Business Mortgage Finance 6 Plc v Greencoat Investment Ltd & Ors [2019] EWHC 3900 (Ch) (11 July 2019)

Business Mortgage Finance 6 Plc v Greencoat Investment Ltd & Ors [2019] EWHC 3900 (Ch) (11 July 2019)

There is a serious issue to be tried as to whether GIL is a noteholder and whether it had power to appoint trustees, agents, or remove/appoint directors; damages would not be an adequate remedy for the claimant; the balance of convenience favours granting the injunction to preserve the status quo pending expedited trial.

Citation
[2019] EWHC 3900 (Ch)
Parties
Claimant: Business Mortgage Finance 6 PLC; Defendants: Greencoat Investment Limited & Others
Jurisdiction
England and Wales
Judgment Date
11 July 2019
Procedural Posture
Part 8 Claim (interim Application) / Application for Urgent Interim Relief and Expedition
Outcome
Interim injunction granted; trial to be expedited; application to join former directors dismissed.
Legal Topics
Securitisation, Trust Deeds, Noteholder Rights, Appointment of Trustees and Agents, Receivership, Interim Injunctions, Expedition of Trial
Commercial Law Insolvency Law Trusts Law Securitisation Trust Deeds Noteholder Rights Appointment of Trustees and Agents Receivership +2 more

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 3 Authorities cited 5 Party arguments 2 Amounts and remedies 3
Sign in to unlock

Parties

Business Mortgage Finance 6 PLC

Claimant

Greencoat Investment Limited & Others

Defendants

Procedural Posture

Part 8 Claim (interim Application) / Application for Urgent Interim Relief and Expedition

Legal Issues

  1. 1 Whether Greencoat Investment Limited (GIL) is a noteholder entitled to exercise rights under the securitisation documents
  2. 2 Validity of the appointment of co-trustees and agents by GIL
  3. 3 Validity of the removal and appointment of directors by the purported receiver

Ratio Decidendi

There is a serious issue to be tried as to whether GIL is a noteholder and whether it had power to appoint trustees, agents, or remove/appoint directors; damages would not be an adequate remedy for the claimant; the balance of convenience favours granting the injunction to preserve the status quo pending expedited trial.

Court Disposition

Interim injunction granted; trial to be expedited; application to join former directors dismissed.

Orders

  • Injunction restraining GHL and PLL from acting as note trustees or agent of BNY.
  • Injunction restraining GHL from acting as cash bond administrator or special servicer.