The Law Debenture Trust Corporation Plc v Concord Trust & Ors

The Law Debenture Trust Corporation Plc v Concord Trust & Ors

The Miami proceedings are vexatious and oppressive because they are bound to fail, constitute collateral attacks on prior English court judgments, and breach the contractual prohibition on individual enforcement by bondholders. The claims disclose no arguable cause of action or recoverable loss, and the anti-suit injunctions should be continued.

Parties
Claimant: The Law Debenture Trust Corporation PLC; Defendant: Concord Trust; Defendant: Acciona SA; Defendant: Elektrim SA (in bankruptcy); Defendant: Vivendi Holding 1 Corp
Jurisdiction
England and Wales
Judgment Date
12 October 2007
Procedural Posture
Anti Suit Injunction and Part 8 Proceedings / Interlocutory Application to Continue Injunctions
Outcome
Anti-suit injunctions continued until trial or further order.
Legal Topics
Anti Suit Injunctions, Trustee Duties, Bondholder Rights, Contractual Enforcement, Fraudulent Misrepresentation
Commercial Law Trusts Bankruptcy Contract Law Anti Suit Injunctions Trustee Duties Bondholder Rights Contractual Enforcement +1 more

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Parties

The Law Debenture Trust Corporation PLC

Claimant

Concord Trust

Defendant

Acciona SA

Defendant

Elektrim SA (in bankruptcy)

Defendant

Vivendi Holding 1 Corp

Defendant

Procedural Posture

Anti Suit Injunction and Part 8 Proceedings / Interlocutory Application to Continue Injunctions

Legal Issues

  1. 1 Whether the Miami proceedings are vexatious or oppressive and should be restrained by anti-suit injunction
  2. 2 Whether claims against the Trustee and Elektrim breach the contractual prohibition on individual enforcement
  3. 3 Whether the claims disclose any arguable cause of action or recoverable loss

Ratio Decidendi

The Miami proceedings are vexatious and oppressive because they are bound to fail, constitute collateral attacks on prior English court judgments, and breach the contractual prohibition on individual enforcement by bondholders. The claims disclose no arguable cause of action or recoverable loss, and the anti-suit injunctions should be continued.

Court Disposition

Anti-suit injunctions continued until trial or further order.

Orders

  • Both anti-suit injunctions against Vivendi Holdings 1 Corp are continued.
  • No applications for final orders have been made under Part 24; applications are not treated as trial of the actions.