Richard Sandor Frischmann v Vaxeal Holdings SA & Ors

Richard Sandor Frischmann v Vaxeal Holdings SA & Ors

The assignment, though not a statutory assignment, was a valid equitable assignment; 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 agreement existed; the claimant is entitled to the information sought under the loan agreements.

Parties
Claimant: Richard Sandor Frischmann; Defendant: Vaxeal Holdings SA; Defendant: IDM Ventures Limited; Defendant: Christopher Samuelson
Jurisdiction
England and Wales
Judgment Date
11 October 2024
Procedural Posture
Civil (commercial/contract) / Summary Judgment Application
Outcome
Summary judgment granted for the claimant
Legal Topics
Assignment of Debts, Guarantee Enforcement, Summary Judgment, Mandatory Injunction for Information, Compromise and Variation of Contract, Collateral Agreement, Interest Calculation
Contract Law Banking and Finance Assignment of Debts Guarantee Enforcement Summary Judgment Mandatory Injunction for Information Compromise and Variation of Contract Collateral Agreement +1 more

Case Brief

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Parties

Richard Sandor Frischmann

Claimant

Vaxeal Holdings SA

Defendant

IDM Ventures Limited

Defendant

Christopher Samuelson

Defendant

Procedural Posture

Civil (commercial/contract) / Summary Judgment Application

Legal Issues

  1. 1 Whether the assignment of loan and guarantee rights from Dr Frischmann to Mr Frischmann was valid and enforceable
  2. 2 Whether notice of assignment was properly given to the defendants
  3. 3 Whether the guarantee was effectively assigned

Ratio Decidendi

The assignment, though not a statutory assignment, was a valid equitable assignment; 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 agreement existed; the claimant is entitled to the information sought under the loan agreements.

Court Disposition

Summary judgment granted for the claimant

Orders

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