The claimant concluded a facility agreement with the defendant, which included in its terms an acceleration clause which made all payments due immediately in the event the defendant failed to fulfil any of the required payments as scheduled.

The defendant had failed to perform their financial obligations under the facility agreement, leading to the acceleration clause being invoked. The claimant issued a lawsuit to claim the amounts owed and requested a precautionary attachment be imposed in line with the jurisdiction of the Judge of Urgent Matters by virtue of the Civil Procedures Law. (The Judge of Urgent Matters does not delve into the merits of a claim and will issue their decision based on the apparent circumstances and in favour of the party which is more worthy of protection).