TMF TRUSTEE LTD AND OTHERS v FIRE NAVIGATION INC AND OTHERS

[2020] 2 Lloyd's Rep. 662

QUEEN'S BENCH DIVISION(COMMERCIAL COURT)

Before Mr Justice Phillips

Guarantee – Loan Agreement for purchase of vessels – Buyers’ obligations guaranteed by guarantor – Guarantee containing “No Set-Off” clause – Lenders suing borrowers and guarantor and applying for summary judgment – Defendants raising defence based on “prevention principle” – Whether “No Set-Off” clause prevented defendants relying on “prevention principle”.