The Connaught Income Fund, Series 1 v (Capita Financial Managers Ltd & Anor [2014] EWHC 3619 (Comm) (05 November 2014)

The Connaught Income Fund, Series 1 v (Capita Financial Managers Ltd & Anor [2014] EWHC 3619 (Comm) (05 November 2014)

The Fund, acting through its liquidators, is entitled to bring claims assigned by investors after dissolution and winding-up; the assignments are not invalid under FSMA or the Rights of Action Regulations; the liquidators acted within their statutory powers in accepting the assignments; procedural rules do not render the proceedings a nullity.

Citation
[2014] EWHC 3619 (Comm)
Parties
Claimant: The Connaught Income Fund, Series 1 (in liquidation); First Defendant: Capita Financial Managers Limited; Second Defendant: Blue Gate Capital Limited
Jurisdiction
England and Wales
Judgment Date
05 November 2014
Procedural Posture
Commercial Court Summary Judgment Application / Summary Judgment Determination
Outcome
Application granted; summary judgment for the Claimant on entitlement to bring assigned claims.
Legal Topics
Assignment of Claims, Liquidator Powers, Collective Investment Schemes, FSMA Claims, Procedural Rules for Partnerships
Insolvency Partnership Law Financial Services Regulation Civil Procedure Assignment of Claims Liquidator Powers Collective Investment Schemes FSMA Claims +1 more

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Parties

The Connaught Income Fund, Series 1 (in liquidation)

Claimant

Capita Financial Managers Limited

First Defendant

Blue Gate Capital Limited

Second Defendant

Procedural Posture

Commercial Court Summary Judgment Application / Summary Judgment Determination

Legal Issues

  1. 1 Whether the Fund as assignee can bring claims assigned by investors after dissolution and winding-up
  2. 2 Whether assignments to the Fund are valid under FSMA and the Rights of Action Regulations
  3. 3 Whether the liquidators acted within their statutory powers in accepting assignments

Ratio Decidendi

The Fund, acting through its liquidators, is entitled to bring claims assigned by investors after dissolution and winding-up; the assignments are not invalid under FSMA or the Rights of Action Regulations; the liquidators acted within their statutory powers in accepting the assignments; procedural rules do not render the proceedings a nullity.

Court Disposition

Application granted; summary judgment for the Claimant on entitlement to bring assigned claims.

Orders

  • Claimant entitled to bring claims on the basis of the assignments.
  • Counsel to provide corrections and draft order before formal hand down.