SAAMCO revisited

In Hughes-Holland v BPE Solicitors [2017] UKSC 21; [2017] 2 W.L.R. 1029, Mr. Gabriel lent £200,000 to a developer, Mr. Little. He had expected the money to be wholly employed by Mr. Little in developing a property. Mr. Little, however, used the advance to discharge borrowings secured on the property, and other liabilities. In the event, no development of any significance was carried out, the property was worthless and Mr. Gabriel's advance was lost