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Lloyd's Law Reports

GENERAL TRADING COMPANY (HOLDINGS) LTD v RICHMOND CORPORATION LTD

[2008] 2 Lloyd's Rep. 475

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Before Mr Justice Beatson

Guarantee - Defendant undertaking to obtain loan guarantee to enable claimant to obtain loan facility for subsidiary - Whether defendant in breach of agreement - Whether clause permitting defendant to cancel loan notes if defendant failed to obtain a guarantee was a penalty clause.

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