Norwich Pharmacal
Paribas use Norwich to investigate suspected Norwegian asset strip
Paribas suspected that the Kvaerner Group had devalued Paribas' shareholdings in Trafalgar House by a debt swap that replaced a £350m debt from Kvaerner Group companies with a debt of £900m from a UK shell company with a capital of £1. To get more information about this swap Paribas applied for a Norwich against various members of the Group which was resisted on grounds inter alia that it would be too expensive (ie around £250k) for the Group to comply with the order. The Judge rejected this argument and held that cost of compliance was no bar to making the order requested although he did refuse to make Kvaerner swear an affidavit in the form requested by Paribas.
To view the judgment from the bailii website, please click on the link below.
« Previous | Contents | Next »