payment of the price, he had not thereupon become a debtor for the price.

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