Ripple Markets Apac Pte Ltd v P Dot Money Limited & Anor

Ripple Markets Apac Pte Ltd v P Dot Money Limited & Anor

A stay of execution of the default judgments is granted pending the hearing of the set aside application because the defendants did not receive notice of the proceedings before judgment, applied promptly to set aside, and have at least a real prospect of defending the claim. However, the stay is conditional: the first defendant must pay the judgment sum into court or provide acceptable security within 14 days, or apply with full evidence if unable to do so, and must provide an affidavit of assets. As to the second defendant, a stay is granted as there is likely a defence with a real prospect of success.

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
11 October 2024
Procedural Posture
Commercial Claim (money Judgment) / Application for Stay of Execution of Default Judgment Pending Determination of Set Aside Application
Outcome
Stay of execution granted on terms
Legal Topics
Stay of Execution, Default Judgment, Set Aside Application, Security for Judgment, Implied Terms, Director's Liability, No Set Off Clauses
Civil Procedure Commercial Law Contract Law Stay of Execution Default Judgment Set Aside Application Security for Judgment Implied Terms +2 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 Claim (money Judgment) / Application for Stay of Execution of Default Judgment Pending Determination of 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 the judgments
  2. 2 Whether the defendants have shown inability to pay or special circumstances under CPR 83.7
  3. 3 Whether conditions should be imposed on any stay granted

Ratio Decidendi

A stay of execution of the default judgments is granted pending the hearing of the set aside application because the defendants did not receive notice of the proceedings before judgment, applied promptly to set aside, and have at least a real prospect of defending the claim. However, the stay is conditional: the first defendant must pay the judgment sum into court or provide acceptable security within 14 days, or apply with full evidence if unable to do so, and must provide an affidavit of assets. As to the second defendant, a stay is granted as there is likely a defence with a real prospect of success.

Court Disposition

Stay of execution granted on terms

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, or application with full evidence if unable to comply.
  • First defendant to provide an affidavit of assets within 14 days.