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In the case of Bank of India v Riat, Bank of India (the Bank) sought to enforce two limited guarantees signed by the defendant as security for facilities provided by the Bank to a property development company Globepark Developments Limited (Globepark) owned by the defendant and his son. The defendant contended that he was entitled to rescind the guarantees on the grounds of misrepresentation and economic duress.
Mr Riat held 98% of the shares in Globepark and his son held the remaining 2%. He was also a director. Globepark sought a facility from the Bank to refinance facilities from Natwest. As part of the collateral for the loan the Bank required a guarantee. Mr Riat was very reluctant to provide a personal guarantee and the information regarding his personal assets, including his own property portfolio, which was needed by the Bank to assess the collateral cover for the loan. Eventually, he signed the personal guarantee and fairly soon after entered a second guarantee to cover obligations of Globepark under a second facility from the Bank. Globepark went into administration almost four years after the second guarantee was executed and in March 2011 the Bank took proceedings to recover sums from Mr Riat under the two personal guarantees.
The defendant claimed that the Ban
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