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Press position 14 March, 2022
Court dismisses Nebula Project AG bankruptcy challenge brought by AML, path clear for claims in arbitration
Following the termination in mid 2021 by Aston Martin Lagonda Global Holdings plc. (AML) of an agreement with Nebula Project AG (Nebula) concerning the development and marketing of Aston Martin?s new range of mid- engine cars (Valkyrie, Valhalla and the new Vanquish), Nebula and other companies led by Dr Andreas Baenziger and Dr Florian Kamelger have faced a series of legal proceedings in Switzerland commenced by AML. The Swiss group formerly ran one of AML?s most successful dealerships: Aston Martin St. Gallen.
The various actions have included allegations of both bankruptcy and fraud and appear to have been aimed at avoiding claims by Nebula, to which AML alluded in its 22 June 2021 RNS Statement as payments it was ?no longer liable for?.
On 8 March 2022, the Cantonal Court of Appenzell Ausserrhoden (Switzerland) has dismissed AML?s attempts to have Nebula declared bankrupt.
Dr Florian Kamelger, Chairman, says: ?We are delighted by the Swiss Court?s decision, which brings this dispute to its proper forum: the arbitration commenced by Nebula in London in November last year, with claims in excess of GBP 150m.?
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