Credit Suisse AG v Up Energy Group Ltd

Credit Suisse AG v Up Energy Group Ltd

The defence of common mistake has real prospects of success, as both parties mistakenly believed the Notes could be transferred to UEGL, which is prohibited. The contract does not clearly allocate the risk of this mistake, and the guarantee does not survive if the deed is void. Summary judgment is therefore inappropriate.

Parties
Claimant: Credit Suisse AG; Defendant: Up Energy Group Ltd
Jurisdiction
England and Wales
Judgment Date
21 November 2013
Procedural Posture
Commercial / Summary Judgment Application
Outcome
Summary judgment application dismissed
Legal Topics
Common Mistake, Summary Judgment, Guarantee, Contractual Interpretation
Contract Law Common Mistake Summary Judgment Guarantee Contractual Interpretation

Case Brief

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Parties

Credit Suisse AG

Claimant

Up Energy Group Ltd

Defendant

Procedural Posture

Commercial / Summary Judgment Application

Legal Issues

  1. 1 Whether the contract is void for common mistake
  2. 2 Whether summary judgment should be granted
  3. 3 Whether the guarantee survives if the deed is void

Ratio Decidendi

The defence of common mistake has real prospects of success, as both parties mistakenly believed the Notes could be transferred to UEGL, which is prohibited. The contract does not clearly allocate the risk of this mistake, and the guarantee does not survive if the deed is void. Summary judgment is therefore inappropriate.

Court Disposition

Summary judgment application dismissed

Orders

  • Summary judgment application against both Defendants dismissed