DATE: 24 May 1999
An important case in which the Court of Appeal overturned the presumed effect of Downsview Nominees v. First City Cpn. Ltd [1993] AC 295 (PC) and established that a receiver and manager owes an equitable duty of due diligence to a mortgagor in relation to their conduct of the receivership, including (if continuing to run the business) a duty to take reasonable steps to run the business profitably.
Toby Watkin appeared for the successful respondent in the appeal.
