CRF 1 Limited (Respondent) v Banco Nacional De Cuba (Appellant)

Case summary

Case ID

UKSC/2024/1009

Parties

Appellant(s)

Banco Nacional de Cuba

Respondent(s)

CRF I Limited

Issue

(1) Were debts validly and effectively assigned to CRF? (2) Did the Court of Appeal err in law by allowing a new and unpleaded point to be raised by CRF on appeal?

Facts

Banco Nacional de Cuba (“BNC”) is the principal debtor under two loan agreements made in 1984. The loan agreements are governed by English law. BNC’s indebtedness under the two loans amounts to over €70million. Both agreements provide that the lender and its successors and assigns are entitled to assign the lender’s rights, with the prior consent of BNC. CRF is a company which was established to invest in defaulted Cuban debt, and it claims that it took valid assignments of the debts from the original lenders and their successors. CRF then sued BNC for those debts. The High Court made a declaration that the debts had been validly assigned to CRF. The Court of Appeal dismissed BNC’s appeal. BNC now appeals to the Supreme Court.

Date of issue

18 December 2024

Case origin

PTA

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