Slocom Trading Ltd & Anor v Tatik Inc & Ors

Slocom Trading Ltd & Anor v Tatik Inc & Ors

The Derbent-Tatik Loan Agreement and related assignments are valid and enforceable; not a sham; not voidable under section 423 as consideration existed and no substantial purpose to prejudice creditors; Tatik is liable to Slocom in debt and damages; Sibir and Maritime liable for inducing breach; sale of Villa not impeachable under section 423; Villa is subject to equitable mortgage in favour of Slocom.

Parties
Claimant/part 20 Defendant: Slocom Trading Limited; Claimant/part 20 Defendant: Derbent Management Limited; Defendant/part 20 Claimant: Tatik Inc; Defendant/part 20 Claimant: Sibir Energy plc; Defendant/part 20 Claimant: Maritime Villa Holdings SCI
Jurisdiction
England and Wales
Judgment Date
04 December 2012
Procedural Posture
Commercial Civil Dispute / Final Judgment After Trial
Outcome
Judgment for Claimants (Slocom and Derbent) against Defendants (Tatik, Sibir, Maritime)
Legal Topics
Sham Transactions, Section 423 Insolvency Act, Contractual Estoppel, Assignment of Debt, Inducement of Breach of Contract, Equitable Mortgage
Contract Law Insolvency Law Trusts and Equity Tort Law Sham Transactions Section 423 Insolvency Act Contractual Estoppel Assignment of Debt +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 5 Authorities cited 23 Party arguments 2 Amounts and remedies 6
Sign in to unlock

Parties

Slocom Trading Limited

Claimant/part 20 Defendant

Derbent Management Limited

Claimant/part 20 Defendant

Tatik Inc

Defendant/part 20 Claimant

Sibir Energy plc

Defendant/part 20 Claimant

Maritime Villa Holdings SCI

Defendant/part 20 Claimant

Procedural Posture

Commercial Civil Dispute / Final Judgment After Trial

Legal Issues

  1. 1 Whether the Derbent-Tatik Loan Agreement is a sham
  2. 2 Whether the Derbent-Tatik Loan Agreement and assignments are voidable under section 423
  3. 3 Effect and enforceability of the Derbent-Tatik Loan Agreement

Ratio Decidendi

The Derbent-Tatik Loan Agreement and related assignments are valid and enforceable; not a sham; not voidable under section 423 as consideration existed and no substantial purpose to prejudice creditors; Tatik is liable to Slocom in debt and damages; Sibir and Maritime liable for inducing breach; sale of Villa not impeachable under section 423; Villa is subject to equitable mortgage in favour of Slocom.

Court Disposition

Judgment for Claimants (Slocom and Derbent) against Defendants (Tatik, Sibir, Maritime)

Orders

  • Declaration that Derbent-Tatik Loan Agreement and Second Tatik Stock Pledge are valid and effective
  • Tatik liable to Slocom in debt under Derbent-Tatik Loan Agreement