Alfred Street Properties Ltd v National Asset Management Agency

Alfred Street Properties Ltd v National Asset Management Agency

NAMA validly exercised the options to extend the Swaps by telephone under the contract terms, or alternatively ASPL is estopped from asserting invalidity due to the parties' common assumption and conduct; ASPL is not entitled to restitution of sums paid.

Parties
Claimant: Alfred Street Properties Limited (formerly known as Killultagh Estates Limited); Defendant: National Asset Management Agency
Jurisdiction
England and Wales
Judgment Date
26 February 2020
Procedural Posture
Commercial Court Claim / Final Judgment After Trial
Outcome
Claim dismissed
Legal Topics
Interest Rate Swaps, Contractual Interpretation, Estoppel by Convention, Waiver by Estoppel, Restitution, Change of Position
Contract Law Banking and Finance Estoppel Interest Rate Swaps Contractual Interpretation Estoppel by Convention Waiver by Estoppel Restitution +1 more

Case Brief

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 4 Authorities cited 20 Party arguments 2 Amounts and remedies 3
Sign in to unlock

Parties

Alfred Street Properties Limited (formerly known as Killultagh Estates Limited)

Claimant

National Asset Management Agency

Defendant

Procedural Posture

Commercial Court Claim / Final Judgment After Trial

Legal Issues

  1. 1 Whether NAMA validly exercised options to extend the Swaps by telephone under the contract terms
  2. 2 Whether ASPL is estopped from asserting invalidity of the extension
  3. 3 Whether ASPL is entitled to restitution of sums paid under the extended Swaps

Ratio Decidendi

NAMA validly exercised the options to extend the Swaps by telephone under the contract terms, or alternatively ASPL is estopped from asserting invalidity due to the parties' common assumption and conduct; ASPL is not entitled to restitution of sums paid.

Court Disposition

Claim dismissed

Orders

  • ASPL's claim for restitution is dismissed
  • No entitlement to repayment of sums paid under the extended Swaps