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(Court of Appeal, Ward, Lloyd and Kitchen LJJ, 23 November 2011)
S was appointed as a receiver by the court and proceeded to sell G's properties. Having obtained valuations at £330,000, and had sold it at that price. However, the purchaser had immediately remarketed and sold it for £455,000. The Court of Appeal stated that, although S had been entitled to rely on the valuations, given the size of the price differential and the fact that the asking price, sales particulars or details advertising had been disclosed, there was a triable issue over whether the property had been adequately advertised and marketed by S.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...