Triple Point v PTT: Supreme Court Affirms the Orthodox Position Regarding Liquidated Damages Clauses
The case of Triple Point Technology Inc (Triple Point) v PTT Public Company Ltd (PTT) [2021] UKSC 29 has prompted considerable discussion in the construction industry.
United Kingdom, Construction, Insolvency & Restructuring, Litigation, Addleshaw Goddard LLP, House of Lords, UK Supreme Court
Two directors from the UK were disqualified for 12 years each after they used funds from existing clients to payback previous clients. The directors' company entered into loan agreements with existing clients worth around £9.1 million for forex trades, in return for interest and loan repayments. The Insolvency Service later discovered that at least £8.4 million was used to make interest and loan repayments to previous clients.
United Kingdom, Company & Commercial, Insolvency & Restructuring, White Collar Crime, Addleshaw Goddard LLP, Fraud