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Bank – Bank loan. The Chancery Division considered the proper interpretation of a trust deed and conditions by which notes (including Class X and Class A to H notes) were issued in four securitisation structures. Each structure concerned loans, which were secured on commercial properties and in respect of which, there had been extensive default. The court held that, on the true construction of the conditions, no account should be taken of additional interest following a default under the loans. Further, the trust deed and conditions together led to the conclusion that, for the purpose of calculating the Class X interest rate after the maturity dates of the Class A to H notes, the unpaid principal of those notes was to be treated as bearing interest at 8% and not a higher rate.
Bank – Bank loan. The Chancery Division considered the proper interpretation of a trust deed and conditions by which notes (including Class X and Class A to H notes) were issued in four securitisation structures. Each structure concerned loans, which were secured on commercial properties and in respect of which, there had been extensive default. The court held that, on the true construction of the conditions, no account should be taken of additional interest following a default under the loans. Further, the trust deed and conditions together led to the conclusion that, for the purpose of calculating the Class X interest rate after the maturity dates of the Class A to H notes, the unpaid principal of those notes was to be treated as bearing interest at 8% and not a higher rate.
The Chair of the Bar reports back
By Kem Kemal, CEO, Henry Dannell
By BSK Financial Planning
Mário Barroso, Head of R&D and Method Development at AlphaBiolabs
Susie Griffin on the admin that keeps barristers from billable work
Clement Cowley, Partner at The Penny Group, explains how global events can influence the performance of pensions and ISAs, and why taking a long-term approach to investing is often the most effective strategy
Kick off your career at the Bar Council’s Pupillage Fair this October – it’s one of the most valuable opportunities for aspiring barristers, says Amelia Clegg
Join us on Saturday 21 November 2026 at Leeds Beckett University and see for yourself why the North continues to be an exceptional place to build a career at the Bar
The golden age of advocacy? David Langwallner pays homage to the filmic if contentious barrister Sir Edward Carson and some of his contemporaries
Henry Fingerhut outlines what the Bar Standards Board AI guidance means for early career barristers
Not yet, says Jacob Turner. Regulation, unlike the technology itself, is a domain the legal profession can still control
