Source: All England Reporter
Publisher Citation: [2008] All ER (D) 42 (Sep)
Court: Queen's Bench Division, Commercial Court
Judge:

David Steel J
Representation Vernon Flynn QC and James Willan (instructed by Mishcon de Reya) for the claimant.
  Timothy Collingwood (instructed by the Khan Partnership) for the defendant.
Judgment Dates: 10 September 2008

Catchwords

Company - Shares - Agreement for sale - Claimant purchasing shares from defendant pursuant to written agreement - Agreement containing option for claimant to sell shares back to defendant - Defendant refusing to buy back shares - Claimant issuing proceedings to enforce option - Defendant alleging claimant estopped from enforcing option - Whether defendant having real prospect of success.

The Case

Company Shares. Where the defendant sought to defend a claim in relation to a share option contained within a share purchase agreement on the basis that he had received an oral assurance that that option would not be exercised and had only been included as a matter of form, the court held, inter alia, that the defendant's case was fanciful and had no real prospect of success. Accordingly, summary judgment on the claim was entered in favour of the claimant.

Practice Areas

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