31 May 2010
GDH LTD v. CREDITOR CO LTD
- Citation
- GDH LTD v. CREDITOR CO LTD
- Court
- Court of Appeal
- Case number
- CACV353/2008
Clause 10(c) of the DRA unambiguously permits a contracting party not to submit a Proof of Claim and prescribes that the Restructuring Consideration reserved for any unadmitted unsecured claim not proved shall be transferred to GDH; consequently there is no express or reasonably implied contractual obligation to file a Proof of Claim, the pleaded contractual and conspiracy claims against the French banks are unarguable and there is no serious issue to be tried; appeal dismissed.