Скачать или смотреть Tiuta International Limited (in liquidation) v De Villiers Surveyors Limited

[2017] UKSC 77

UKSC 2016/0156
Tiuta International Limited (in liquidation) (Respondent) v De Villiers Surveyors Limited (Appellant)
On appeal from the Court of Appeal Civil Division (England and Wales)

The issue in this case is how the 'but for' test for causation is to be applied as between an allegedly negligent valuer and lender in a re-financing situation.

In April 2011 the respondent lender loaned £2.2m to a borrower for a term of 9 months on the basis of a valuation of a potential property development carried out by the appellant valuer. By December 2011 the borrower was indebted to the respondent in the amount of £2.5m. There has been no pleaded allegation that the original valuation was carried out in a negligent manner. In December 2011 the borrower sought to extend the loan and borrow an extra £500,000 from the respondent. The appellant provided a second valuation and accordingly the lender extended a second loan to the borrower. The second loan was structured as a re-financing arrangement: it advanced £2.5m to repay the amount outstanding under the original loan, plus further amounts to be drawn down from time to time. When the term of the second facility expired, £2.84m remained outstanding, of which the sale of the property as security was expected to achieve only £2.1m. The respondent brought proceedings against the appellant for its loss, alleging that the second valuation was carried out negligently.

The Supreme Court unanimously allows the appeal. The fact that the advance under the Second Facility was used to pay off indebtedness under the First Facility does not require the Court to ignore the fact that Tiuta would have lost the sums which had been outstanding under the First Facility in any event. Subject to any submissions that may be made about the exact form of relief, the order of the Deputy High Court Judge will be restored.