Edgeworth Capital Luxembourg SARL & Anor v Maud [2015] EWHC 3464 (Comm) (30 November 2015)

Edgeworth Capital Luxembourg SARL & Anor v Maud [2015] EWHC 3464 (Comm) (30 November 2015)

Article 97.2 of the Spanish Act on Insolvency does not operate to extinguish a guarantee granted by a third party such as the Defendant. The Guarantee, governed by English law, remains enforceable and the Claimants are entitled to judgment.

Citation
[2015] EWHC 3464 (Comm)
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 Claim (enforcement of Guarantee) / Trial Judgment
Outcome
Judgment for the Claimants
Legal Topics
Guarantees, Third Party Guarantees, Cross Border Insolvency, Subordination of Claims, Jurisdiction, Indemnity
Commercial Law Insolvency Law Conflict of Laws Guarantees Third Party Guarantees Cross Border Insolvency Subordination of Claims Jurisdiction +1 more

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Parties

Edgeworth Capital Luxembourg SARL

Claimant

Aabar Block SARL

Claimant

Glenn Maud

Defendant

Procedural Posture

Commercial Claim (enforcement of Guarantee) / 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 governed by English law discharged by Spanish insolvency proceedings?
  3. 3 Does submission to Spanish insolvency proceedings affect the enforceability of the Guarantee under English law?

Ratio Decidendi

Article 97.2 of the Spanish Act on Insolvency does not operate to extinguish a guarantee granted by a third party such as the Defendant. The Guarantee, governed by English law, remains enforceable and the Claimants are entitled to judgment.

Court Disposition

Judgment for the Claimants

Orders

  • Defendant is liable under the Guarantee for €40,000,000.