[2025] EWHC 1972 (Comm)

On 1 November 2019, Mr Emmett and Mrs Bandak (then known as Anita Emmett) entered into a facility agreement (the “November 2019 Facility Agreement”) with CPF One. Its stated purpose was to raise working capital. Mrs Bandak’s signature again was witnessed by Mr Fahri of Fahri LLP. The letter embodying the agreement was endorsed by Higgs & Sons on 6 November 2019 as a true copy of the original. The gross loan was £2,750,000, over a term of 12 months from completion of the loan, with a standard interest rate of 2% per month and a reduced interest rate of 0.89% per month.

By Clause 2 of the November 2019 Facility Agreement, Mr Emmett and Mrs Bandak (as the “Borrower”) agreed to pay CPF One (as the “Lender”) on demand and discharge the “Secured Liabilities” when they become due. By Clause 1, the “Secured Liabilities” were defined to mean:

“all present and future monies, obligations and liabilities owed by the Borrower to the Lender, whether actual or contingent and whether owed jointly or severally, as principal or surety and/or in any other capacity whatsoever under or in connection with the [November 2019 Facility Agreement] or this deed together with all interest (including, without limitation, default interest) accruing in respect of such monies, obligations or liabilities.”