Multi Veste 226 BV v Ni Summer Row Unitholder BV & Ors

Multi Veste 226 BV v Ni Summer Row Unitholder BV & Ors

Multi was entitled to terminate the USA for repudiatory breach after making time of the essence and the NI Investors' failure to complete, but failed to prove on the balance of probabilities that the development would have proceeded or that any loss was caused by the breach, given the project's lack of viability, lack of funding, and Multi's unwillingness to commit further equity.

Parties
Claimant: Multi Veste 226 B.V.; Defendant: NI Summer Row Unitholder B.V.; Defendant: MAR Properties Limited; Defendant: Windsor Securities Limited; Defendant: Mr Michael Lagan; Defendant: Mr John Patrick Kevin Lagan
Jurisdiction
England and Wales
Judgment Date
29 July 2011
Procedural Posture
Civil (commercial/contract) / Judgment After Trial
Outcome
Claim allowed in part; nominal damages only
Legal Topics
Breach of Contract, Repudiatory Breach, Damages, Specific Performance, Development Agreements, Bank Guarantees
Contract Law Commercial Law Breach of Contract Repudiatory Breach Damages Specific Performance Development Agreements Bank Guarantees

Case Brief

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Parties

Multi Veste 226 B.V.

Claimant

NI Summer Row Unitholder B.V.

Defendant

MAR Properties Limited

Defendant

Windsor Securities Limited

Defendant

Mr Michael Lagan

Defendant

Mr John Patrick Kevin Lagan

Defendant

Procedural Posture

Civil (commercial/contract) / Judgment After Trial

Legal Issues

  1. 1 Whether Multi Veste 226 B.V. was entitled to terminate the Unit Sale Agreement (USA) for repudiatory breach
  2. 2 Whether the development would have proceeded if the NI Investors had provided the bank guarantees
  3. 3 Whether Multi suffered any loss as a result of the breach

Ratio Decidendi

Multi was entitled to terminate the USA for repudiatory breach after making time of the essence and the NI Investors' failure to complete, but failed to prove on the balance of probabilities that the development would have proceeded or that any loss was caused by the breach, given the project's lack of viability, lack of funding, and Multi's unwillingness to commit further equity.

Court Disposition

Claim allowed in part; nominal damages only

Orders

  • Multi Veste 226 B.V. entitled to terminate the USA
  • NI Investors' breach established