Where a deed provides that a pre-existing security obligation 'will be of no further effect', those words are to be construed as having immediate effect rather than being conditional on the provision of substitute security, particularly where the commercial purpose of the deed could only be achieved by immediate discharge. The probative value of proposed further evidence and its likely impact on the outcome is a relevant consideration in the exercise of discretion to reopen a case, alongside the lateness of the application.
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