The Law Debenture Trust Corporation Plc v Concord Trust & Ors [2007] EWHC 2255 (Ch) (12 October 2007)

The Law Debenture Trust Corporation Plc v Concord Trust & Ors [2007] EWHC 2255 (Ch) (12 October 2007)

The Miami proceedings are vexatious and/or in breach of the Trust Deed and bond conditions, as they seek to enforce rights under the bonds that are contractually reserved to the Trustee and have already been adjudicated in English proceedings. The claims disclose no arguable cause of action and amount to a collateral attack on binding English court decisions. The anti-suit injunctions should be continued.

Citation
[2007] EWHC 2255 (Ch)
Parties
Claimant: The Law Debenture Trust Corporation plc; Defendant: Concord Trust; Defendant: Acciona SA; Defendant/claimant: Elektrim SA (in bankruptcy); Defendant: Vivendi Holdings 1 Corp
Jurisdiction
England and Wales
Judgment Date
12 October 2007
Procedural Posture
Chancery Division Proceedings (including Part 8 and Anti Suit Injunction Applications) / Hearing of Applications to Continue Anti Suit Injunctions
Outcome
Anti-suit injunctions continued against VH1 in respect of claims against the Trustee and Elektrim until trial or further order.
Legal Topics
Anti Suit Injunctions, Bondholder Rights, Trustee Duties, Enforcement of Trust Deed, Jurisdiction, Fraudulent Misrepresentation, Collateral Attack on English Judgments
Trusts and Equity Banking and Finance Insolvency Conflict of Laws Anti Suit Injunctions Bondholder Rights Trustee Duties Enforcement of Trust Deed +3 more

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Parties

The Law Debenture Trust Corporation plc

Claimant

Concord Trust

Defendant

Acciona SA

Defendant

Elektrim SA (in bankruptcy)

Defendant/claimant

Vivendi Holdings 1 Corp

Defendant

Procedural Posture

Chancery Division Proceedings (including Part 8 and Anti Suit Injunction Applications) / Hearing of Applications to Continue Anti Suit Injunctions

Legal Issues

  1. 1 Whether anti-suit injunctions restraining Miami proceedings should be continued against VH1 in respect of claims against the Trustee and Elektrim
  2. 2 Whether the Miami proceedings are vexatious or oppressive or in breach of the Trust Deed and bond conditions
  3. 3 Whether the claims in Miami constitute a collateral attack on prior English court decisions

Ratio Decidendi

The Miami proceedings are vexatious and/or in breach of the Trust Deed and bond conditions, as they seek to enforce rights under the bonds that are contractually reserved to the Trustee and have already been adjudicated in English proceedings. The claims disclose no arguable cause of action and amount to a collateral attack on binding English court decisions. The anti-suit injunctions should be continued.

Court Disposition

Anti-suit injunctions continued against VH1 in respect of claims against the Trustee and Elektrim until trial or further order.

Orders

  • Continuation of anti-suit injunction restraining VH1 from pursuing Miami proceedings against the Trustee.
  • Continuation of anti-suit injunction restraining VH1 from pursuing Miami proceedings against Elektrim.