Isis Investments Ltd v Oscatello Investments Ltd & Ors

Isis Investments Ltd v Oscatello Investments Ltd & Ors

The proposed amendments by Isis disclose a case with a realistic prospect of success and are not precluded by the compromise agreement, as the claims now advanced are based on different facts and matters than those pleaded in the settled proceedings. The amendments are allowed, subject to a condition regarding the PPL proof, and the seventh defendant may remain a party.

Parties
Claimant: Isis Investments Limited; Defendant/part 20 Claimant: Oscatello Investments Limited; Defendant/part 20 Claimant: Kaupthing Bank hf; Defendant/part 20 Defendant: Elfar Adalsteinsson (as a representative party)
Jurisdiction
England and Wales
Judgment Date
23 March 2012
Procedural Posture
Civil (company/commercial) / Application to Amend Particulars of Claim; Opposed Amendment; Interlocutory Hearing
Outcome
Application to amend particulars of claim allowed, subject to condition; seventh defendant to remain a party.
Legal Topics
Amendment of Pleadings, Summary Judgment, Validity of Contract, Unlawful Return of Capital, Breach of Fiduciary Duty, Illegality, Compromise Agreement, Representative Parties
Company Law Insolvency Contract Law Amendment of Pleadings Summary Judgment Validity of Contract Unlawful Return of Capital Breach of Fiduciary Duty +3 more

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Parties

Isis Investments Limited

Claimant

Oscatello Investments Limited

Defendant/part 20 Claimant

Kaupthing Bank hf

Defendant/part 20 Claimant

Elfar Adalsteinsson (as a representative party)

Defendant/part 20 Defendant

Procedural Posture

Civil (company/commercial) / Application to Amend Particulars of Claim; Opposed Amendment; Interlocutory Hearing

Legal Issues

  1. 1 Whether Isis Investments Limited should be granted permission to amend its particulars of claim to challenge the validity of the Framework Agreement, including clause 6
  2. 2 Whether the proposed amendments disclose a case with a realistic prospect of success
  3. 3 Whether the compromise agreement in the related '600 claim' precludes the proposed amendments

Ratio Decidendi

The proposed amendments by Isis disclose a case with a realistic prospect of success and are not precluded by the compromise agreement, as the claims now advanced are based on different facts and matters than those pleaded in the settled proceedings. The amendments are allowed, subject to a condition regarding the PPL proof, and the seventh defendant may remain a party.

Court Disposition

Application to amend particulars of claim allowed, subject to condition; seventh defendant to remain a party.

Orders

  • Isis permitted to amend its particulars of claim, subject to the condition regarding the PPL proof in Eliza's liquidation.
  • Seventh defendant (Elfar Adalsteinsson) to remain a party.