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England and Wales High Court Banking & Finance decisions: Dec 2024–Jan 2025—NSI review, administrators’ appointments, loan defaults, anti-suit relief, undervalue transactions, exclusive jurisdiction clauses, securitisation indemnities, facility agreements.

Published on: 31 January 2025

Published by a LexisNexis Banking & Finance expert
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Banking & Finance—December 2024 and January 2025 case round-up

R (on the application of LIT FM Holdings UK Ltd and another) v Chancellor of the Duchy of Lancaster in the Cabinet Office (formerly Secretary of State for Business, Energy and Industrial Strategy) [2024] EWHC 2963 (Admin)

Challenge to an unwinding order under the National Security and Investment Act 2021

The claimants, companies within the LetterOne Group established to make long-term investments in other businesses across the energy, technology, health and retail sectors, pursued re-amended judicial review grounds seeking a quashing order, declarations and damages under sections 7 and 8 of the Human Rights Act 1998. Their challenge targeted a ‘Final Order’ (the Order) issued pursuant to section 26(3) of the National Security and Investment Act 2021 on national security grounds. The Order obliged the first claimant to divest 100% of its shares in Upp Corporation Limited, a fibre broadband start-up. Permission to seek judicial review was granted on two grounds, but those grounds were dismissed on the merits. Permission to apply was refused on three further grounds and, in consequence, the claim was dismissed...

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