Xenfin Fund 1 Trading Limited (In Liquidation) v GFG Limited & Ors

Facts

The claimant, Xenfin Fund 1 Trading Limited (in liquidation), is a Guernsey non-cellular company incorporated on 9 March 2017 as the special purpose vehicle through which the Xenfin Securities Debt Fund 1 Cell of GFG Funds PCC Limited invests. The first defendant, GFG Limited (also in liquidation), is an investment manager regulated by the Guernsey Financial Services Commission; the second and third defendants were directors of the claimant and ultimate beneficial owners of GFG, and the fourth defendant is alleged to have been a de facto director of the claimant. The claimant made loans to entities associated with the Dolphin Group, purportedly secured over real-estate developments in rural Germany, and later entered the "Vordere Transaction", a purported swap of that security for shares said to be significantly overvalued. The Dolphin Group collapsed and criminal charges have been brought against its owner. The claimant alleges GFG acted as its investment manager under an unwritten agreement, alternatively under a written agreement of 24 March 2017, and breached duties of reasonable skill and care. After jurisdictional challenges were dismissed in January 2025 and pleadings closed, GFG applied to strike out or for reverse summary judgment, and the claimant applied to amend its Particulars of Claim and Reply.