VB Football Assets (VBFA) v Blackpool Football Club (Properties) Ltd & Ors [2019] EWHC 530 (Ch) (13 February 2019)

VB Football Assets (VBFA) v Blackpool Football Club (Properties) Ltd & Ors [2019] EWHC 530 (Ch) (13 February 2019)

A receiver by way of equitable execution will be appointed over all assets of the First Respondent and its shares, as this is the only realistic and just means of enforcing the judgment debt in the circumstances, particularly to enable the sale of Blackpool Football Club as a going concern. The application is refused in respect of non-footballing assets not held by the First Respondent and in respect of the Closelink shares due to insufficient evidence.

Citation
[2019] EWHC 530 (Ch)
Parties
Petitioner: VB Football Assets (VBFA); First Respondent: Blackpool Football Club (Properties) Limited (formerly Segesta Limited); Second Respondent: Owen Oyston; Third Respondent: Karl Oyston; Fourth Respondent: Blackpool Football Club Limited (BFC)
Jurisdiction
England and Wales
Judgment Date
13 February 2019
Procedural Posture
Application for Appointment of Receiver by Way of Equitable Execution / Post Judgment Enforcement
Outcome
Partially granted
Legal Topics
Equitable Execution, Appointment of Receiver, Enforcement of Judgment, Asset Realisation
Civil Procedure Insolvency Company Law Equitable Execution Appointment of Receiver Enforcement of Judgment Asset Realisation

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Parties

VB Football Assets (VBFA)

Petitioner

Blackpool Football Club (Properties) Limited (formerly Segesta Limited)

First Respondent

Owen Oyston

Second Respondent

Karl Oyston

Third Respondent

Blackpool Football Club Limited (BFC)

Fourth Respondent

Procedural Posture

Application for Appointment of Receiver by Way of Equitable Execution / Post Judgment Enforcement

Legal Issues

  1. 1 Whether the appointment of a receiver by way of equitable execution is justified over the assets of the First and Second Respondents
  2. 2 Whether sufficient evidence exists that ordinary enforcement methods are inadequate
  3. 3 Whether the appointment should extend to all assets or be limited to footballing assets

Ratio Decidendi

A receiver by way of equitable execution will be appointed over all assets of the First Respondent and its shares, as this is the only realistic and just means of enforcing the judgment debt in the circumstances, particularly to enable the sale of Blackpool Football Club as a going concern. The application is refused in respect of non-footballing assets not held by the First Respondent and in respect of the Closelink shares due to insufficient evidence.

Court Disposition

Partially granted

Orders

  • Receiver by way of equitable execution appointed over all assets of the First Respondent and shares in the First Respondent.
  • Application refused in respect of non-footballing assets not held by the First Respondent.