Essentially Different Ltd -v- Bank of Scotland
On 12 February 2012 Essentially Different Limited’s long running claim against Bank of Scotland was finally resolved in the Commercial Court. In 2004 the bank had failed to make the second tranche of a loan agreed under the government-backed Small Firm Loan Guarantee Scheme. As a result, the company had been unable to bring to market an innovative piece of data management software.
The bank denied that it had been obliged to make the advance but in 2011 Burton J ruled that there had been a breach of the contract of loan. The issues relating to quantum, including whether a claim for lost of potential income was recoverable at all and whether (and to what extent) the software in question would have been a commercial success) were adjourned for a further hearing. On the fifth day of that hearing a settlement was reached.
When informing the Court of the settlement Leading Counsel for the bank apologised to EDL’s owners for the failure to make the payment that had been due.
EDL was represented throughout under a conditional fee agreement, by Jonathan Price until the conclusion of the liability hearing and thereafter by William McCormick QC and Jonathan Price.
They were instructed by Dean Orgill and Robin Churchill of Mayo Wynne Baxter, Brighton.