In Kigen v. NOR Capital [2024] EWHC 3164 (Ch), the Court had to consider whether a success fee was payable under a financing agreement, where financing was eventually provided internally.

The relevant term was, in isolation, ambiguous: the agreement stated that there would be no charge where funding was internal but went on to say that there would be a minimum success fee regardless of the source of funding. The Court went on to find, however, that on the basis of the agreed factual matrix and commercial common sense, no success fee was payable. The Court made a declaration to that effect.

Jamie Muir Wood, instructed by Jonathan Radcliffe and Joshua Schuermann of Reed Smith LLP, appeared for Kigen, the successful Claimant.