Piraeus Financial Holdings SA v Grand Anemi & Ors

Piraeus Financial Holdings SA v Grand Anemi & Ors

The Defendants are liable as principal debtors for the outstanding loan and interest under the Loan Agreement and Indemnities. The Claimant has standing to sue as assignee of the debt. The claims are not time-barred under the applicable laws. Grandunion Inc can be sued post-dissolution under Marshall Islands law. Judgment is entered for the Claimant for the full amount claimed.

Parties
Claimant: Piraeus Financial Holdings S.A.; Defendant: Grand Anemi; Defendant: Grandunion Inc; Defendant: Michail Zolotas
Jurisdiction
England and Wales
Judgment Date
17 February 2021
Procedural Posture
Commercial Debt Recovery / Final Judgment After Trial in Absence of Defendants
Outcome
Judgment for the Claimant against all Defendants for the full sum claimed.
Legal Topics
Loan Agreements, Guarantees and Indemnities, Assignment of Debt, Limitation of Actions, Corporate Dissolution, Jurisdiction and Governing Law
Commercial Law Banking Law Contract Law Loan Agreements Guarantees and Indemnities Assignment of Debt Limitation of Actions Corporate Dissolution +1 more

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Parties

Piraeus Financial Holdings S.A.

Claimant

Grand Anemi

Defendant

Grandunion Inc

Defendant

Michail Zolotas

Defendant

Procedural Posture

Commercial Debt Recovery / Final Judgment After Trial in Absence of Defendants

Legal Issues

  1. 1 Whether the Defendants are liable for repayment of the loan and interest under the Loan Agreement and Indemnities
  2. 2 Whether the Claimant has standing to sue following assignment of the debt
  3. 3 Whether the claims are time-barred under English and Greek law

Ratio Decidendi

The Defendants are liable as principal debtors for the outstanding loan and interest under the Loan Agreement and Indemnities. The Claimant has standing to sue as assignee of the debt. The claims are not time-barred under the applicable laws. Grandunion Inc can be sued post-dissolution under Marshall Islands law. Judgment is entered for the Claimant for the full amount claimed.

Court Disposition

Judgment for the Claimant against all Defendants for the full sum claimed.

Orders

  • Defendants to pay US$96,272,124.04 to the Claimant
  • Interest to accrue at the contractual rate until payment