We use cookies to improve your website experience. To learn about our use of cookies and how you can manage your cookie settings, please see our Cookie Policy. By continuing to use the website, you consent to our use of cookies. Close

TMF Trustee Ltd and Others v Fire Navigation Inc and Others – QBD (Comm Ct) (Phillips J) [2019] EWHC 2918 (Comm) – 1 November 2019

Lloyd's Maritime Law Newsletter

TMF Trustee Ltd and Others v Fire Navigation Inc and Others – QBD (Comm Ct) (Phillips J) [2019] EWHC 2918 (Comm) – 1 November 2019

Guarantee – Loan Agreement for purchase of vessels – Buyers’ obligations guaranteed by guarantor – Guarantee containing “No Set-Off” clause – Lenders suing borrowers and guarantor and applying for summary judgment – Defendants raising defence based on “prevention principle” – Whether “No Set-Off” clause prevented defendants relying on “prevention principle”

Pursuant to a loan agreement dated 29 June 2009 and amended on 23 December 2016 the third and fourth claimants (the Lenders) provided the first and second defendants (the Borrowers) with a loan facility of US$69,020,047 to finance the acquisition of two vessels. The first and second claimants were parties to the loan agreement as Security Trustee and Agent respectively.

The rest of this document is only available to i-law.com online subscribers.

If you are already a subscriber, please enter your details below to log in.

Enter your email address to log in as a user on your corporate account.
Remember me on this computer

Not yet an i-law subscriber?

Devices

Request a trial Find out more