Winterbrook Global Opportunities Fund v NB Finance Ltd & Ors

Winterbrook Global Opportunities Fund v NB Finance Ltd & Ors

The Oak Loan was never transferred to Novo Banco as a matter of Portuguese law, and thus any default in relation to the Oak Loan cannot be attributed to Novo Banco. Consequently, no Event of Default under the Notes has occurred that could trigger acceleration or enforcement by Winterbrook.

Parties
Claimant: Winterbrook Global Opportunities Fund; First Defendant: NB Finance Limited; Second Defendant: Novo Banco, S. A.; Third Defendant: The Bank of New York Mellon
Jurisdiction
England and Wales
Judgment Date
01 April 2019
Procedural Posture
Civil (financial List) / Application for Strike Out And/or Summary Judgment
Outcome
Claim struck out; summary judgment for Defendants
Legal Topics
Events of Default, Debt Securities, Guarantee Interpretation, Jurisdiction of English Courts, Recognition of Foreign Administrative Decisions
Banking Law Financial Services Contract Law Events of Default Debt Securities Guarantee Interpretation Jurisdiction of English Courts Recognition of Foreign Administrative Decisions

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 3 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

Winterbrook Global Opportunities Fund

Claimant

NB Finance Limited

First Defendant

Novo Banco, S. A.

Second Defendant

The Bank of New York Mellon

Third Defendant

Procedural Posture

Civil (financial List) / Application for Strike Out And/or Summary Judgment

Legal Issues

  1. 1 Whether failure to honour the Oak Loan can be attributed to Novo Banco for the purposes of triggering Events of Default under the Notes
  2. 2 Whether an Event of Default has occurred under the Notes as claimed by Winterbrook
  3. 3 Effect of Portuguese administrative decisions on the obligations under the Notes

Ratio Decidendi

The Oak Loan was never transferred to Novo Banco as a matter of Portuguese law, and thus any default in relation to the Oak Loan cannot be attributed to Novo Banco. Consequently, no Event of Default under the Notes has occurred that could trigger acceleration or enforcement by Winterbrook.

Court Disposition

Claim struck out; summary judgment for Defendants

Orders

  • Winterbrook's application to amend is dismissed
  • NB Finance's and Novo Banco's application to strike out and/or for summary judgment is granted