Earlier this year, the High Court ruled in HSBC Bank Plc v Pearl
Corp & Ors. [2019] EWHC 231 (Comm) that HSBC Bank PLC could
enforce its claim for USD 9 million against the personal guarantor
of two ship finance loan agreements despite attempts to resist
under Greek law.
Facts
In 2010, HSBC Bank PLC (The Bank) provided two ship-finance loan
agreements to finance the acquisition of two bulk carriers. The
first loan was made to Pearl Corporation SA (Pearl Corp.) for the
financing of m.v. "AURORA PEARL" and the second loan was
made to Onyx Corporation SA for the financing of m.v. "AURORA
ONYX". Each loan agreement was governed by English law. The
security package for each loan included guarantees, two of which
were personal guarantees provided by Mr Dimitrios Kritsas and
governed by Greek law.
