[2] It represents a rare occasion in which their Lordships invoked the Practice Statement and overturned a previous precedent of the House of Lords, which had held that all debts were to be paid in sterling.

Miliangos sued George Frank in England for the amount of the debt in the currency of the contract which was Swiss francs.

Miliangos would lose a significant amount of the value of the money owed if paid in pounds due to the exchange rate.

The claimant applying for the payment of foreign currency must show reasons for it based on losses suffered outside the domestic jurisdiction.

In dissent, Lord Simon stated that the new rule gave too much advantage to the claimants and said that this task should normally be established by the Parliament.