Credit Suisse AG v Burgundy Sea Ltd & Ors

Credit Suisse AG v Burgundy Sea Ltd & Ors

The defendants admitted the factual basis for Events of Default and failed to advance any substantive defence. The claimant was entitled to accelerate the loan and enforce the guarantee. There was no real prospect of the defendants successfully defending the claim, nor any compelling reason for a trial.

Parties
Claimant: Credit Suisse AG; Defendant: Burgundy Sea Ltd; Defendant: Premium Big Continental Inc; Defendant: HRH Prince Fahad bin Sultan bin Abdulaziz al Saud
Jurisdiction
England and Wales
Judgment Date
05 April 2023
Procedural Posture
Commercial / Summary Judgment Application
Outcome
Summary judgment granted for the claimant
Legal Topics
Loan Acceleration, Guarantee Enforcement, Summary Judgment, Events of Default
Banking and Finance Contract Law Loan Acceleration Guarantee Enforcement Summary Judgment Events of Default

Case Brief

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Parties

Credit Suisse AG

Claimant

Burgundy Sea Ltd

Defendant

Premium Big Continental Inc

Defendant

HRH Prince Fahad bin Sultan bin Abdulaziz al Saud

Defendant

Procedural Posture

Commercial / Summary Judgment Application

Legal Issues

  1. 1 Whether the claimant is entitled to summary judgment for outstanding sums under a loan agreement and guarantee
  2. 2 Whether the defendants committed Events of Default under the loan agreement
  3. 3 Whether the claimant validly accelerated the loan and made a valid call under the guarantee

Ratio Decidendi

The defendants admitted the factual basis for Events of Default and failed to advance any substantive defence. The claimant was entitled to accelerate the loan and enforce the guarantee. There was no real prospect of the defendants successfully defending the claim, nor any compelling reason for a trial.

Court Disposition

Summary judgment granted for the claimant

Orders

  • Judgment for the claimant for €37,298,762.37, US$7,367.57, and £128,860.18
  • Compound interest on outstanding sums at the contractual rate of 4% with daily rests