Durnont Enterprises Limited v Fazita Investment Limited & Ors

Durnont Enterprises Limited v Fazita Investment Limited & Ors

The appellant failed to establish a prima facie case that the Bank, Mr Czeremcha, or Mr de Makay breached the SSA, Articles, fiduciary duties, or incurred liability under Article 415 of the Polish Civil Code. There was insufficient evidence of breach, causation of loss, or involvement in the alleged wrongdoing. The appeal was dismissed.

Parties
Claimant/appellant: Durnont Enterprises Limited; Defendant/respondent: Fazita Investment Limited; Defendant/respondent: Wladyslaw Jaroszewicz; Defendant/respondent: Michael Carl Jaroszewicz; Defendant/respondent: M-JWK-Management Spółka z Ograniczona Odpowiedzialnościa; Defendant/respondent: Anna Bandurska; Defendant/respondent: Jan Czeremcha; Defendant/respondent: Maciej de Makay; Defendant/respondent: BNP Paribas Bank Polska S.A.; Defendant/respondent: Polish Real Estate Investment Limited
Jurisdiction
England and Wales
Judgment Date
27 November 2024
Procedural Posture
Civil Appeal / Appeal From High Court (second Stage Derivative Claim Permission)
Outcome
Appeal dismissed
Legal Topics
Derivative Claims, Fiduciary Duties, Breach of Contract, Shareholder Rights, Pre Emption Rights, Foreign Company Proceedings
Company Law Civil Procedure Contract Law Derivative Claims Fiduciary Duties Breach of Contract Shareholder Rights Pre Emption Rights +1 more

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Parties

Durnont Enterprises Limited

Claimant/appellant

Fazita Investment Limited

Defendant/respondent

Wladyslaw Jaroszewicz

Defendant/respondent

Michael Carl Jaroszewicz

Defendant/respondent

M-JWK-Management Spółka z Ograniczona Odpowiedzialnościa

Defendant/respondent

Anna Bandurska

Defendant/respondent

Jan Czeremcha

Defendant/respondent

Maciej de Makay

Defendant/respondent

BNP Paribas Bank Polska S.A.

Defendant/respondent

Polish Real Estate Investment Limited

Defendant/respondent

Procedural Posture

Civil Appeal / Appeal From High Court (second Stage Derivative Claim Permission)

Legal Issues

  1. 1 Whether the appellant established a prima facie case to continue derivative claims against the Bank, Mr Czeremcha, and Mr de Makay on behalf of the company under English and Polish law.
  2. 2 Whether the Bank breached the Share and Subscription Agreement (SSA) or Articles by accepting early repayment of bonds and entering into a share sale agreement.
  3. 3 Whether directors breached fiduciary duties to the company.

Ratio Decidendi

The appellant failed to establish a prima facie case that the Bank, Mr Czeremcha, or Mr de Makay breached the SSA, Articles, fiduciary duties, or incurred liability under Article 415 of the Polish Civil Code. There was insufficient evidence of breach, causation of loss, or involvement in the alleged wrongdoing. The appeal was dismissed.

Court Disposition

Appeal dismissed