Ian Cooper, instructed by Manleys Solicitors, successfully appeared on behalf of an English company and two shareholders in the Manchester Circuit Commercial Court, to secure judgment for repayment of a multi-million-pound loan. The hearing took place before His Honour Judge Stephen Davies, sitting as a Judge of the High Court.
The case concerned breach of a facility agreement between the Claimants and the Defendant, a Singaporean-incorporated company. The facility agreement had, in turn, been entered into to facilitate completion of a separate put option agreement under which the Defendant was to purchase the Claimants’ shares in a third-party mining and investment company traded on the London Stock Exchange.
The case is of particular interest, raising issues of service out of the jurisdiction without the court’s permission where different jurisdictional gateways were advanced under CPR r6.33(2B) for the various claims brought (in this case: (i) the 2005 Hague Convention; and (ii) the new gateway introduced at r6.33(2B)(b) (where there is an English jurisdiction clause in the relevant contract)), as well as issues of share valuation.
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