Prickly Bay Waterside Ltd v British American Insurance Company Ltd [2022] WTLR 1115
Wills & Trusts Law Reports | Autumn 2022 #188Prickly Bay was engaged in the development of houses and apartments at L’Ance Aux Epines, St George, Grenada. Its principal director was Richard Lee, husband of Rosa Lee. Two adjacent properties were owned by a Mr Steele. Following a dispute between Prickly Bay and Mr Steele a consent order was entered into providing that Prickly Bay would purchase the adjacent properties for US$5m. It was a term of the consent order that Prickly Bay would provide a bank guarantee for US$2.25m. The respondent, BAICO, gave the guarantee.
Mr and Mrs Lee, and Prickly Bay, entered into a loan agreemen...