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BNP Paribas Unit Says UK Manufacturer Didn't Escape Lease

Law360, London (December 7, 2018, 10:52 PM GMT) -- The securities arm of BNP Paribas has rejected in new court documents a former tenant’s argument that a one-off payment it made to the financial firm revoked its commitments to completely clear out a property it was leasing.

BNP Paribas Depositary Services said in a reply filed Dec. 3 that six separate property leases that Penny & Giles Controls Ltd. tried to terminate in March 2017 remain in “full force” because the manufacturer failed to meet the conditions of the termination agreement, including the payment of outstanding annual rent.

Penny & Giles, which builds industrial controls including vehicle joysticks and sensors,...
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