DVB Bank SE v Vega Marine Ltd & Ors

DVB Bank SE v Vega Marine Ltd & Ors

The Defendants are liable for the outstanding loan and guarantee obligations under the Loan Agreement and Fourth Supplemental Agreement. The Claimants validly served proceedings and supporting documents on the Defendants' process agents as contractually agreed. The Defendants have no real prospect of successfully defending the claims, have not participated in the proceedings, and there is no compelling reason for a trial. Summary judgment is therefore granted in favour of the Claimants for the sums claimed plus contractual interest.

Parties
Claimant: DVB Bank SE; Claimant: Norddeutsche Landesbank - Girozentrale; Defendant: Vega Marine Ltd; Defendant: Fortuneship Ltd; Defendant: Mr Nikolaos Livanos
Jurisdiction
England and Wales
Judgment Date
10 June 2020
Procedural Posture
Commercial/contractual Claim / Summary Judgment
Outcome
Summary judgment granted for the Claimants
Legal Topics
Loan Agreement Enforcement, Personal Guarantee, Summary Judgment, Jurisdiction and Service of Process
Banking and Finance Law Contract Law Civil Procedure Loan Agreement Enforcement Personal Guarantee Summary Judgment Jurisdiction and Service of Process

Case Brief

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Parties

DVB Bank SE

Claimant

Norddeutsche Landesbank - Girozentrale

Claimant

Vega Marine Ltd

Defendant

Fortuneship Ltd

Defendant

Mr Nikolaos Livanos

Defendant

Procedural Posture

Commercial/contractual Claim / Summary Judgment

Legal Issues

  1. 1 Whether the Defendants are liable for the outstanding loan and guarantee obligations under the Loan Agreement and Fourth Supplemental Agreement
  2. 2 Whether the Claimants are entitled to summary judgment under CPR 24.2
  3. 3 Whether service of process and other documents on the Defendants' process agents was valid

Ratio Decidendi

The Defendants are liable for the outstanding loan and guarantee obligations under the Loan Agreement and Fourth Supplemental Agreement. The Claimants validly served proceedings and supporting documents on the Defendants' process agents as contractually agreed. The Defendants have no real prospect of successfully defending the claims, have not participated in the proceedings, and there is no compelling reason for a trial. Summary judgment is therefore granted in favour of the Claimants for the sums claimed plus contractual interest.

Court Disposition

Summary judgment granted for the Claimants

Orders

  • Judgment for both Claimants against the Borrowers (First and Second Defendants) in the sum of US$11,741,758.12 plus interest at 3.5% per annum from 2 March 2019 until judgment
  • Judgment for the First Claimant against the Guarantor (Third Defendant) in the sum of US$11,741,758.12 plus interest at 3.5% per annum from 2 March 2019 until judgment