- Enforcement of loan made in contravention of general prohibition (Jackson v Ayles)
- What are the practical implications of this case?
- What was the background?
- What did the court decide?
- Case details
Restructuring & Insolvency analysis: Having concluded that a loan secured against a bankrupt’s matrimonial home was made in contravention of the general prohibition in section 19 of the Financial Services and Markets Act 2000 (FSMA 2000) (and was therefore unenforceable under FSMA 2000, s 26(1), the court held that it was not just and equitable in the circumstances of the case to allow the lender to enforce it under FSMA 2000, s 28(3). Written by Simon Passfield, barrister at Guildhall Chambers.
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