Cukurova Finance International Ltd & Anor, R (on the application of) v HM Treasury & Anor

Cukurova Finance International Ltd & Anor, R (on the application of) v HM Treasury & Anor

The application for permission to apply for judicial review was refused because it was not brought promptly or within three months of the grounds arising, and there were no sufficient reasons to extend time. The merits of the challenge to the vires of the Regulations were not so strong as to justify an extension,...

Source-derived case information.

Parties
Claimant: Cukurova Finance International Limited; Claimant: Cukurova Holding A. S.; Defendant: H. M. Treasury; Interested Party: Alfa Telecom Turkey Limited
Jurisdiction
England and Wales
Judgment Date
29 September 2008
Procedural Posture
Judicial Review / Permission Application
Outcome
Permission refused
Legal Topics
Judicial Review, Ultra Vires Challenge, Implementation of EU Directives, Financial Collateral Arrangements, Extension of Time for Judicial Review
Administrative Law European Union Law Financial Regulation Judicial Review Ultra Vires Challenge Implementation of EU Directives Financial Collateral Arrangements Extension of Time for Judicial Review

Source-derived case record

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 20 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Parties

Cukurova Finance International Limited

Claimant

Cukurova Holding A. S.

Claimant

H. M. Treasury

Defendant

Alfa Telecom Turkey Limited

Interested Party

Procedural Posture

Judicial Review / Permission Application

Legal Issues

  1. 1 Whether the Financial Collateral Arrangements Regulations 2003 were made ultra vires section 2(2)(b) of the European Communities Act 1972
  2. 2 Whether the application for judicial review was brought in time or whether time should be extended
  3. 3 Whether the extension of the personal scope of the Directive by the Regulations was lawful

Ratio Decidendi

The application for permission to apply for judicial review was refused because it was not brought promptly or within three months of the grounds arising, and there were no sufficient reasons to extend time. The merits of the challenge to the vires of the Regulations were not so strong as to justify an extension, and the importance of finality in commercial transactions and the reliance on the Regulations over several years outweighed the public interest in determining the vires issue.

Court Disposition

Permission refused

Orders

  • Permission to apply for judicial review refused
  • Cukurova to pay the costs of both the Treasury and Alfa