Burdale Financial Ltd v Agilo Master Fund Ltd, Court of Appeal - Chancery Division, May 19, 2008, [2008] EWHC 1103 (Ch)

Case Number: HC08C01132

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Burdale Financial Ltd v Agilo Master Fund Ltd, Court of Appeal - Chancery Division, May 19, 2008, [2008] EWHC 1103 (Ch)

Neutral Citation Number: [2008] EWHC 1103 (Ch)

Case No: HC08C01132

IN THE HIGH COURT OF JUSTICE

CHANCERY DIVISION

Royal Courts of Justice

Strand, London, WC2A 2LL

Date: 19/05/2008

Before :

MR JUSTICE WARREN

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Between :

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Antony Zacaroli QC and Simon Johnson (instructed by Denton Wilde Sapte) for the Claimant (Burdale Financial Ltd)

Glen Davis (instructed by Pinsent Masons) for the Claimant (Abbeycrest PLC)

Dominic Kendrick QC and Sebastian Isaac (instructed by Slaughter & May) for the Defendant (Agilo Master Fund Ltd)

Hearing date: 16th May 2008

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Judgment

Mr Justice Warren :

Introduction

1. This is the trial of a Part 8 claim brought by one claimant (``the Senior Creditor'') against the defendant (``the Junior Creditor''). It is also the hearing of a preliminary issue in a Part 7 claim brought by another claimant (``the Debtor'') against the Junior Creditor. The Part 8 claim and the preliminary issue raise points of construction of a deed dated 16 June 2006 (``the Intercreditor Deed'') regulating the relationship between the Senior Creditor, the Junior Creditor and the Debtor. Injunctive relief is also sought.

2. The Debtor and other group companies (together ``the Obligors'') had the benefit of finance arrangements from their previous bankers, HSBC Bank plc (``HSBC''), under a facility agreement which, in its original form, was dated 22 April 2004. It has been amended a number of times but, for present purposes, it is necessary only to mention an amendment letter dated, like the Intercreditor Deed, 16 June 2006 (``th...

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