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Enforcing security for an improper purpose (Glint Pay Ltd v Baker)
While Glint Pay Ltd and other companies v Baker and another [2026] EWCA Civ 1023 concerns the appointment of administrators it highlights some interesting points about enforcing security the interpretation of defined terms and implied limitations on powers in finance documents.
Factual background
Some years ago Glint Pay Ltd (GPL) obtained a loan which was guaranteed by GPL’s two subsidiaries and secured by a debenture granted by the group (Glint).
Niven Alpha Pte Limited (Niven) acquired the loan from the original lender in July 2019 after a failed attempt to purchase 51% of GPL’s shares in May 2019. Shortly afterwards Niven requested information about Glint including cash balances trade creditors and intercompany lending arrangements. Glint refused to supply the information contending that it was under no such obligation. Niven notified Glint that its failure to...
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