Ashborder BV & Ors v Green Gas Power Ltd. & Ors [2004] EWHC 1517 (Ch) (29 June 2004)

Ashborder BV & Ors v Green Gas Power Ltd. & Ors [2004] EWHC 1517 (Ch) (29 June 2004)

The Debentures, construed with the Facility Agreement, created floating charges over the Licences and OGL Shares, not fixed charges. The transfers of interests in the Licences and OGL Shares were permitted as disposals in the ordinary course of business or with consent, and are valid. Claimants are not entitled to recover the assets. The issue of damages for wrongful interference with the Drilling Rig and Equipment is adjourned.

Citation
[2004] EWHC 1517 (Ch)
Parties
Claimants: Ashborder BV & Ors; Defendants: Green Gas Power Ltd & Ors
Jurisdiction
England and Wales
Judgment Date
29 June 2004
Procedural Posture
Chancery Division Civil Claim / Judgment After Early Trial
Outcome
Claim dismissed; counterclaim for repayment dismissed; declaration as to validity of assignments granted; issue of damages for wrongful interference adjourned.
Legal Topics
Fixed and Floating Charges, Security Interests, Assignment of Licences, Ordinary Course of Business, Estoppel, Wrongful Interference With Property
Commercial Law Insolvency Law Property Law Contract Law Fixed and Floating Charges Security Interests Assignment of Licences Ordinary Course of Business +2 more

Case Brief

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Parties

Ashborder BV & Ors

Claimants

Green Gas Power Ltd & Ors

Defendants

Procedural Posture

Chancery Division Civil Claim / Judgment After Early Trial

Legal Issues

  1. 1 Whether the Debentures created fixed or floating charges over the Licences and OGL Shares
  2. 2 Whether the transfers of interests in Licences and OGL Shares were permitted under the Security Documents
  3. 3 Whether Claimants are estopped from challenging the assignments

Ratio Decidendi

The Debentures, construed with the Facility Agreement, created floating charges over the Licences and OGL Shares, not fixed charges. The transfers of interests in the Licences and OGL Shares were permitted as disposals in the ordinary course of business or with consent, and are valid. Claimants are not entitled to recover the assets. The issue of damages for wrongful interference with the Drilling Rig and Equipment is adjourned.

Court Disposition

Claim dismissed; counterclaim for repayment dismissed; declaration as to validity of assignments granted; issue of damages for wrongful interference adjourned.

Orders

  • Declarations that the transfers of interests in Licences and OGL Shares are valid and binding
  • Claimants not entitled to recover assets