Instruction Sufficient to Allow Third Party Reliance on Arrangements
5th August, 2019The purchase of properties abroad is a process that can be replete with disputes and financial losses for the unwary or unadvised. Whilst some foreign countries have presented few issues, others have had more chequered histories. Recently, investors went to court to recover their losses resulting from a failed holiday resort in Cabo Verde. The promoters of the failed scheme had instructed the UK bank they dealt with to open a 'segregated client account' to hold investors' money. The account had restrictions on making withdrawals but did not specifically identify...