TMF Trustee Ltd & Ors v Fire Navigation Inc & Ors

TMF Trustee Ltd & Ors v Fire Navigation Inc & Ors

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.

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 Claim / Summary Judgment Application
Outcome
application for summary judgment dismissed
Legal Topics
Loan Agreement, Repudiatory Breach, Prevention Principle, No Set Off Clause, Default Interest
Contract Law Banking and Finance Loan Agreement Repudiatory Breach Prevention Principle No Set Off Clause Default Interest

Case Brief

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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

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 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 the Borrowers' failure to repay
  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.

Court Disposition

application for summary judgment dismissed