June 3 2010
START DATE
END DATE
June 17 2010
Tensor Endowment Limited & UBS Fund Services (Cayman) Ltd v. New Stream Capital Fund Limited
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
The Supreme Court of Bermuda
Commercial Law
Kawaley J
Andrew Martin Mello Jones & Martin
Cameron Hill Sedgwick Chudleigh
FACTS OF THE CASE:
Tensor claimed payment for redeemable shares in a segregated account known as Class K amounting to $8820838.03 issued a Writ on February 5 2010 following a failed attempt to appoint a receiver under section 19 of the Segregated Accounts Companies Act 2000 in 'Tensor I'. The Defendant admitted owing the sum but contested the payment timeline and interest claims
SUMMARY:
Whether the Plaintiffs are entitled to summary judgment for the claimed amount and interest
OUTCOMES:
Plaintiffs granted summary judgment for the amount claimed without pre-judgment interest but with post-judgment interest at the statutory rate of 7% until payment. The Defendant's application to strike out the action as abusive was dismissed
RULED IN FAVOUR OF:
Plaintiff/Claimant
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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Tensor Endowment Limited & UBS Fund Services (Cayman) Ltd v. New Stream Capital Fund Limited
Tensor claimed payment for redeemable shares in a segregated account known as Class K amounting to $8820838.03 issued a Writ on February 5 2010 following a failed attempt to appoint a receiver under section 19 of the Segregated Accounts Companies Act 2000 in 'Tensor I'. The Defendant admitted owing the sum but contested the payment timeline and interest claims