The Claimants Listed in Schedule 1 to the Claim Form v Nicholas Spence & Ors.

The Claimants Listed in Schedule 1 to the Claim Form v Nicholas Spence & Ors.

Mr Spence failed to adduce evidence demonstrating a good arguable case that he would suffer loss as a result of the freezing order; the proper measure of loss was the cost of replacing the hedge, not speculative future losses, and there was insufficient evidence of a real risk that Coutts would call in the loan due to the order.

Parties
Claimants/appellants: The Claimants listed in Schedule 1 to the Claim Form; Defendant/respondent: Nicholas Spence; Defendant/respondent: Derek Kewley; Defendant/respondent: Andrew Crump; Defendant/respondent: Emerging Property Investments Limited (in liquidation); Defendant/respondent: Emerging Property Limited; Defendant/respondent: Green Park Holdings (Ilfracombe) Limited; Defendant/respondent: GP Ilfracombe Management Company Limited; Defendant/respondent: Green Parks (Westward Ho!) Management Company Limited; Defendant/respondent: Alpha Properties (Bradford) Limited; Defendant/respondent: A1 Properties (Sunderland) Limited
Jurisdiction
England and Wales
Judgment Date
28 April 2022
Procedural Posture
Civil Appeal / Appeal From Order for Increased Fortification of Undertaking in Damages
Outcome
Appeal allowed
Legal Topics
Freezing Orders, Undertaking in Damages, Fortification of Undertaking, Interlocutory Relief
Civil Procedure Commercial Law Freezing Orders Undertaking in Damages Fortification of Undertaking Interlocutory Relief

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Parties

The Claimants listed in Schedule 1 to the Claim Form

Claimants/appellants

Nicholas Spence

Defendant/respondent

Derek Kewley

Defendant/respondent

Andrew Crump

Defendant/respondent

Emerging Property Investments Limited (in liquidation)

Defendant/respondent

Emerging Property Limited

Defendant/respondent

Green Park Holdings (Ilfracombe) Limited

Defendant/respondent

GP Ilfracombe Management Company Limited

Defendant/respondent

Green Parks (Westward Ho!) Management Company Limited

Defendant/respondent

Alpha Properties (Bradford) Limited

Defendant/respondent

A1 Properties (Sunderland) Limited

Defendant/respondent

Procedural Posture

Civil Appeal / Appeal From Order for Increased Fortification of Undertaking in Damages

Legal Issues

  1. 1 Whether the respondent demonstrated a good arguable case for suffering loss as a result of a worldwide freezing order, justifying increased fortification of the undertaking in damages.

Ratio Decidendi

Mr Spence failed to adduce evidence demonstrating a good arguable case that he would suffer loss as a result of the freezing order; the proper measure of loss was the cost of replacing the hedge, not speculative future losses, and there was insufficient evidence of a real risk that Coutts would call in the loan due to the order.

Court Disposition

Appeal allowed

Orders

  • Order for increased fortification of the undertaking in damages set aside