NGM Sustainable Developments Ltd v Wallis & Ors [2015] EWHC 2089 (Ch) (22 July 2015)

NGM Sustainable Developments Ltd v Wallis & Ors [2015] EWHC 2089 (Ch) (22 July 2015)

The Claimant failed to prove that the Defendants made fraudulent misrepresentations of present intention; the Side Letter was not a binding representation or contract, and there was no evidence of dishonest intent at the time of the loan agreements. The claim for rescission and damages fails.

Citation
[2015] EWHC 2089 (Ch)
Parties
Claimant: NGM Sustainable Developments Ltd; First Defendant: Phillip Wallis; Second Defendant: Lizzano Ltd; Third Defendant: Cascina Ltd; Fourth Defendant: Kevin Reardon; Fifth Defendant: Hydro Properties Ltd; Sixth Defendant: Hydro Property Holdings Ltd
Jurisdiction
England and Wales
Judgment Date
22 July 2015
Procedural Posture
Chancery Division Trial (liability and Quantum) / Final Judgment After Full Trial
Outcome
Claim dismissed
Legal Topics
Fraudulent Misrepresentation, Rescission, Guarantees and Indemnities, Security Interests, Patent Rights, Loan Agreements, Section 423 Insolvency Act 1986, Loss of a Chance Damages
Commercial Law Contract Law Equity and Trusts Insolvency Law Fraudulent Misrepresentation Rescission Guarantees and Indemnities Security Interests +4 more

Case Brief

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Parties

NGM Sustainable Developments Ltd

Claimant

Phillip Wallis

First Defendant

Lizzano Ltd

Second Defendant

Cascina Ltd

Third Defendant

Kevin Reardon

Fourth Defendant

Hydro Properties Ltd

Fifth Defendant

Hydro Property Holdings Ltd

Sixth Defendant

Procedural Posture

Chancery Division Trial (liability and Quantum) / Final Judgment After Full Trial

Legal Issues

  1. 1 Whether the Defendants made fraudulent misrepresentations to induce NGM to enter into loan and security documents
  2. 2 Whether NGM is entitled to rescission and/or damages for fraudulent misrepresentation
  3. 3 Whether the Side Letter constituted a binding representation of present intention

Ratio Decidendi

The Claimant failed to prove that the Defendants made fraudulent misrepresentations of present intention; the Side Letter was not a binding representation or contract, and there was no evidence of dishonest intent at the time of the loan agreements. The claim for rescission and damages fails.

Court Disposition

Claim dismissed

Orders

  • Claim for fraudulent misrepresentation dismissed
  • Claim for rescission and damages dismissed