Supreme Court holds banks must follow the Etridge protocol where non-commercial hybrid transactions include a more than de minimis surety element (Waller-Edwards v One Savings Bank Plc)
The Supreme Court has unanimously allowed the appeal, holding that a creditor is put on inquiry in any non-commercial hybrid transaction where, on the face of the transaction, there is a more than de minimis (ie trivial) element of borrowing that serves to discharge the debts of one of the borrowers and so might not be to the financial advantage of the other. Joanne Wicks KC, barrister at Wilberforce Chambers, and Tricia Hemans, barrister at Falcon Chambers, discuss the implications of the judgment.