[2025] EWHC 1972 (Comm)

The Claimant, Victoria Capital Trust (“VCT”), is the assignee of a facility agreement (the “Corben Mews Facility Agreement”) and associated finance documents (including a legal charge, a debenture (the “Debenture”), and personal guarantees) granted by CPF One Limited (“CPF One”, part of the Catalyst Property Finance group of companies (the “CPF Group”)) to Corben Mews. The Corben Mews Facility Agreement was entered into on 28 June 2021. It advanced the sum of £986,250 (the “Loan Facility”) to Corben Mews.

The legal charge was granted on 28 June 2021 over the leasehold properties known as 17 and 18 Corben Mews, London SW8 4TA (the “Corben Mews Properties”) registered at HM Land Registry under Title Numbers TGL605915 and TGL602885 (the “Corben Mews Charge”), properties which Mrs Bandak visited and helped decorate. The personal guarantees were also dated 28 June 2021 and signed by Mr Emmett and Mrs Bandak (then known as Anita Emmett).

The purpose of the Loan Facility was to refinance Corben Mews’s existing borrowings for the Corben Mews Properties as a bridging loan. Its term was 24 months, with repayment due on the last day of the term, i.e. 27 June 2023.

Clause 5.1 of the “General Terms and Conditions” in the Corben Mews Facility Agreement provides that a failure to pay any amount due under the agreement is an “Event of Default”. Clause 6 provides for the making of a demand by the Lender, i.e. CPF One. Clause 6 also provides for the consequences of default, as follows:

“6.1

If an Event of Default occurs and has not been waived by the Lender in writing, the Lender may by notice in writing to the Borrower (a) declare that all or part of the Loan is immediately due and payable together with accrued interest and all other amounts outstanding under the Finance Documents; and/or (b) require repayment (immediately or otherwise as the Lender may require) of the Loan together with accrued interest and all other amounts outstanding under the Finance Documents; and/or (c) require that interest is capitalised on such terms as the Lender may specify and/or payable on the Loan at the Default Rate; and/or (d) take any steps to enforce any Security or exercise any rights of the Lender under any of the Finance Documents;”

The “Finance Documents” referred to in Clause 6 include the 28 June 2021 personal guarantee provided by Mrs Bandak.