Oisin Fanning v Tenn Capital Limited

Facts

The claimant, Oisin Fanning, borrowed £6.3mn from the defendant, Tenn Capital Limited, in November 2022, secured against his freehold interest in the Garden Flat at 48 Grosvenor Square, London. He defaulted in February 2023 and Tenn appointed receivers under the charge. A month later he brought proceedings (the First Claim) seeking a declaration of unenforceability in respect of the loan and security, an account and damages, pleading an unfair relationship under section 140A(1) of the Consumer Credit Act 1974 and a misrepresentation that the loan was suitable for his needs; the ingredients of those claims included that the property was his residence, that he had been encouraged to sign documentation saying otherwise, and that he had to pay £500,000 as a pre-condition of the loan. Before Tenn's strike-out application was heard, he filed a witness statement foreshadowing an amendment to plead unenforceability under section 26 of the Financial Services and Markets Act 2000. The parties compromised, and by the Consent Order of Master Dagnall dated 17 October 2023 the claim was dismissed, on terms recorded in a recital that the claims would not be advanced in other proceedings, with costs of £100,000. The receivers sold the property in May 2025, leaving a shortfall of £4.5mn. The present claim followed in June 2025, and Tenn applied to strike it out.