![FL-2022-000014 - [2025] EWHC 2631 (Ch)](https://backend.juristeca.com/files/emisores/logo_O3rEzCI.png){kind=logo}
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IN THE HIGH COURT OF JUSTICE
BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
FINANCIAL LIST
Before :
LORD JUSTICE MILES
Between :
(1) CREDIT SUISSE VIRTUOSO SICAV-SIF (In respect of its Sub-Fund, the Credit Suisse (Lux) Supply Chain Finance Fund) (2) GLAS TRUST CORPORATION LIMITED (as note trustee for the Fairymead Multi Obligor Programme) | Claimants |
- and - | |
(1) SOFTBANK GROUP CORP. (2) SVF II ABODE (CAYMAN) LIMITED (3) SCF ABODE (CAYMAN) LIMITED (4) SVF HABITAT (CAYMAN) LIMITED (5) SOFTBANK VISION FUND L.P. (6) SOFTBANK VISION FUND II-2 L.P. (7) GREENSILL LIMITED (in liquidation) | Defendants |
Sonia Tolaney KC, Nehali Shah, KV Krishnaprasad, Andrew McLeod & Katherine Boucher (instructed by Freshfields LLP) for the Claimants
Tom Smith KC, Adam Al-Attar KC & Peter Burgess (instructed by Quinn Emanuel Urquhart & Sullivan UK LLP) for the First to Sixth Defendants
Daniel Lewis (instructed by Charles Russell Speechlys) for the Seventh Defendant
Hearing dates: 5, 6, 9, 10, 11, 12, 16, 17, 18, 19, 23, 24, 25 June 2025
1, 2, 3, and 4 July 2025
Approved Judgment
This judgment was handed down remotely at 10.30am on 15 October 2025 by circulation to the parties or their representatives by e-mail and by release to the National Archives.
Lord Justice Miles :
- Heading
- INTRODUCTION
- The claimants
- The defendants
- The Greensill Group and supply chain funding
- The SCF Funds
- The securitised funding arrangements
- The SoftBank Defendants’ relationships with the Greensill Group
- The Credit Enhancement Programme
- The Katerra Group companies
- The SoftBank Defendants’ investments in the Katerra Group companies
- 2019 discussions about revisions to the Credit Enhancement Programme
- The Fairymead Note Programme
- December 2019: further discussions about the CEP
- The issue of notes under the Fairymead Note Programme
- 2020: Financial stress in the Katerra Group
- SVF1 invested further in Katerra
- Katerra identified improper revenue recognition
- Appointment of new management and restructuring advisors
- Developments concerning the Greensill Group in 2020
- CSAM reduced concentration limits on Greensill Group investments
- GCPL planned a capital raise and Initial Public Offering
- Drafts of the $440 million CLN and the Omnibus Deed
- The 10 November 2020 agreements
- The $440m CLN
- The Omnibus Deed
- The SBIA Undertaking
- Use of the $440 million proceeds of the CLN
- Further developments in November 2020 concerning the Katerra Group
- SVF1’s bridge loan to the Katerra Group
- SVF1’s, SVF2’s and the Greensill Group’s approvals following the withdrawal of the New Money Consortium
- Documenting the agreements
- Signing of the CEA and TA and placing them in escrow
- Further agreements executed in December 2020
- The CEA
- The TA
- Further investments in Katerra Cayman by SVF1
- The Preferred Share Purchase Agreement
- The SVF Habitat Share Subscription
- The Vision Funds’ stake in the Katerra Group
- November to December 2020: developments concerning the Fairymead Note Programme
- December 2020 – March 2021: Financial position of the Greensill Group
- Discussions between Greensill and CSAM in December 2020 about exposure limits
- The 31 Dec/14 Jan Fairymead Trade – “the Secondary Trade”
- Publicity about the restructuring of the Katerra Group’s debts
- The cancellation of the Secondary Trade
- March – June 2021: Default on the Fairymead Notes and bankruptcy of the Greensill Group and Katerra Group
- WITNESSES
- FINDINGS ON CONTESTED FACTUAL AND EXPERT ISSUES
- SECTION 423 OF THE INSOLVENCY ACT 1986
- DETERMINATION OF THE ELEMENTS OF THE CLAIM
- Conclusions