Hoist Portfolio Holding 2 Ltd v Mutliple Defendants [2018] EWHC 3113 (Ch) (18 July 2018)

Hoist Portfolio Holding 2 Ltd v Mutliple Defendants [2018] EWHC 3113 (Ch) (18 July 2018)

The GSOs, though granted on an incorrect legal basis due to technical defects in the assignment process, are confirmed and regularised as the applicant was at least an equitable assignee, the assignor has no further interest, and the court waives the procedural requirement for joinder of the assignor, subject to formal confirmation by the assignor.

Citation
[2018] EWHC 3113 (Ch)
Parties
Claimant/applicant: Hoist Portfolio Holding 2 Ltd; Defendants/respondents: Multiple Defendants (2018)
Jurisdiction
England and Wales
Judgment Date
18 July 2018
Procedural Posture
Application in Existing Proceedings (chancery Division, Business and Property Court) / Application to Confirm and Regularise Prior Global Substitution Orders
Outcome
Application granted in part
Legal Topics
Assignment of Debts, Global Substitution Orders, Section 136 Law of Property Act 1925, Equitable Assignment, Procedural Regularity
Civil Procedure Property Law Debt Recovery Assignment of Debts Global Substitution Orders Section 136 Law of Property Act 1925 Equitable Assignment Procedural Regularity

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Parties

Hoist Portfolio Holding 2 Ltd

Claimant/applicant

Multiple Defendants (2018)

Defendants/respondents

Procedural Posture

Application in Existing Proceedings (chancery Division, Business and Property Court) / Application to Confirm and Regularise Prior Global Substitution Orders

Legal Issues

  1. 1 Whether the prior Global Substitution Orders (GSOs) were legally effective given defects in the assignment process
  2. 2 Whether the absence of a written deed of assignment invalidated the GSOs under s.136 Law of Property Act 1925
  3. 3 Whether the court should confirm and regularise the GSOs despite technical defects

Ratio Decidendi

The GSOs, though granted on an incorrect legal basis due to technical defects in the assignment process, are confirmed and regularised as the applicant was at least an equitable assignee, the assignor has no further interest, and the court waives the procedural requirement for joinder of the assignor, subject to formal confirmation by the assignor.

Court Disposition

Application granted in part

Orders

  • Confirmation and approval of the effectiveness of the seven Global Substitution Orders, subject to formal confirmation by the assignor of no further interest in the debts.
  • Waiver of requirement to join the assignor in future litigation, subject to confirmation.