The Connaught Income Fund, Series 1 v (Capita Financial Managers Ltd & Anor

The Connaught Income Fund, Series 1 v (Capita Financial Managers Ltd & Anor

The Fund, acting through its liquidators, is entitled to bring claims based on assignments from investors; assignments are valid and within the liquidators' statutory powers; procedural rules do not bar the action; assignment of statutory claims is not prohibited unless expressly stated; the Fund can proceed with the claims.

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 Application / Summary Judgment Application
Outcome
Application for summary judgment granted; Fund can bring claims based on assignments.
Legal Topics
Assignment of Claims, Liquidator Powers, FSMA Statutory Rights, Procedural Rules for Partnerships
Insolvency Partnership Financial Services Assignment of Claims Liquidator Powers FSMA Statutory Rights Procedural Rules for Partnerships

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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 Application / Summary Judgment Application

Legal Issues

  1. 1 Whether the Fund can bring claims based on assignments from investors
  2. 2 Validity of assignments post-dissolution
  3. 3 Application of CPR Practice Direction 7A paragraph 5A

Ratio Decidendi

The Fund, acting through its liquidators, is entitled to bring claims based on assignments from investors; assignments are valid and within the liquidators' statutory powers; procedural rules do not bar the action; assignment of statutory claims is not prohibited unless expressly stated; the Fund can proceed with the claims.

Court Disposition

Application for summary judgment granted; Fund can bring claims based on assignments.

Orders

  • Counsel to provide corrections and draft order within 72 hours before hand down of judgment.
  • Counsel to notify any matters to be raised at hearing.