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(Chancery Division, Bernard Livesey QC (sitting as a High Court judge))
As a matter of construction, a settlement deed between the claimant and a company in liquidation created a condition precedent to the company's labiality to the claimant, but not in such terms that prevented a contingent liability to the claimant arising. Therefore Bernard Livesey QC (sitting as a deputy judge of the High Court) allowed the claimant's appeal against the liquidators' refusal to admit the claimant's proof of debt.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...