Fimbank Plc v Discover Investment Corp [2020]

Commercial Court
Written By Louise Glover

Fimbank Plc v Discover Investment Corp [2020] EWHC 254— 5 February 2020 (Baker J)

“The Claimant Bank (claiming to be the holder of the B/L) had obtained an ex parte freezing order over the proceeds of sale of the Defendant Carrier's Vessel, as security for its claim for misdelivery (the cargo was delivered without production of t…

“The Claimant Bank (claiming to be the holder of the B/L) had obtained an ex parte freezing order over the proceeds of sale of the Defendant Carrier's Vessel, as security for its claim for misdelivery (the cargo was delivered without production of the B/L as directed by Time Charterers, in return for an L01). The Court discharged the freezing order, finding that the Bank had failed to provide full and frank disclosure (in particular of financing arrangements with its customer, Time Charterers), disabling the Court from giving proper scrutiny at the ex parte stage to the Bank's assertion of 'good arguable case' on the merits.”

Antonino Cordopatri
E. G. Arghyrakis & Co.
03rd June 2020

Louise Glover
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