Background

The Second Claimant (“Mr Hunt”) was appointed liquidator of the First Claimant (“BHUK”) on 11 December 2012. The action against the Defendant was commenced on 15 October 2013. By this time BHUK had already completed the process of administration and liquidation and the only material asset in the liquidation was the claim against the Defendant.

The Claim

In an earlier Judgment the Court at first instance ruled that Countrywide Surveyors Limited (the “Defendant”) was liable in deceit to Mortgage Express (the “Claimant”), in relation to 39 loans, further to property valuations produced by the Defendant.

The Commercial Court recently held that the Defendant, a former majority beneficial owner of the Claimant bank, had acted dishonestly and in breach of duties owed to the Claimant in causing the Claimant to advance monies in eight transactions which had not been repaid or recovered, to a borrower closely connected to the Defendant

Background

The High Court has recently considered whether directors were in breach of their duties after a company entered insolvency. Specifically, the Court considered whether it could exercise its discretion in accordance with section 212 of the Insolvency Act 1986, whereby the Court can order summary judgment against an officer of the company who has misapplied, retained or become accountable for money or property of the company, or been guilty of any misfeasance or breach of fiduciary or other duty in relation to the company.

The Claim

The Government has, today, announced that the Legal Aid, Sentencing and Punishment of Offenders (LASPO) Act 2012 reforms for insolvency proceedings are being delayed for the time being, and will therefore not come into force on 1 April 2015.

Mr and Mrs D (the “Second and Third Defendants”) owned and controlled Stoke Place Hotel Ltd (the First Defendant) and were also major shareholders of DHL (a hotel company) which went into administration in September 2012 (the “Administration”).

 Background

Background

Urbisity Ltd (the “Company”) was a developer of up market apartments. The Company funded its developments through various loans and its two directors, Nicholas Mullen (“NM”) and Christopher White (“CW”) acted as guarantors. Following the credit crunch, sales waned and, without substantial equity, the Company began selling property it owned and borrowing money from family members, one of which was NM’s father, Francis Mullen (“FM”).

Background