El Ajou v Stern & Ors [2006] EWHC 3067 (Ch) (01 December 2006)

El Ajou v Stern & Ors [2006] EWHC 3067 (Ch) (01 December 2006)

The existence of the IVA constitutes a special circumstance rendering it unjust to enforce the order for interest against Mr Stern while the IVA subsists; the stay of execution is granted to preserve the collective enforcement regime agreed by the creditors.

Citation
[2006] EWHC 3067 (Ch)
Parties
Claimant: Abdul Ghani El Ajou; First Defendant: William George Stern; Second Defendant: Dollarland (Manhattan) Limited; Third Defendant: Remile Limited; Fourth Defendant: Ilot 68 Developments Limited; Fifth Defendant: Channel Hotels and Properties Limited
Jurisdiction
England and Wales
Judgment Date
01 December 2006
Procedural Posture
Application for Stay of Execution and Declaratory Relief / Post Judgment, Enforcement Phase
Outcome
Stay of execution granted
Legal Topics
Individual Voluntary Arrangement (iva), Stay of Execution, Interest on Judgment Debt, Bankruptcy, Enforcement of Judgments
Insolvency Contract Civil Procedure Individual Voluntary Arrangement (iva) Stay of Execution Interest on Judgment Debt Bankruptcy Enforcement of Judgments

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Parties

Abdul Ghani El Ajou

Claimant

William George Stern

First Defendant

Dollarland (Manhattan) Limited

Second Defendant

Remile Limited

Third Defendant

Ilot 68 Developments Limited

Fourth Defendant

Channel Hotels and Properties Limited

Fifth Defendant

Procedural Posture

Application for Stay of Execution and Declaratory Relief / Post Judgment, Enforcement Phase

Legal Issues

  1. 1 Whether enforcement of judgment interest against Mr Stern is barred by the IVA
  2. 2 Whether the award of interest is provable in the IVA
  3. 3 Whether special circumstances justify a stay of execution under RSC Order 47 Rule 1

Ratio Decidendi

The existence of the IVA constitutes a special circumstance rendering it unjust to enforce the order for interest against Mr Stern while the IVA subsists; the stay of execution is granted to preserve the collective enforcement regime agreed by the creditors.

Court Disposition

Stay of execution granted

Orders

  • Execution of the order for payment of interest (€873,671) against Mr Stern is stayed while the IVA subsists
  • Mr El Ajou is bound by the terms of the IVA regarding enforcement of interest