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Cases Banking & Financial Services

The State of Qatar v Banque Havilland [2021] EWHC 2172 (Comm)

Judgment Date: 30 Jul 2021

David Mumford QC and Thomas Munby (with Hugo Leith of Brick Court) act for the State of Qatar in proceedings in the Commercial Court against Banque Havilland SA (the “Bank”).

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Winslet v Gisel [2021]

Judgment Date: 23 Apr 2021

Despite the fact that the UK has now left the EU, issues concerning the interpretation of EU regulations will continue to affect litigants in this jurisdiction for some time to come. Alec McCluskey recently represented a claimant seeking to obtain repayment of interest-free loans made in England to a resident of France, relying on the provisions in the Withdrawal Agreement between the UK and the EU which continue to apply Regulation (EU) 1215/2012 (the Brussels Regulation Recast) to actions commenced before the end of the Brexit transition period.

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WWRT Limited v Tyschenko & Tyschenko [2021] EWHC 939 (Ch)

Judgment Date: 21 Apr 2021

The High Court considered the interplay between the Brussels Recast Regulation (“BRR”) and the approach of modified universalism to international insolvency proceedings in the course of continuing a worldwide freezing injunction, dismissing a jurisdiction challenge and ordering further disclosure and cross-examination in support of the worldwide freezing injunction. Although this will be one of the last ever cases concerning the BRR, it is an important reminder of the effect Owusu v Jackson [2005] QB 801 when a finding of domicile is made and would be of particular significance should the United Kingdom accede to the Lugano Convention.

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CFH Clearing Ltd v Merrill Lynch International (2020)

Judgment Date: 14 Aug 2020

A standard 2002 ISDA Master Agreement governing certain foreign exchange transactions was not varied by the defendant bank’s standard terms so as to incorporate an alleged market practice of retrospectively adjusting prices where there had been market disruption.

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In the Matter of The Financial Conduct Authority v Carillion Plc (in liquidation) [2020] EWHC 2146 (Ch)

Judgment Date: 07 Aug 2020

The Financial Conduct Authority's process of deciding whether to impose sanctions on a company (including the decision) was an "action or proceeding" within the meaning of the Insolvency Act 1986 Pt IV s.130(2). Accordingly, the court's leave was required before a warning notice could be given by the FCA.

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LB Holdings Intermediate 2 Ltd (In Administration), Re Lehman Brothers Holdings Plc (In Administration)

Judgment Date: 03 Jul 2020

The court determined the priority of competing claims under subordinated loan agreements and subordinated loan notes in the administration of two Lehman Brothers companies in which the claims of unsecured unsubordinated creditors had all been paid.

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United Trust Bank Ltd v Konstantinos Diamantopoulos (2020)

Judgment Date: 19 Mar 2020

Summary judgment was granted on a claim to enforce a personal guarantee in respect of a loan secured on a property where an assurance relied on by the guarantor, that the guarantee would not be enforced unless there was a shortfall after the property was sold, was not a clear promise.

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Bilta (UK) Ltd (In Liquidation) & Ors v (1) NatWest Markets Plc (2) Mercuria Energy Europe Trading Ltd (2020)

Judgment Date: 10 Mar 2020

A claim brought by insolvent companies against a bank and its subsidiary for dishonest assistance and knowing participation in fraudulent trading, via the actions of its traders, was established where the evidence showed that the traders, contrary to their evidence, had been aware at all times that VAT was chargeable on their EU allowance carbon credit trades. Their evidence was untrue, implausible and designed to falsely suggest that there was no reason why they should have made the connection between the vast increase in trade that they were witnessing and the possibility that it was connected to VAT fraud.

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Punjab National Bank (International) Ltd v Boris Shipping Ltd & 7 Ors (2019)

Judgment Date: 21 May 2019

A claimant was granted permission to apply for summary judgment even though default judgment was available because the defendants could have engaged with the proceedings and a summary judgment was more readily enforceable. However, the application for summary judgment was a judicial notice and it had not been served in accordance with the Hague Convention on the Service Abroad of Judicial and Extrajudicial documents in Civil or Commercial Matters 1965. There were no exceptional circumstances justifying an order for alternative service.

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Funding Secure Ltd v Matthew Green (2019)

Judgment Date: 29 Jan 2019

The claimant peer-to-peer lender succeeded in claims against the defendant borrower for deceit and breach of contract, and in debt.

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Yuchai Dongte Special Purpose Automobile Company Limited v Suisse Credit Captial (2009) Limited (2018)

Judgment Date: 09 Oct 2018

By issuing and sending a letter of credit using the SWIFT network and form MT700, a party had indicated that it was the issuing bank. None of the letter of credit's terms indicated another party was the issuer or the wrong form had been used, and the party's disclaimers were insufficiently clear to dispel the conclusion that it was the issuer.

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Banking & Financial Services

State Bank of India & 12 Ors v (1) Vijay Mallya (2) Ladywalk Llp (3) Rose Capital Ventures Ltd (4) Orange India Holdings Sarl (2018)

Judgment Date: 08 May 2018

A judgment of the Bangalore Debt Recovery Tribunal could properly be registered under the Foreign Judgments (Reciprocal Enforcement) Act 1933.

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(1) Simon Franklin Plant (2) Daniel Plant (Administrators Of Relentless Software Ltd) v (1) Vision Games 1 Ltd (2) Ultimate Finance Ltd (3) Thincats Loan Syndicates Ltd (4) Relentless Vision 1 Ltd (20

Judgment Date: 25 Jan 2018

Vision 1 Ltd (2018) Summary The court interpreted agreements by which a video games development company had agreed to accept funding from a loan company, secured by various charges. In particular, it determined that the funder had no security or other proprietary interest in monies in the company's bank accounts, derived from tax credits.

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UBS AG v Kommunale Wasserwerke Leipzig GMBH (2017)

Judgment Date: 16 Oct 2017

A judge had been right to grant rescission of derivative contracts between a bank and its customer on the grounds of bribery and conflict of interests. He had erred in holding the bank responsible for the bribe, because the third party making it had not, on the facts, been acting as the bank's agent at the time. However, the bank was responsible for the bribe in equity, because it had dishonestly assisted the third party in achieving its corrupt aims. The court examined the nature of fiduciary relationships, the concept of attribution, and the availability of equitable remedies.

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Thomas v Triodos Bank NV (2017)

Judgment Date: 02 Mar 2017

A bank had owed a duty to business customers who had expressed a wish to change the interest on their borrowings from a variable rate to a fixed rate to explain the financial implications of doing so. That duty had been breached in the instant case.

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London Executive Aviation Ltd v Royal Bank Of Scotland Plc (2017)

Judgment Date: 28 Feb 2017

In proceedings relating to interest rate swap agreements, the court refused permission for expert evidence to be called regarding suitability requirements and the risks associated with the products sold.

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National Infrastructure Development Co Ltd v Banco Santander SA (2016)

Judgment Date: 09 Nov 2016

A beneficiary was entitled to summary judgment in respect of standby letters of credit issued by the defendant bank as security for the obligations of a Brazilian contractor in relation to a major construction project in Trinidad. It was not seriously arguable that the fraud exception applied because the demands under the letters of credit had not been honestly made.

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Ennismore Fund Management Ltd v Fenris Consulting Ltd (2016)

Judgment Date: 19 Apr 2016

On the proper construction of a "clawback" agreement between a hedge fund and its fund managers, the hedge fund could claw back a discretionary bonus paid to an individual fund manager only if it could establish a causal link between the losses sustained by the funds for which that manager was responsible and a reduction in its own performance fee.

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Libyan Investment Authority v Societe Generale SA & Ors (2015)

Judgment Date: 12 Jun 2015

The court adjourned applications intended to elucidate the authority of those acting on behalf of the claimant Libyan Investment Authority pending the outcome of an application to appoint a receiver and manager to manage the action on the claimant's behalf.

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Joint Administrators of LB Holdings Intermediate 2 Ltd (In Admin) v Lomas & ors [2015]

Judgment Date: 14 May 2015

By a majority the Court of Appeal held that foreign currency creditors who had suffered a currency loss as a result of the conversion of their debts into sterling at the start of the administration of an unlimited company were entitled to claim against the company, though their claims would rank only as unprovable liabilities.

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