RS Lender IV, SARL v Fernando Oscar Gil Marin

Facts

The claimant, a credit provider incorporated in Luxembourg, advanced €37 million to Aster for Life SL (AFL) under a facility agreement dated 28 July 2020, out of a total of €50 million arranged. AFL is one of a group of related Aster companies. Under a related sponsor guarantee, the defendant, who runs real estate businesses in Spain, agreed in defined circumstances to pay amounts owed under the facility as if he were the principal obligor. By a share pledge, the claimant was granted rights over shares in Aster Lux S.à r.l. The claimant's case was that AFL was in default and had been insolvent by 2 April 2024. It purported to appropriate the share capital of Aster Lux at a value of nil. On 14 June 2024 it purported to accelerate the obligation to repay, and it then demanded repayment from AFL and payment from the defendant under the guarantee. Nothing was paid, and proceedings were issued on 15 August 2025. The defendant's Defence and Counterclaim relied on a "prevention" case, said that the debt had been extinguished by merger, and challenged the nil valuation. The claimant applied to strike out parts of the Defence and the whole of the Counterclaim, or alternatively for summary judgment on particular issues.