HDR GLOBAL TRADING LIMITED v GEORGI SHULEV & Anor

HDR GLOBAL TRADING LIMITED v GEORGI SHULEV & Anor

The Settlement Agreement is binding and enforceable; Mr Shulev and Nexo are jointly obliged to inform HDR that the account will be released to Nexo and Mr Shulev waives any rights and claims as to its ownership. Mr Shulev must transfer the nine specified cryptoassets to Nexo to be entitled to the first instalment, which he may deduct from the assets transferred. Nexo has not breached the agreement by ceasing payments for reasons outside clause 10, so clause 11 is not triggered.

Parties
Claimant: HDR Global Trading Limited; First Defendant: Georgi Shulev; Second Defendant: Nexo Capital Inc
Jurisdiction
England and Wales
Judgment Date
01 July 2022
Procedural Posture
Stakeholder Proceedings / Judgment
Outcome
Settlement Agreement upheld; directions to be given for asset transfer and notification to HDR.
Legal Topics
Settlement Agreement, Cryptocurrency, Agency, Duress, Misrepresentation, Release of Claims, Confidentiality
Contract Commercial Property Settlement Agreement Cryptocurrency Agency Duress Misrepresentation +2 more

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Parties

HDR Global Trading Limited

Claimant

Georgi Shulev

First Defendant

Nexo Capital Inc

Second Defendant

Procedural Posture

Stakeholder Proceedings / Judgment

Legal Issues

  1. 1 Enforceability of the Settlement Agreement
  2. 2 Interpretation and effect of clauses 3, 4, 8, and 11 of the Settlement Agreement
  3. 3 Compliance with Settlement Agreement obligations

Ratio Decidendi

The Settlement Agreement is binding and enforceable; Mr Shulev and Nexo are jointly obliged to inform HDR that the account will be released to Nexo and Mr Shulev waives any rights and claims as to its ownership. Mr Shulev must transfer the nine specified cryptoassets to Nexo to be entitled to the first instalment, which he may deduct from the assets transferred. Nexo has not breached the agreement by ceasing payments for reasons outside clause 10, so clause 11 is not triggered.

Court Disposition

Settlement Agreement upheld; directions to be given for asset transfer and notification to HDR.

Orders

  • Mr Shulev and Nexo to jointly inform HDR that the account will be released to Nexo and Mr Shulev waives any rights and claims as to its ownership.
  • Mr Shulev to transfer nine specified cryptoassets to Nexo, with deduction of first instalment permitted.