Sucden Financial Limited -v- (1) TMT Metals AG; (2) Prateek Gupta; (3) Mine Craft Limited [2024] EWHC 1051 (Comm).
Jason Robinson acted for Sucden in this successful summary judgment application, concerning unpaid margin calls on a trading facility. Mr. Justice Picken considered the circumstances in which the prevention principle applied, in the context of the First Defendant’s argument that it had been prevented from paying the sums due by being forced to close its open nickel positions. The Court found that the argument had no real prospect of success, having regard to the available documents and relevant case law. Mr. Justice Picken also held that the First Defendant’s waiver or estoppel plea (i.e., that Sucden could not call for prompt payment of the margin call) had no real prospect of success in that it was inconsistent with the express terms of the facility agreement. Sucden was awarded US$6.6m plus interest and costs.
