Piraeus Financial Holdings SA v Grand Anemi & Ors [2021] EWHC 327 (Comm) (17 February 2021)

Piraeus Financial Holdings SA v Grand Anemi & Ors [2021] EWHC 327 (Comm) (17 February 2021)

The Claimant is entitled to judgment for the full sum claimed. Grand Anemi is liable under the Loan Agreement for the outstanding principal and interest following default and demand. Grandunion Inc and Mr Zolotas are each liable as principal debtors under their respective indemnities, which are construed as primary obligations under English and Greek law. The assignment of rights from Cyprus Popular Bank to the Claimant was effective. Grandunion Inc remains suable under Marshall Islands law. The claims are not time-barred. No valid defence has been raised.

Citation
[2021] EWHC 327 (Comm)
Parties
Claimant: Piraeus Financial Holdings S.A.; First Defendant: Grand Anemi; Second Defendant: Grandunion Inc; Third Defendant: Michail Zolotas
Jurisdiction
England and Wales
Judgment Date
17 February 2021
Procedural Posture
Commercial Claim for Debt Recovery / Final Judgment After Trial; Defendants Not in Attendance
Outcome
Judgment for the Claimant for the full amount claimed against all Defendants, with interest and costs.
Legal Topics
Loan Agreements, Guarantees and Indemnities, Assignment of Contractual Rights, Limitation Periods, Corporate Dissolution and Litigation, Conflict of Laws
Banking and Finance Contract Law Private International Law Loan Agreements Guarantees and Indemnities Assignment of Contractual Rights Limitation Periods Corporate Dissolution and Litigation +1 more

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Parties

Piraeus Financial Holdings S.A.

Claimant

Grand Anemi

First Defendant

Grandunion Inc

Second Defendant

Michail Zolotas

Third Defendant

Procedural Posture

Commercial Claim for Debt Recovery / Final Judgment After Trial; Defendants Not in Attendance

Legal Issues

  1. 1 Whether the Claimant is entitled to recover the outstanding loan and interest from the Defendants under the Loan Agreement and indemnities
  2. 2 Whether Grandunion Inc can be sued despite dissolution under Marshall Islands law
  3. 3 Whether the assignment of the loan and indemnities to the Claimant was effective under Greek and Cypriot law

Ratio Decidendi

The Claimant is entitled to judgment for the full sum claimed. Grand Anemi is liable under the Loan Agreement for the outstanding principal and interest following default and demand. Grandunion Inc and Mr Zolotas are each liable as principal debtors under their respective indemnities, which are construed as primary obligations under English and Greek law. The assignment of rights from Cyprus Popular Bank to the Claimant was effective. Grandunion Inc remains suable under Marshall Islands law. The claims are not time-barred. No valid defence has been raised.

Court Disposition

Judgment for the Claimant for the full amount claimed against all Defendants, with interest and costs.

Orders

  • Defendants to pay US$96,272,124.04 to the Claimant.
  • Interest to accrue at the contractual rate until payment.