Arbitral Digest

Matter

Claimants v TMF Trustee Ltd and Hunkemöller International BV ([2026] EWHC 2091 (Ch))

  1. Date not availableUnited Kingdom

    Date not availableUnited Kingdom

    Judgment of the High Court of Justice, Chancery Division, Financial List in [2026] EWHC 2091 (Ch)

    High Court of Justice, Chancery Division, Financial List

    Citation
    [2026] EWHC 2091 (Ch)
    Decision summary
    The Court granted the Defendants' application for a case management stay of the whole English Claim concerning the noteholders' challenge to the alleged up-tiering transaction and related enforcement and distressed-disposal steps. The stay lasts until the Supreme Court of the State of New York determines the materially parallel New York Claim at first instance; the Defendants may restore the application for a further stay after an appeal, and the Claimants may apply to vary or discharge the stay after a material change of circumstances. The Court found that the risk of inconsistent judgments, the New York-law issues, the advanced stage of the New York proceedings, and savings in time and cost outweighed the Claimants' prejudice from delay.

    Supporting details

    23 authorities · 13 participants
    Application
    Defendants' application for a case management stay dated 2 June 2026 — Granted; the English Claim was stayed until the New York Court determined the New York Claim at first instance, without a stay pending appeal
    Claimants
    Representative
    Pallas Partners LLP (For: Claimants)
    Representative
    Lord Wolfson KC (For: Claimants)
    Representative
    Abra Bompas (For: Claimants)
    TMF Trustee Ltd
    Representative
    Kobre & Kim (UK) LLP (For: TMF Trustee Ltd · Hunkemöller International BV)
    Representative
    David Allison KC (For: TMF Trustee Ltd · Hunkemöller International BV)
    Representative
    Ryan Perkins (For: TMF Trustee Ltd · Hunkemöller International BV)
    Hunkemöller International BV
    Representative
    Kobre & Kim (UK) LLP (For: TMF Trustee Ltd · Hunkemöller International BV)
    Representative
    David Allison KC (For: TMF Trustee Ltd · Hunkemöller International BV)
    Representative
    Ryan Perkins (For: TMF Trustee Ltd · Hunkemöller International BV)
    High Court of Justice, Chancery Division, Financial List
    Other
    Witness
    Duane Loft

    Authorities cited

    23
    • Contracts (Rights of Third Parties) Act 1999
      statute
    • Companies Act 2006
      statute
    • US Trust Indenture Act of 1939
      statute
    • US Securities Act of 1933
      statute
    • Assenagon Asset Management SA v Irish Bank Resolution Corporation Ltd ([2012] EWHC 2090 (Ch), [2013] Bus LR 266)
      case-law
    • Secure Capital SA v Credit Suisse AG ([2017] EWCA Civ 1486, [2017] 2 Lloyd's Rep 599)
      case-law
    • Campeau v Gottex Real Estate Fund 1 (OE Waste) SARL ([2025] EWHC 2322 (Comm), [2026] 1 WLR 708)
      case-law
    • JSC DTEK Krymenergo v Russian Federation ([2025] EWHC 1060 (Comm))
      case-law
    • Bundeszentralamt Für Steuern v Heis ([2019] EWHC 705 (Ch))
      case-law
    • The Abidin Daver ([1984] AC 398)
      case-law
    • Athena Capital Fund SICAV-FIS SCA v Secretariat of State for the Holy See ([2021] EWCA Civ 1051, [2022] 1 WLR 4570)
      case-law
    • Mediatek Inc v Huawei Technologies Co Ltd ([2025] EWHC 649 (Pat))
      case-law
    • Unwired Planet International Ltd v Huawei Technologies Co Ltd ([2020] UKSC 37, [2020] RPC 21)
      case-law
    • NTT Ltd v Goodall ([2024] EWHC 445 (Comm))
      case-law
    • Reichhold Norway ASA v Goldman Sachs International ([2000] 1 WLR 173)
      case-law
    • Mazur Media Ltd v Mazur Media GmbH ([2004] 1 WLR 2966)
      case-law
    • Jefferies International Ltd v Landsbanki Islands HF ([2009] EWHC 894 (Comm))
      case-law
    • Skype Technologies SA v Joltid Ltd ([2011] IL Pr 8)
      case-law
    • MAD Atelier International BV v Manès ([2020] EWHC 1014 (Comm))
      case-law
    • EuroEco Fuels (Poland) Ltd v Szczecin and Swinoujscie Seaports Authority ([2019] 4 WLR 156)
      case-law
    • VTB Capital v Nutritek International ([2013] 2 AC 337)
      case-law
    • Hulley v The Russian Federation ([2021] EWHC 894 (Comm))
      case-law
    • Vanderpitte v Preferred Accident Insurance Corp of New York ([1933] AC 70)
      case-law

Matter record

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Claimants v TMF Trustee Ltd and Hunkemöller International BV ([2026] EWHC 2091 (Ch)) · Matter