Fortenova Grupa D.D. v LLC Shushary Holding & Ors

Fortenova Grupa D.D. v LLC Shushary Holding & Ors

The claimant is entitled to redeem the loan notes by payment into court due to sanctions preventing payment to the first defendant; default interest is not payable as the inability to pay is not a contractual default but a legal prohibition; the court has jurisdiction to order release of security even over foreign assets.

Parties
Claimant: Fortenova Grupa d.d.; First Defendant: LLC Shushary Holding; Second Defendant: Kroll Agency Services Limited; Third Defendant: Kroll Trustee Services Limited; Fourth Defendant: Kroll Issuer Services Limited; Fifth Defendant: MP 2019 PGU Holdings Lux SARL; Sixth Defendant: Banque Pictet & Cie SA
Jurisdiction
England and Wales
Judgment Date
11 September 2024
Procedural Posture
Expedited Trial Under Part 8 CPR / Judgment
Outcome
Claim allowed; order granted as sought with minor amendment.
Legal Topics
Redemption of Loan Notes, Effect of International Sanctions, Payment Into Court, Default Interest, Release of Security
Commercial Law Sanctions Law Contract Law Security Law Redemption of Loan Notes Effect of International Sanctions Payment Into Court Default Interest +1 more

Case Brief

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Parties

Fortenova Grupa d.d.

Claimant

LLC Shushary Holding

First Defendant

Kroll Agency Services Limited

Second Defendant

Kroll Trustee Services Limited

Third Defendant

Kroll Issuer Services Limited

Fourth Defendant

MP 2019 PGU Holdings Lux SARL

Fifth Defendant

Banque Pictet & Cie SA

Sixth Defendant

Procedural Posture

Expedited Trial Under Part 8 CPR / Judgment

Legal Issues

  1. 1 Whether the claimant can redeem loan notes held by a sanctioned entity by payment into court
  2. 2 Whether default interest is payable when payment is prevented by sanctions
  3. 3 Whether the court has jurisdiction to order release of security over foreign assets

Ratio Decidendi

The claimant is entitled to redeem the loan notes by payment into court due to sanctions preventing payment to the first defendant; default interest is not payable as the inability to pay is not a contractual default but a legal prohibition; the court has jurisdiction to order release of security even over foreign assets.

Court Disposition

Claim allowed; order granted as sought with minor amendment.

Orders

  • Claimant permitted to redeem Shushary notes by payment of principal and interest into court.
  • Calculation agent to determine sums payable excluding default interest.