Ripple Markets APAC PTE Ltd v P Dot Money Ltd & Anor [2024] EWHC 156 (Comm) (30 January 2024)

Ripple Markets APAC PTE Ltd v P Dot Money Ltd & Anor [2024] EWHC 156 (Comm) (30 January 2024)

A stay of execution is granted pending the set aside application because the defendants did not have notice of the proceedings before default judgment, applied promptly to set aside, and have at least a real prospect of a defence. However, the stay is conditional: the first defendant must pay the judgment amount into court or provide acceptable security within 14 days, and must provide an affidavit of assets. The stay is also granted as regards the second defendant, as there is likely to be a defence with a real prospect of success.

Citation
[2024] EWHC 156 (Comm)
Parties
Claimant: Ripple Markets APAC Pte. Ltd.; First Defendant: P Dot Money Limited (formerly TAASAI FS LTD); Second Defendant: Mr Michael Nyananyo
Jurisdiction
England and Wales
Judgment Date
30 January 2024
Procedural Posture
Commercial Court Application (stay of Execution Pending Set Aside of Default Judgment) / Interlocutory Application for Stay of Execution Pending Set Aside Application
Outcome
Stay of execution granted pending set aside application, subject to conditions.
Legal Topics
Stay of Execution, Default Judgment, Set Aside Application, Security for Judgment, Enforcement of Judgments, Implied Terms, Director's Liability
Civil Procedure Commercial Law Stay of Execution Default Judgment Set Aside Application Security for Judgment Enforcement of Judgments Implied Terms +1 more

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Parties

Ripple Markets APAC Pte. Ltd.

Claimant

P Dot Money Limited (formerly TAASAI FS LTD)

First Defendant

Mr Michael Nyananyo

Second Defendant

Procedural Posture

Commercial Court Application (stay of Execution Pending Set Aside of Default Judgment) / Interlocutory Application for Stay of Execution Pending Set Aside Application

Legal Issues

  1. 1 Whether a stay of execution of default judgments should be granted pending determination of an application to set aside those judgments
  2. 2 Whether the defendants have shown inability to pay or special circumstances under CPR 83.7
  3. 3 Whether conditions (such as payment into court or security) should be imposed for any stay granted

Ratio Decidendi

A stay of execution is granted pending the set aside application because the defendants did not have notice of the proceedings before default judgment, applied promptly to set aside, and have at least a real prospect of a defence. However, the stay is conditional: the first defendant must pay the judgment amount into court or provide acceptable security within 14 days, and must provide an affidavit of assets. The stay is also granted as regards the second defendant, as there is likely to be a defence with a real prospect of success.

Court Disposition

Stay of execution granted pending set aside application, subject to conditions.

Orders

  • Stay of execution of the judgment against the first defendant (P Dot Money Limited) pending the hearing of the set aside application, conditional on payment into court or provision of security within 14 days and provision of an affidavit of assets.
  • Stay of execution as regards the second defendant (Mr Michael Nyananyo) pending the set aside application.