THE SOCIETY OF LLOYD’S V LEIGHS LYON WILKINSON CANADIAN NAMES (INTERVENORS)

(1997) 6 Re LR 289

Court of Appeal

Before Lord Justice Saville, Lord Justice Ward and Lord Justice Phillips

Lloyd’s - Reconstruction & Renewal Plan (R&R) - Contract - Equitas - Rescission of contracts for fraudulent misrepresentation - Set-off as between principal debtor and assignee of chose in action - Lloyd’s underwriters sued by Lloyd’s as assignee of Equitas for recovery of premium payments - Whether underwriters entitled to rescind contracts of membership with Lloyd’s - Whether underwriters precluded from setting off counterclaim for damages for alleged fraud against Lloyd’s - Whether underwriters entitled to stay of execution of judgment against them for Equitas premium.