![CL-2022-000048 - [2025] EWHC 1810 (Comm)](https://backend.juristeca.com/files/emisores/logo_WAai98v.png){kind=logo}
A loan agreement dated 14 April 2014 (“ the Globe Loan Agreement ”) by which the BVI Companies purported to declare their alleged debt to Globe of AED 550m with interest of 1% payable between April 20
A loan agreement dated 14 April 2014 (“the Globe Loan Agreement”) by which the BVI Companies purported to declare their alleged debt to Globe of AED 550m with interest of 1% payable between April 2015 and September 2018. It is important to appreciate that the only assets of the BVI Companies at this time were the Bridge Properties which had a value of around £9 million. Therefore, the effect of the Loan Agreement would inevitably be to render the BVI Companies entirely insolvent.
- Heading
- This judgment was handed down by the Judge remotely by circulation to the parties' representatives by email and release to The National Archives. The date and time for hand-down is deemed to be 14:00
- A Memorandum of Understanding dated 13 April 2014 between the Al Sari Brothers, Globe, MAS and the BVI Companies (“ Globe MOU ”). Clause 2 of this document purports to record an agreement that MAS wou
- A loan agreement dated 14 April 2014 (“ the Globe Loan Agreement ”) by which the BVI Companies purported to declare their alleged debt to Globe of AED 550m with interest of 1% payable between April 20
- A settlement agreement dated 1 November 2018 between Globe and the BVI Companies (“ Globe Settlement Agreement ”) pursuant to which, having purportedly defaulted under the Globe Loan Agreement, the BV
- Most tellingly, the postcode is backdated. The postcode of the Bridge Properties, which appears in the Tenancy Agreement dated 16 January 2013, is SW11 8NP. However, this postcode was not ascribed to
- Conclusions