CL-2022-000456 - [2025] EWHC 1938 (Comm)

Accordingly, I accept the Banks’ case that, on the assumption that the Contracts have been affected by Regulation 833, payment under the Bonds is prohibited, and the Claimants’ claims are precluded, by Article 11.

I was not specifically addressed by the parties on the position of the NCAs in relation to Regulation 833, but it is notable that the pronouncements made by the DGT on 18 October 2023 and by the CSF on 22 September 2023, 24 November 2023, and 28 April 2025 all referred to Article 11 of Regulation 833, as well as Regulation 269, as a bar to payment under the Bonds.