Judge dismisses 35 million dollar debt claim related to Midland Acres Loop Cayman Islands
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Judge dismisses 35 million dollar debt claim related to Midland Acres
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Claim relates to alleged guarantees made over a number of years related to loans to Midland Acres
33 minutes ago
A claim by Rabsco Inc for a debt of USD$35,017,406, allegedly due to Rabsco Inc by the former managing director of Midland Acres, was tossed out of court recently.
This is according to a judgment delivered by the Grand Court on September 2, 2022.
Reason for dismissal
Based on the judgment, Rabsco Inc commenced proceedings on October 20, 2020 against the former managing director of Midland Acres claiming the sum of USD$35,017,406 as a debt due to Rabsco Inc.
The debt due was claimed by Rabsco Inc because the former managing director of Midland Acres allegedly gave guarantees that loans made to Midland Acres would be paid punctually.
However, the Grand Court judge dismissed Rabsco Inc’s claim saying that “Where the proper cause of action is a claim for damages, a claim for debt cannot be maintained.”
Rabsco’s Inc claim was therefore dismissed because it was framed as a “claim for a debt due” when it appears that it should have been framed as a “claim for damages”.
To elucidate the distinction between a “claim for a debt due” and a “claim for damages,” the Grand Court judge said:
They are distinct remedies with their own elements. In a claim for damages, there is no existing obligation to pay any amount: there is no debt due.
Damages become a debt due, not when the loss is quantified by the party complaining of breach, but when a competent Court determines that a party has committed a breach, assesses the quantum of loss and awards damages taking into account the various restrictions on recovery of damages, such as the requirement to mitigate loss.
“Rabsco’s claim falls to be dismissed,” the Grand Court judge concluded.
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