Deutsche Bank AG v Sebastian Holdings Inc [2017] EWHC 3265 (Comm) (13 December 2017)

Deutsche Bank AG v Sebastian Holdings Inc [2017] EWHC 3265 (Comm) (13 December 2017)

The adjournment was refused because the illness of Mr Olav did not materially affect SHI's ability to participate, as SHI was a corporate litigant represented by solicitors and Mr Johansson had authority to instruct. The Challenge to the Receivership Order was dismissed because there was no material non-disclosure...

Source-derived case information.

Citation
[2017] EWHC 3265 (Comm)
Parties
Claimant: Deutsche Bank AG; First Defendant: Sebastian Holdings Inc; Second Defendant (for Costs Purposes Only): Alexander Vik; Receivers (appointed by Order of Popplewell J Dated 17 February 2017): Receivers of certain assets of the First Defendant (Shane Crooks and Malcolm Cohen of BDO LLP)
Jurisdiction
England and Wales
Judgment Date
13 December 2017
Procedural Posture
Commercial Court Proceedings (post Judgment Enforcement) / Multiple Post Judgment Applications: Adjournment, Challenge to Receivership, Funding Disclosure, Variation of Receivership Order
Outcome
Adjournment Application and Challenge dismissed; Funding Application granted; directions given for Receivers' Application.
Legal Topics
Adjournment on Medical Grounds, Ex Parte Receivership Orders, Non Party Costs Orders, Disclosure of Litigation Funding, Variation of Receivership Orders, Comity Between Courts
Civil Procedure Commercial Law Insolvency Enforcement of Judgments Adjournment on Medical Grounds Ex Parte Receivership Orders Non Party Costs Orders Disclosure of Litigation Funding +2 more

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Summary, issues, holding and outcome

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Parties

Deutsche Bank AG

Claimant

Sebastian Holdings Inc

First Defendant

Alexander Vik

Second Defendant (for Costs Purposes Only)

Receivers of certain assets of the First Defendant (Shane Crooks and Malcolm Cohen of BDO LLP)

Receivers (appointed by Order of Popplewell J Dated 17 February 2017)

Procedural Posture

Commercial Court Proceedings (post Judgment Enforcement) / Multiple Post Judgment Applications: Adjournment, Challenge to Receivership, Funding Disclosure, Variation of Receivership Order

Legal Issues

  1. 1 Whether the hearing of the Challenge to the Receivership Order should be adjourned on medical grounds
  2. 2 Whether the Receivership Order should be set aside or stayed for material non-disclosure or on the basis of the 2012 Agreement
  3. 3 Whether SHI should be ordered to disclose the identity of funders of the Challenge for potential non-party costs order

Ratio Decidendi

The adjournment was refused because the illness of Mr Olav did not materially affect SHI's ability to participate, as SHI was a corporate litigant represented by solicitors and Mr Johansson had authority to instruct. The Challenge to the Receivership Order was dismissed because there was no material non-disclosure and the 2012 Agreement had been disclosed; the duty of disclosure did not extend to anticipating every possible third-party claim. The Funding Application was granted as there was a properly arguable case for a non-party costs order and uncertainty as to the funder. The Receivers' Application was adjourned for directions pending the outcome of related proceedings in the TCI.

Court Disposition

Adjournment Application and Challenge dismissed; Funding Application granted; directions given for Receivers' Application.

Orders

  • Adjournment Application dismissed with costs against SHI in favour of Deutsche Bank and the Receivers.
  • Challenge to Receivership Order dismissed with costs against SHI.