Addax Bank BSC (c) v Wellesley Partners LLP

Addax Bank BSC (c) v Wellesley Partners LLP

The court held that the agreement required payment and repayment in US dollars, as evidenced by Schedule 1 and the parties' conduct. However, the defendant was granted permission to amend its defence to plead set-off, as the set-off arguments had a realistic prospect of success and it would be unjust to grant summary judgment without considering the state of account between the parties.

Parties
Claimant: Addax Bank BSC (c); Defendant: Wellesley Partners LLP
Jurisdiction
England and Wales
Judgment Date
23 July 2010
Procedural Posture
Civil (debt Recovery) / Application for Summary Judgment
Outcome
Application for summary judgment dismissed
Legal Topics
Summary Judgment, Set Off, Contract Construction, Currency of Payment
Contract Law Civil Procedure Summary Judgment Set Off Contract Construction Currency of Payment

Case Brief

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Parties

Addax Bank BSC (c)

Claimant

Wellesley Partners LLP

Defendant

Procedural Posture

Civil (debt Recovery) / Application for Summary Judgment

Legal Issues

  1. 1 Whether the debt is payable in US dollars or sterling under the agreement
  2. 2 Whether the exercise notice was valid
  3. 3 Whether the defendant is entitled to set-off against the claim

Ratio Decidendi

The court held that the agreement required payment and repayment in US dollars, as evidenced by Schedule 1 and the parties' conduct. However, the defendant was granted permission to amend its defence to plead set-off, as the set-off arguments had a realistic prospect of success and it would be unjust to grant summary judgment without considering the state of account between the parties.

Court Disposition

Application for summary judgment dismissed

Orders

  • Permission granted to defendant to amend defence to plead set-off
  • Claimant's entitlement to interest under clause 25.5 recorded, subject to set-off and/or counterclaim