CONCORD TRUST v. LAW DEBENTURE TRUST CORPORATION PLC

[2005] 1 Lloyd's Rep. 113

COURT OF APPEAL

Before Lord Justice Jonathan Parker, Lord Justice Peter Gibson and Mr. Justice Laddie

Issue of bonds by defendant under trust deed - Issue guaranteed by defendant’s parent company - Terms of issue allowing defendant to give notice to accelerate redemption of bond in case of “event of default” - Bond holders alleging that event of default had occurred - Defendant only prepared to give notice if given indemnity from claim by guarantor - Whether giving of notice in absence of event of default would be ineffective or would amount to breach of contract with guarantor.