[2008] 3 WLR 1401

David Edwards Q.C. and Michael Holmes acted for the Law Society seeking to recover compensation payments from professional indemnity insurers of a firm of solicitors. Jessica Sutherland also acted for the Law Society in an advisory capacity.

Admiralty – Mortgage – Mortgagee’s power of sale – Loan secured by mortgage of ship – Non-financial default by mortgagor – No money due under loan agreement – Mortgagees not accelerating repayment – Whether mortgagees’ power of sale exercisable – Whether mortgagees entitled to arrest ship

Insurance – Third parties’ rights – Indemnity insurance – Third party unable to succeed in claim against discharged bankrupts – Whether third party’s inchoate claims elevated to established claims by admission in bankruptcy – Whether third party able to prove in estates of discharged bankrupts – Whether third party able to pursue insurer directly