Fund Ourselves Ltd v Siam & Ors [2025] EWHC 2985 (Ch) (05 November 2025)

Fund Ourselves Ltd v Siam & Ors [2025] EWHC 2985 (Ch) (05 November 2025)

The court held that service on Mr Siam was valid under s.1140 Companies Act 2006, that the agreed variation of orders to permit sale of the aircraft was appropriate, that Close Brothers was entitled to recover its enforcement costs from sale proceeds, and that sale proceeds should be paid into solicitors' account to the order of the court, with any further disputes to be addressed in separate proceedings if necessary.

Citation
[2025] EWHC 2985 (Ch)
Parties
Claimant: Fund Ourselves Limited (In Administration) (Acting by its Joint Administrators, Louise Brittain and Robert Young); First Defendant: Nadeem Magdy Mostafa Siam; Second Defendant: Woodstock 1 Limited; Third Defendant: Welendus Inc.; Fourth Defendant: Woodstock Sandbox Limited (In Creditor's Voluntary Liquidation); Applicant/interested Party: Close Brothers Limited
Jurisdiction
England and Wales
Judgment Date
05 November 2025
Procedural Posture
Interim Application to Vary Freezing and Related Orders / Hearing and Determination of Application
Outcome
Application granted; orders varied as sought by Close Brothers.
Legal Topics
Freezing Orders, Asset Sale by Mortgagee, Service of Process, Costs Recovery, Variation of Court Orders
Insolvency Banking and Finance Civil Procedure Freezing Orders Asset Sale by Mortgagee Service of Process Costs Recovery Variation of Court Orders

Case Brief

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Parties

Fund Ourselves Limited (In Administration) (Acting by its Joint Administrators, Louise Brittain and Robert Young)

Claimant

Nadeem Magdy Mostafa Siam

First Defendant

Woodstock 1 Limited

Second Defendant

Welendus Inc.

Third Defendant

Woodstock Sandbox Limited (In Creditor's Voluntary Liquidation)

Fourth Defendant

Close Brothers Limited

Applicant/interested Party

Procedural Posture

Interim Application to Vary Freezing and Related Orders / Hearing and Determination of Application

Legal Issues

  1. 1 Whether service of application notice on Mr Siam was valid under Companies Act 2006 s.1140
  2. 2 Whether competing freezing orders prevent sale of aircraft
  3. 3 Whether proposed sale price is at undervalue and prejudicial

Ratio Decidendi

The court held that service on Mr Siam was valid under s.1140 Companies Act 2006, that the agreed variation of orders to permit sale of the aircraft was appropriate, that Close Brothers was entitled to recover its enforcement costs from sale proceeds, and that sale proceeds should be paid into solicitors' account to the order of the court, with any further disputes to be addressed in separate proceedings if necessary.

Court Disposition

Application granted; orders varied as sought by Close Brothers.

Orders

  • Aircraft to be sold by Close Brothers as mortgagee.
  • Relevant costs and expenses to be deducted from purchase price.