CHANCERY DIVISION
Fetter Lane, London, EC4A 1NL |
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B e f o r e :
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Nordic Insulated Doors Ltd |
Claimant |
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- and - |
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Land Resources Ltd |
Defendant |
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Mr Caley Wright (instructed by Square One Law) for the Defendant
Hearing dates: 31st March & 1st April 2014
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Crown Copyright ©
Peter Smith J:
INTRODUCTION
TERMS OF THE JVA
"3. The first 600k of profit after legal costs will go to LR. After 600k all income will be split 50-50. All income will include income from plot sales, parking, freehold."
"4. On completion of plot sales once the 600k has been repaid the profit will be distributed 50-50 on presentation of an invoice by ND to LR.
5. Once the 600k is repaid and there is money due to ND from sales ND will have the option to buy the following units at the following prices."
REASONS FOR NON PAYMENT
"6. This agreement will finish on 01/08/2012 and after that date ND will have no vested interest in the site."
PROGRESS OF SALE
PROPOSED EXTENSION
CONCLUSION
CLAIMANT'S DAMAGES CLAIM
LAW OF PROPERTY (AMENDMENT) ACT 1989
DAMAGES BY THE DEFENDANT
RESULT