Lovetts’ client is a major property services company.
It had a debt owed by one of the largest heating manufacturers and suppliers of boilers. The client was contracted to fit boilers for a third party at a fixed price per boiler throughout the term of the contract. The client’s contract with the debtor likewise provided for supply at fixed prices. The debtor did not honor that agreement, raising the price each year, but the client had to honor its agreement with the third party to avoid a breach of contract and reluctantly paid for the boilers at the increased prices.