Treo Noal GP SARL & Ors v Kowski & Ors [2026] EWHC 487 (Comm) (26 February 2026)

Treo Noal GP SARL & Ors v Kowski & Ors [2026] EWHC 487 (Comm) (26 February 2026)

The court determined that disclosure should be ordered on all pleaded and material issues, applying the principles of proportionality and relevance under PD 57AD. Model D disclosure was ordered for most key issues, with Model B or C applied where appropriate. Issues not central or not pleaded were excluded from disclosure. The court adopted clear, focused formulations for each disclosure issue, rejecting unnecessary expansion or duplication.

Citation
[2026] EWHC 487 (Comm)
Parties
Claimant: TREO NOAL GP S.à r.l; Claimant: NOAL SCSp (acting by its managing general partner TREO NOAL GP S.à r.l); Claimant: NORTHPOLE HOLDCO S.à r.l; Claimant: NORTHPOLE BIDCO S.à r.l; Defendant: Mr Stefan Emanuel Kowski; Defendant: Mr Stephen Mark Peel; Defendant: Mr Bastian Frederik Lueken
Jurisdiction
England and Wales
Judgment Date
26 February 2026
Procedural Posture
Commercial Court (kbd) Disclosure Guidance Hearing / Post Case Management Conference, Disclosure Guidance Hearing
Outcome
Disclosure guidance given; specific disclosure issues approved, some rejected.
Legal Topics
Disclosure, Fraudulent Misrepresentation, Unlawful Means Conspiracy, Bribery, Valuation of Assets, Fund Management, ESG Concerns
Civil Procedure Commercial Law Disclosure Fraudulent Misrepresentation Unlawful Means Conspiracy Bribery Valuation of Assets Fund Management +1 more

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Parties

TREO NOAL GP S.à r.l

Claimant

NOAL SCSp (acting by its managing general partner TREO NOAL GP S.à r.l)

Claimant

NORTHPOLE HOLDCO S.à r.l

Claimant

NORTHPOLE BIDCO S.à r.l

Claimant

Mr Stefan Emanuel Kowski

Defendant

Mr Stephen Mark Peel

Defendant

Mr Bastian Frederik Lueken

Defendant

Procedural Posture

Commercial Court (kbd) Disclosure Guidance Hearing / Post Case Management Conference, Disclosure Guidance Hearing

Legal Issues

  1. 1 Defendants' involvement in 1 February 2019 Recommendation Letter
  2. 2 Defendants' belief in truth of NoA representations
  3. 3 Reliance by LPs on NoA representations

Ratio Decidendi

The court determined that disclosure should be ordered on all pleaded and material issues, applying the principles of proportionality and relevance under PD 57AD. Model D disclosure was ordered for most key issues, with Model B or C applied where appropriate. Issues not central or not pleaded were excluded from disclosure. The court adopted clear, focused formulations for each disclosure issue, rejecting unnecessary expansion or duplication.

Court Disposition

Disclosure guidance given; specific disclosure issues approved, some rejected.

Orders

  • Issue 4 included as a separate disclosure issue.
  • Issue 9 reformulated and included; issue 18 struck out.