HANDLEY PAGE LTD v. COMMISSIONERS OF CUSTOMS AND EXCISE AND ROCKWELL MACHINE TOOL COMPANY LTD.

[1970] 2 Lloyd's Rep. 459

QUEEN'S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Mocatta

Bill of exchange - Dishonour - Liquidation of acceptor - Purchase of hydraulic press (to be imported) - Import deposit required under later statute - Agreement that import deposit should be paid by sellers who would draw bills of exchange on buyers - Import deposit to be repaid to buyers - Whether implied condition of agreement that bills would be met - Claim by receiver of buyers for specific performance of agreement that import deposit would be repaid to buyers - Whether drawer of bills had set-off which could be relied upon in answer to claim for specific performance.