Gable Insurance AG v Dewsall & Ors [2025] EWHC 2280 (Ch) (05 September 2025)

Gable Insurance AG v Dewsall & Ors [2025] EWHC 2280 (Ch) (05 September 2025)

Payments made to GSLL, GHI, and Hogarth under genuine commercial agreements were not misappropriations from GIAG. Only excess payments to Hogarth beyond contractual entitlements constituted misappropriation. Mr Dewsall breached director duties by authorising and benefiting from unauthorised payments. Mr Hirschfield did not act dishonestly and was not liable for misappropriation. GIAG's proprietary claim over Weald Hall succeeds only to the extent traceable proceeds can be established. Limitation periods are suspended due to criminal proceedings and intentional breaches. Horatio Risk Consulting LLP is not liable for knowing receipt as GIAG failed to prove knowledge of breach.

Citation
[2025] EWHC 2280 (Ch)
Parties
Claimant: Gable Insurance AG; First Defendant: Mr William Dewsall; Second Defendant: Mr Michael Hirschfield; Third Defendant: Mrs Judith Dewsall; Fourth Defendant: Horatio Risk Consulting LLP
Jurisdiction
England and Wales
Judgment Date
05 September 2025
Procedural Posture
Commercial Chancery / Final Judgment After Trial
Outcome
Claim partly succeeds against Mr Dewsall; dismissed against Mr Hirschfield, Mrs Dewsall, and Horatio Risk Consulting LLP.
Legal Topics
Directors' Duties, Breach of Trust, Dishonest Assistance, Knowing Receipt, Tracing, Proprietary Claims, Limitation Periods
Company Law Trusts Insolvency Fraud Directors' Duties Breach of Trust Dishonest Assistance Knowing Receipt +3 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 4 Authorities cited 5 Party arguments 2 Amounts and remedies 6
Sign in to unlock

Parties

Gable Insurance AG

Claimant

Mr William Dewsall

First Defendant

Mr Michael Hirschfield

Second Defendant

Mrs Judith Dewsall

Third Defendant

Horatio Risk Consulting LLP

Fourth Defendant

Procedural Posture

Commercial Chancery / Final Judgment After Trial

Legal Issues

  1. 1 Whether Mr Dewsall and Mr Hirschfield breached Liechtenstein law duties as directors of GIAG
  2. 2 Whether payments made for Mr Dewsall's benefit constituted misappropriation
  3. 3 Whether GIAG's funds can be traced into Weald Hall and proprietary remedies are available

Ratio Decidendi

Payments made to GSLL, GHI, and Hogarth under genuine commercial agreements were not misappropriations from GIAG. Only excess payments to Hogarth beyond contractual entitlements constituted misappropriation. Mr Dewsall breached director duties by authorising and benefiting from unauthorised payments. Mr Hirschfield did not act dishonestly and was not liable for misappropriation. GIAG's proprietary claim over Weald Hall succeeds only to the extent traceable proceeds can be established. Limitation periods are suspended due to criminal proceedings and intentional breaches. Horatio Risk Consulting LLP is not liable for knowing receipt as GIAG failed to prove knowledge of breach.

Court Disposition

Claim partly succeeds against Mr Dewsall; dismissed against Mr Hirschfield, Mrs Dewsall, and Horatio Risk Consulting LLP.

Orders

  • Mr Dewsall to pay GIAG the sum of misappropriated funds as determined by the Court
  • GIAG entitled to proprietary remedy over net proceeds of Weald Hall sale to the extent traceable