HDR Global Trading Ltd v Shulev & Anor [2022] EWHC 1685 (Comm) (01 July 2022)

HDR Global Trading Ltd v Shulev & Anor [2022] EWHC 1685 (Comm) (01 July 2022)

The Settlement Agreement is valid and binding. Clause 3 is sufficiently certain to be enforceable and requires Mr Shulev to transfer all requested assets to Nexo before he becomes entitled to the first instalment. Mr Shulev has not yet complied with this obligation, so Nexo is not in breach for non-payment. Clause 4 imposes a freestanding obligation on both parties to notify HDR that the account is to be released to Nexo and that Mr Shulev waives any rights to it. Issues regarding the validity of the Confidentiality and Release of Claims Agreements cannot be resolved without further evidence and are left open.

Citation
[2022] EWHC 1685 (Comm)
Parties
Claimant: HDR Global Trading Limited; First Defendant: Georgi Shulev; Second Defendant: Nexo Capital Inc
Jurisdiction
England and Wales
Judgment Date
01 July 2022
Procedural Posture
Stakeholder Proceedings Under CPR Part 86 / Judgment After Hearing on Enforceability and Performance of Settlement Agreement
Outcome
Settlement Agreement held valid and binding; Mr Shulev not yet entitled to first instalment; parties jointly obliged to notify HDR to release account to Nexo.
Legal Topics
Settlement Agreements, Duress and Misrepresentation, Enforceability of Contracts, Cryptocurrency Disputes, Stakeholder Proceedings
Commercial Law Contract Law Cryptocurrency Law Settlement Agreements Duress and Misrepresentation Enforceability of Contracts Cryptocurrency Disputes Stakeholder Proceedings

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Parties

HDR Global Trading Limited

Claimant

Georgi Shulev

First Defendant

Nexo Capital Inc

Second Defendant

Procedural Posture

Stakeholder Proceedings Under CPR Part 86 / Judgment After Hearing on Enforceability and Performance of Settlement Agreement

Legal Issues

  1. 1 Whether the Settlement Agreement between Mr Shulev and Nexo is valid and enforceable
  2. 2 Whether clauses 3, 4, 8, and 11 of the Settlement Agreement are sufficiently certain and have been complied with
  3. 3 Whether Mr Shulev is entitled to the first instalment under the Settlement Agreement

Ratio Decidendi

The Settlement Agreement is valid and binding. Clause 3 is sufficiently certain to be enforceable and requires Mr Shulev to transfer all requested assets to Nexo before he becomes entitled to the first instalment. Mr Shulev has not yet complied with this obligation, so Nexo is not in breach for non-payment. Clause 4 imposes a freestanding obligation on both parties to notify HDR that the account is to be released to Nexo and that Mr Shulev waives any rights to it. Issues regarding the validity of the Confidentiality and Release of Claims Agreements cannot be resolved without further evidence and are left open.

Court Disposition

Settlement Agreement held valid and binding; Mr Shulev not yet entitled to first instalment; parties jointly obliged to notify HDR to release account to Nexo.

Orders

  • Mr Shulev and Nexo are jointly obliged to inform HDR that the account will be released to Nexo and that Mr Shulev waives any rights and claims to it.
  • If Mr Shulev remains reluctant to sign the joint letter, the court may direct HDR to transfer the account balance to an address specified by Nexo.