“…8] STC 217 and Peracha v Miley. This was not, she suggested, a case where the arrangements cancelled themselves out unlike IRC v Scottish Provident Institution [2004] UKHL 52; [2004] 1 WLR 3172, for example. The Distribution Agreement had real consequences, namely the payment of the MAPs, and had to be considered alongside the Loan,…”
“…peeches in that case have to be seen in their context. In that respect, he relied on the decision of the House of Lords in IRC v Scottish Provident Institution [2004] UKHL 52, [2004] 1 WLR 3172, judgment in which was given on the same day as both judgment in Barclays Mercantile and the exercise by the Scottish Trustees of their put …”