Source: All England Reporter
Publisher Citation: [2012] All ER (D) 46 (Jun)
Neutral Citation: [2012] EWHC 1480 (Ch)
Court: Chancery Division
Judge:

Proudman J
Representation Robert Anderson QC and Tom Richards (instructed by Jones Day) for the claimants.
  James Aldridge (instructed by Stephenson Harwood) for the second and fourth to seventh defendants.
  The first, ninth and tenth defendants appeared in person.
Judgment Dates: 30 May 2012

Catchwords

Company - Director - Duty - Fiduciary duty - Breach of fiduciary duty - First claimant company advising and managing hedge fund - First claimant making payments, transfers and loan - First claimant engaging in swaps with related company - Hedge fund being unable to meet redemption requests - Hedge fund and first claimant going into liquidation - First claimant and second claimant liquidator seeking relief - Whether first defendant director being liable for fraud, payments, loan and personal transfers - Whether second defendant director being liable for negligently permitting fraud - Whether ninth defendant being liable for negligently permitting fraud, fraud and just and equitable contribution - Whether tenth defendant being liable for dishonestly assisting fraud and negligently failing to act - Whether third defendant being liable for receipt of transfers - Whether first, second, ninth and tenth defendants being liable for their salary, bonuses and other benefits - , - , .

The Case

Company Director. The Chancery Division found that: (i) the first defendant director had committed fraud by sham swap transactions; (ii) the second, ninth and tenth defendants were negligent; and (iii) that all defendants had breached their fiduciary duties to the first claimant company.

Practice Areas

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