Trustees & anr v Capmark Bank [2011] EWCA Civ 380

Wills & Trusts Law Reports | October 2012 #123

The appellants were the trustees of the Maylands Unit Trust (the trustees), a Jersey-based unit trust formed as a vehicle for the acquisition of warehouse premises in Hemel Hampstead (the property) by Cantabria Investments Ltd (Cantabria). The purchase price of the property was £28.1m, funded by £7.1m of Cantabria’s own resources and a £21m loan from Capmark Bank Europe (the bank) and secured on the property. The security was created by a deed of guarantee and debenture (the debenture) between the trustees and the bank. At the time of the purchase of the property it was subject to ...