Shearer & Ors v Spring Capital Ltd & Ors [2013] EWHC 3373 (Ch) (04 November 2013)

Shearer & Ors v Spring Capital Ltd & Ors [2013] EWHC 3373 (Ch) (04 November 2013)

The claimants' proposal to fortify the cross-undertaking in damages by charging shares in Capital Cash Limited provides sufficient security at this stage, with liberty to apply for variation. Costs of the applications are to be the claimants' costs in the issue of the validity of the tender, reflecting their partial but not complete success. Permission to appeal is refused as the issues are properly arguable and require trial, with no real prospect of success for an appeal at this stage.

Citation
[2013] EWHC 3373 (Ch)
Parties
Claimant: Iain Lawrie Shearer; Claimant: James Richard Debruyker Dawes; Claimant: Capital Cash Limited; Claimant: Jade Investments Worldwide Limited; First Defendant: Spring Capital Limited; Second Defendants: Tenon Pension Trustees Limited and Roderick Charles Thomas (as trustees of The Tenon Group SIPP – RC Thomas TGS0057); Third Defendants: Tenon Pension Trustees Limited and Stuart James Thomas (as trustees of The Tenon Group SIPP – Mr SJ Thomas TGS0059)
Jurisdiction
England and Wales
Judgment Date
04 November 2013
Procedural Posture
Interim Application in Civil Proceedings / Post Interim Injunction, Costs, and Permission to Appeal
Outcome
Claimants' proposal for fortification accepted; costs ordered as claimants' costs in the issue of validity of tender; permission to appeal refused.
Legal Topics
Interim Injunctions, Strike Out Applications, Summary Judgment, Tender of Payment, Security for Undertakings, Costs Orders, Permission to Appeal
Civil Procedure Equity and Trusts Banking and Finance Interim Injunctions Strike Out Applications Summary Judgment Tender of Payment Security for Undertakings +2 more

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Parties

Iain Lawrie Shearer

Claimant

James Richard Debruyker Dawes

Claimant

Capital Cash Limited

Claimant

Jade Investments Worldwide Limited

Claimant

Spring Capital Limited

First Defendant

Tenon Pension Trustees Limited and Roderick Charles Thomas (as trustees of The Tenon Group SIPP – RC Thomas TGS0057)

Second Defendants

Tenon Pension Trustees Limited and Stuart James Thomas (as trustees of The Tenon Group SIPP – Mr SJ Thomas TGS0059)

Third Defendants

Procedural Posture

Interim Application in Civil Proceedings / Post Interim Injunction, Costs, and Permission to Appeal

Legal Issues

  1. 1 Whether the claimants' fortification proposal for the cross-undertaking in damages is sufficient security
  2. 2 Appropriate order for costs following interim applications
  3. 3 Whether permission to appeal should be granted against refusal to strike out and summary judgment

Ratio Decidendi

The claimants' proposal to fortify the cross-undertaking in damages by charging shares in Capital Cash Limited provides sufficient security at this stage, with liberty to apply for variation. Costs of the applications are to be the claimants' costs in the issue of the validity of the tender, reflecting their partial but not complete success. Permission to appeal is refused as the issues are properly arguable and require trial, with no real prospect of success for an appeal at this stage.

Court Disposition

Claimants' proposal for fortification accepted; costs ordered as claimants' costs in the issue of validity of tender; permission to appeal refused.

Orders

  • Claimants to provide undertakings as proposed, including security over shares in Capital Cash Limited.
  • Either party may apply to vary undertakings or security.