Savva v Cuckoo Hill Ltd & Anor [2025] EWHC 286 (Ch) (26 February 2025)

Savva v Cuckoo Hill Ltd & Anor [2025] EWHC 286 (Ch) (26 February 2025)

The court found that there was no oral agreement superseding the written Sale and Interest Agreements. The defendants failed to pay the £600,000 due under the Sale Agreement and sums under the Interest Agreement. The second defendant's dissipation of funds constituted a transaction defrauding creditors under section 423 of the Insolvency Act 1986 and inducing breach of contract. The claims were not time-barred due to deliberate concealment by the defendants. The claimant is entitled to judgment for £600,000 plus interest against both defendants and £11,170 plus interest against the second defendant.

Citation
[2025] EWHC 286 (Ch)
Parties
Claimant: Peter Savva; First Defendant: Cuckoo Hill Limited; Second Defendant: Marios Stylianides
Jurisdiction
England and Wales
Judgment Date
26 February 2025
Procedural Posture
Civil (chancery Division) / Trial Judgment
Outcome
Judgment for the claimant against both defendants.
Legal Topics
Breach of Contract, Sale of Land, Fraudulent Transactions, Inducing Breach of Contract, Limitation Periods, Deliberate Concealment, Section 423 Insolvency Act 1986
Contract Law Property Law Insolvency Law Tort Law Breach of Contract Sale of Land Fraudulent Transactions Inducing Breach of Contract +3 more

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Parties

Peter Savva

Claimant

Cuckoo Hill Limited

First Defendant

Marios Stylianides

Second Defendant

Procedural Posture

Civil (chancery Division) / Trial Judgment

Legal Issues

  1. 1 Whether the defendants breached the Sale Agreement by failing to pay £600,000 to the claimant
  2. 2 Whether the second defendant is liable for sums under the Interest Agreement
  3. 3 Whether the second defendant is liable under section 423 of the Insolvency Act 1986 for transactions defrauding creditors

Ratio Decidendi

The court found that there was no oral agreement superseding the written Sale and Interest Agreements. The defendants failed to pay the £600,000 due under the Sale Agreement and sums under the Interest Agreement. The second defendant's dissipation of funds constituted a transaction defrauding creditors under section 423 of the Insolvency Act 1986 and inducing breach of contract. The claims were not time-barred due to deliberate concealment by the defendants. The claimant is entitled to judgment for £600,000 plus interest against both defendants and £11,170 plus interest against the second defendant.

Court Disposition

Judgment for the claimant against both defendants.

Orders

  • Declaration that the Sale Agreement and Interest Agreement are valid and enforceable.
  • Judgment against both defendants for £600,000 plus interest.