The court found that the marks used had to be considered as likely to cause confusion, as the plaintiffs' company name, mark and invoice design were very similar to the invoices of the plaintiffs. Consequently, there was an obvious risk that consumers could perceive the invoice as being linked to the plaintiffs. The defendant's marketing was therefore considered to be misleading, and also constituted a breach of the per se prohibition of Annex I-21 of the UCP Directive.