Edgeworth Capital Luxembourg SARL & Anor v Maud

Edgeworth Capital Luxembourg SARL & Anor v Maud

Article 97.2 of the Spanish Act on Insolvency does not operate to extinguish a guarantee granted by a third party. The Guarantee remains enforceable against the Defendant under English law.

Parties
Claimant: Edgeworth Capital Luxembourg SARL; Claimant: Aabar Block SARL; Defendant: Glenn Maud
Jurisdiction
England and Wales
Judgment Date
30 November 2015
Procedural Posture
Commercial / Trial Judgment
Outcome
Judgment for the Claimants
Legal Topics
Guarantee Liability, Third Party Guarantees, Cross Border Insolvency, Interpretation of Foreign Law, Indemnity
Insolvency Contract Banking and Finance Guarantee Liability Third Party Guarantees Cross Border Insolvency Interpretation of Foreign Law Indemnity

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Parties

Edgeworth Capital Luxembourg SARL

Claimant

Aabar Block SARL

Claimant

Glenn Maud

Defendant

Procedural Posture

Commercial / Trial Judgment

Legal Issues

  1. 1 Does Article 97.2 of the Spanish Act on Insolvency extinguish a third party guarantee?
  2. 2 Is the Guarantee enforceable against the Defendant under English law despite Spanish insolvency proceedings?

Ratio Decidendi

Article 97.2 of the Spanish Act on Insolvency does not operate to extinguish a guarantee granted by a third party. The Guarantee remains enforceable against the Defendant under English law.

Court Disposition

Judgment for the Claimants

Orders

  • The Claimants are entitled to judgment on the Guarantee.