![PT-2021-000393 - [2025] EWHC 2749 (Ch)](https://backend.juristeca.com/files/emisores/logo_O3rEzCI.png){kind=logo}
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Neutral Citation Number:[2025] EWHC 2749 (Ch)
Case No: PT-2021-000393
IN THE HIGH COURT OF JUSTICE
BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
PROPERTY TRUST AND PROBATE LIST (ChD)
Rolls Building
Fetter Lane
London EC4A 1NL
Date: 23 October 2025
Before :
Richard Farnhill
(sitting as a Deputy Judge of the Chancery Division)
Between :
(1) NURAY HOUSSEIN (2) HOUSSEIN ALI HOUSSEIN (As executor of the estate of Ali Houssein) (3) CEK INVESTMENTS LIMITED | Claimants |
- and - | |
(1) LONDON CREDIT LIMITED (2) VICTORIA LIDDELL and ANNIKA KISBY (Both as Joint Fixed Charge Receivers) | Defendants |
Gary Cowen KC and Edward Blakeney (instructed by Hugh Cartwright & Amin) for the Claimants
Giles Wheeler KC (instructed by Stephenson Harwood LLP) for the Defendants
Hearing dates: 3-5 September 2025
JUDGMENT
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- Richard Farnhill (sitting as a Deputy High Court Judge of the Chancery Division)
- Factual Background to the Dispute
- The witnesses
- Factual developments since my First Judgment
- The Counterclaim
- Interpretation of the express terms
- Implication of terms
- Equity
- The offers
- Is the Default Rate a penalty?
- The law on penalties
- The question remitted by the Court of Appeal
- Objective approach
- Primary or secondary obligation?
- What were the legitimate interests?
- Was the Default Rate extortionate by reference to the primary obligations that triggered it?
- The counterclaim for statutory interest under the Senior Courts Act 1981
- Conclusions