Singularis Holdings Ltd v Daiwa Capital Markets Europe Ltd [2018] EWCA Civ 84 (01 February 2018) 

BACKGROUND & SUMMARY This case was first heard in February 2017, where Rose J delivered judgment, in which a financial institution was found to have breached what is commonly known as the “Quincecare duty“. The Quincecare duty was first referred to in the1992 decision of Steyn J in Barclays Bank plc v Quincecare Ltd, which
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National Credit Regulator v Standard Bank of South Africa LTD and South African Human Rights Commission.

SUMMARY In casu, the issue for the court’s determination was whether sections 90(2)(n) and 124 of the National Credit Act, 34 of 2005, (“the NCA”) render the common law right of set-off inapplicable in respect of credit agreements that are subject to the NCA.   The common law right of set off allows one debt
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