According to a writ filed on 17 Oct., Dart Finance Ltd. has begun legal proceedings against Matthew Wight, the managing director of NCB Group.
The document, which was presented to the Grand Court of the Cayman Islands, claims Wight has not fulfilled his obligations as personal guarantor for a US$5 million loan that Dart Finance Ltd. gave to NCB Homes Ltd. on 3 Feb. 2023.
The loan was to be repaid in full plus interest by 3 Feb. 2024. Pursuant to Guarantee agreement, if NCB Homes failed to repay the loan amount plus interest, Wight guaranteed to repay Dart Finance immediately on demand.
The writ states that NCB Homes failed to repay the loan and accrued interest on the repayment date. On 19 Aug. 2025, the Dart Finance served a statutory demand on NCB Homes seeking payment of US$5,331,186.71.
The time to comply with the statutory demand expired on 9 Sept. 2025 and NCB Homes did not make payment of the debt or secure the debt to the satisfaction of Dart Finance, despite saying it would on various occasions, including on 30 Sept. 2025, 6 Oct. 2025 and 16 Oct. 2025.
Dart Finance turns to Wight for repayment
On 22 Sept. 2025, Dart Finance sent a letter to Wight demanding payment of US$5,516,474.80 as of the date of the demand letter, which included accrued contractual interest and legal costs, by no later than close of business on 25 Sept. 2025.
On 7 Oct. 2025, Dart Finance sent another letter to Wight requesting payment of US$5,566,024.49, or alternatively, sufficient security by no later than close of business on 8 Oct. 2025.
As of the date of the writ, Wight had not responded directly to Dart Finance’s letters of 22 Sept. 2024 and 7 Oct. 2025 and has failed to make any payment or offer sufficient security.
As a result, Dart Finance is seeking repayment of the initial US$5 million plus interest and costs from Wight as the guarantor through the court action.
The writ states interest costs are $2,384.19 per day.
The claim that NCB Homes Ltd. – the parent company of NCB Group – has defaulted on the loan payment, comes after a petition filed in the Grand Court sought to wind up NCB Investment Ltd. – also a part of the NCB Group of companies – and place it into liquidation. That petition was withdrawn on 17 Oct. following the repayment of the debt two days earlier.
Contacted for comment, Dart’s Senior Manager for Communications Ben Meade said: “The matter is before the Cayman Court and we have no comment at this time.”
The Compass also contacted NCB Group, but had not received a response at the time of writing.
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