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CFI 005/2014 (1) Kenneth David Rohan (2) Andrew James Mostyn Pugh (3) Michelle Gemma Mostyn Pugh (4) Stuart James Cox v Daman Real Estate Capital Partners Limited

CFI 005/2014 (1) Kenneth David Rohan (2) Andrew James Mostyn Pugh (3) Michelle Gemma Mostyn Pugh (4) Stuart James Cox v Daman Real Estate Capital Partners Limited

April 10, 2014

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Claim No: CFI 005/2014

THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

IN THE COURT OF FIRST INSTANCE

Between

(1) KENNETH DAVID ROHAN
(2) ANDREW JAMES MOSTYN PUGH
(3) MICHELLE GEMMA MOSTYN PUGH
(4) STUART JAMES COX

Claimants

and

DAMAN REAL ESTATE CAPITAL PARTNERS LIMITED

Defendant


ORDER OF H.E. JUSTICE OMAR AL MUHAIRI MADE ON 10 APRIL 2014


 

UPON the Claimants having filed a Part 8 Claim Form on 9 March 2014

AND UPON reviewing the witness statement of Nicholas James Carnell dated 4 March 2014

AND UPON reviewing the witness statement of Charles L.O. Buderi dated 23 March 2014

AND UPON the charging order made on 11 November 2013 by Justice Sir Anthony Colman in the Claim No CFI 025/2012

The Claimants are entitled to an equitable charge upon the Defendant’s interest in the property “The Building by Daman” in the DIFC, registered at the DIFC Land Registry under Title No. PA03/04 (“the property”) in the sum of AED 12,203,926.01

IT IS HEREBY ORDERED THAT:

1. The remainder of this order will not take effect if the Defendant by 4pm on Thursday, 8 May 2014 pays to the Claimants the judgment debt of AED 12,203,926.01 divided as the following:

a. Mr Rohan is entitled to an equitable charge over the Defendant’s interest in the property known as the Buildings by Daman registered at the DIFC Land Registry under Title No. PA03/04 in the sum of AED 5,264,492.33;
b. Mr & Mrs Pugh are entitled to an equitable charge over the Defendant’s interest in the property known as the Buildings by Daman registered at the DIFC Land Registry under Title No. PA03/04 in the sum of AED 5,335,172.83;
c. Mr Cox is entitled to an equitable charge over the Defendant’s interest in the property known as the Buildings by Daman registered at the DIFC Land Registry under Title No. PA03/04 in the sum of AED 1,326,051.13,
secured by the charge and the Claimants costs to date of this application assessed by the Registrar if not agreed, with the interest from the date of the Judgment, namely 4 August 2013, until paid in full at the interest rate of 3% above three months EIBOR as at the date of Judgment, namely 3.87% per annum.
2. The property shall be sold without further reference to the Court at a price not less than AED 2,100 per sq. ft., unless that figure is changed by a further order of the Court.
3. The Claimants and/or the Claimant’s legal representative will have conduct of the sale.
4. To enable the Claimants and/or the Claimant’s legal representatives to carry out the sale, there will be created and vested in the claimant pursuant a legal term in the property of 100 years, one day less than the remaining period of the term created by the lease under which the Defendant holds the property pursuant to RDC Part 46 schedule 1.
5. The Defendant must deliver possession of the property to the Claimants on or before 8 May 2014 within 28 days of this order being served on it.
6. The Claimant shall first apply the proceeds of the sale of the property:
a. to pay the costs and expenses of effecting the sale; and
b. to discharge any charges or other securities over the property which have priority over the charging order.

7. Out of the remaining proceeds of sale the claimant shall:

a. retain the amount due to it as stated in paragraph 1; and
b. pay the balance (if any) into Court.
8. Either party may apply to the Court to vary any of the terms of this order, or for further directions about the sale or the application of the proceeds of sale, or otherwise.

 

Issued by:
Nassir Al Nasser
Judicial Officer
Date: 10 April 2014
At: 3pm

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