Frischmann v Vaxeal Holdings SA & Ors [2023] EWHC 2698 (Ch) (03 November 2023)

Frischmann v Vaxeal Holdings SA & Ors [2023] EWHC 2698 (Ch) (03 November 2023)

The assignment was a valid equitable assignment of the loan and guarantee agreements; notice was properly given; the guarantee was effectively assigned; the interest provision is enforceable at 12%; the March Agreement was not a binding compromise as no payment was made; no collateral oral agreement existed; claimant is entitled to contractual disclosure under the loan agreements.

Citation
[2023] EWHC 2698 (Ch)
Parties
Claimant: Richard Sandor Frischmann; Defendant: Vaxeal Holdings SA; Defendant: IDM Ventures Limited; Defendant: Christopher Samuelson
Jurisdiction
England and Wales
Judgment Date
03 November 2023
Procedural Posture
Summary Judgment Application / Post Hearing Judgment
Outcome
Summary judgment granted for claimant
Legal Topics
Assignment of Debts, Guarantees, Summary Judgment, Contractual Disclosure, Compromise Agreements, Interest Provisions
Contract Law Commercial Law Assignment of Debts Guarantees Summary Judgment Contractual Disclosure Compromise Agreements Interest Provisions

Case Brief

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Parties

Richard Sandor Frischmann

Claimant

Vaxeal Holdings SA

Defendant

IDM Ventures Limited

Defendant

Christopher Samuelson

Defendant

Procedural Posture

Summary Judgment Application / Post Hearing Judgment

Legal Issues

  1. 1 Whether the assignment of loan and guarantee agreements to the claimant was valid and enforceable
  2. 2 Whether notice of assignment was properly given
  3. 3 Whether the guarantee was effectively assigned

Ratio Decidendi

The assignment was a valid equitable assignment of the loan and guarantee agreements; notice was properly given; the guarantee was effectively assigned; the interest provision is enforceable at 12%; the March Agreement was not a binding compromise as no payment was made; no collateral oral agreement existed; claimant is entitled to contractual disclosure under the loan agreements.

Court Disposition

Summary judgment granted for claimant

Orders

  • Judgment against IDM Ventures Limited for sums loaned under First and Second IDM Loans plus contractual interest
  • Judgment against Christopher Samuelson for sum under Guarantee (credit for £70,000 payment) plus contractual interest since 15 January 2021