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

Payment would be illegal in France and in Italy, because (as matters presently stand) the NCA in each country has determined that the Bonds are frozen under Article 2(1) of Regulation 269. The DGT and the CSF have both made clear statements to this effect. Payment would require the Banks to deal with the Bonds as if they were not frozen. This would be illegal, under the law of France and under the law of Italy.

Payment would also be illegal in France and in Italy under Article 11 of Regulation 833.