TMF Trustee Ltd & Ors v Fire Navigation Inc & Ors Re 'Megacore Honami'

TMF Trustee Ltd & Ors v Fire Navigation Inc & Ors Re 'Megacore Honami'

The balance of convenience overwhelmingly favours the claimants having interim possession of the vessel. The claimants have shown a high degree of assurance as to their prospects on the merits, and the allegations of unclean hands and failure of full and frank disclosure are not made out. Refusing relief would risk grave injustice to the claimants if they ultimately prevail.

Parties
Claimant: TMF Trustee Limited; Claimant: TMF Global Services (UK) Limited; Claimant: Burlington Loan Management DAC; Claimant: Bank of America, N.A.; 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
16 October 2018
Procedural Posture
Commercial / Interim Application for Possession Pending Final Determination
Outcome
Interim relief for possession of the vessel confirmed; application to set aside or discharge ex parte order dismissed.
Legal Topics
Mortgagee's Right to Possession, Interim Mandatory Relief, Clean Hands Doctrine, Full and Frank Disclosure, Sale Pendente Lite, Security for Costs
Banking and Finance Admiralty Commercial Law Mortgagee's Right to Possession Interim Mandatory Relief Clean Hands Doctrine Full and Frank Disclosure Sale Pendente Lite +1 more

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Parties

TMF Trustee Limited

Claimant

TMF Global Services (UK) Limited

Claimant

Burlington Loan Management DAC

Claimant

Bank of America, N.A.

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 / Interim Application for Possession Pending Final Determination

Legal Issues

  1. 1 Whether the claimants are entitled to interim possession of the vessel Megacore Honami
  2. 2 Whether the claimants acted with unclean hands or failed in full and frank disclosure on the ex parte application
  3. 3 Whether the balance of convenience favours granting interim mandatory relief

Ratio Decidendi

The balance of convenience overwhelmingly favours the claimants having interim possession of the vessel. The claimants have shown a high degree of assurance as to their prospects on the merits, and the allegations of unclean hands and failure of full and frank disclosure are not made out. Refusing relief would risk grave injustice to the claimants if they ultimately prevail.

Court Disposition

Interim relief for possession of the vessel confirmed; application to set aside or discharge ex parte order dismissed.

Orders

  • Order of 25 September discharged.
  • First defendant's application to set aside or discharge the order of 22 September dismissed.