Quantum Blockchain Technologies PLC's (AIM:QBT, FRA:BYA1) legacy subsidiary has won a Court of Appeal judgment in Italy that could lift its recovery to around €78,000, including interest and costs.
The AIM-listed company said Clear Leisure 2017 Limited secured a favourable ruling from the Court of Appeal of Turin, which overturned the trial court’s decision and ordered the defendant to pay €38,500 in damages, plus statutory interest from 7 December 2020 and legal costs of around €15,000.
The court also rejected an attempt by the defendant to offset the debt with alleged counterclaims.
The case relates to a 2019 transaction involving the sale of a 30% equity interest in Beni Immobili S.r.l. Under that deal, the defendant had agreed to pay €45,000 in instalments, but only €6,500 was received, leaving €38,500 outstanding.
QBT said its subsidiary acquired the receivable from Sipiem SpA in liquidation in November 2020 at a discounted price.
Based on statutory commercial interest rates since December 2020, QBT said accrued interest is estimated at about €20,000, with the total expected recovery rising to around €78,000, including the damages award, legal costs and other general expenses. Clear Leisure 2017 will now pursue enforcement action to recover the sums awarded.
"This ruling validates our approach in pursuing legacy assets and confirms the strength of our legal position. We will now take the appropriate steps to enforce the judgment and maximise recovery," said chief executive Francesco Gardin.