TMF Trustee Ltd & Ors v Fire Navigation Inc & Ors [2019] EWHC 2918 (Comm) (01 November 2019)

TMF Trustee Ltd & Ors v Fire Navigation Inc & Ors [2019] EWHC 2918 (Comm) (01 November 2019)

On the assumed facts, the prevention principle provides the Borrowers with an arguable defence to repayment, and the No Set-Off Clause does not exclude this defence. Summary judgment is refused; the claim must proceed to trial.

Source-derived case information.

Citation
[2019] EWHC 2918 (Comm)
Parties
Claimant: TMF Trustee Limited; Claimant: TMF Global Services (UK) Limited; Claimant: Burlington Loan Management DAC; Claimant: Bank of America N. A; Claimant: Hawkes Vigo IV Corp; Defendant: Fire Navigation Inc; Defendant: Hurricane Navigation Inc; Defendant: OD Investment Ltd; Defendant: Oxygen Maritime Management Inc; Defendant: Igor Viatcheslavovich Kozin
Jurisdiction
England and Wales
Judgment Date
01 November 2019
Procedural Posture
Commercial Court Claim / Summary Judgment Application
Outcome
Summary judgment application dismissed; claim proceeds to trial.
Legal Topics
Loan Agreement, Repudiatory Breach, Prevention Principle, No Set Off Clause, Default Interest
Contract Law Banking and Finance Shipping Law Loan Agreement Repudiatory Breach Prevention Principle No Set Off Clause Default Interest

Source-derived case record

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 10 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

TMF Trustee Limited

Claimant

TMF Global Services (UK) Limited

Claimant

Burlington Loan Management DAC

Claimant

Bank of America N. A

Claimant

Hawkes Vigo IV Corp

Claimant

Fire Navigation Inc

Defendant

Hurricane Navigation Inc

Defendant

OD Investment Ltd

Defendant

Oxygen Maritime Management Inc

Defendant

Igor Viatcheslavovich Kozin

Defendant

Procedural Posture

Commercial Court Claim / Summary Judgment Application

Legal Issues

  1. 1 Whether summary judgment should be granted for repayment of loan and declarations of default
  2. 2 Whether the prevention principle excuses non-payment by the Borrowers
  3. 3 Whether the No Set-Off Clause excludes the prevention principle

Ratio Decidendi

On the assumed facts, the prevention principle provides the Borrowers with an arguable defence to repayment, and the No Set-Off Clause does not exclude this defence. Summary judgment is refused; the claim must proceed to trial.

Court Disposition

Summary judgment application dismissed; claim proceeds to trial.