Makdessi v Cavendish Square Holding BV & Ors

On the material before the court, the claimant would obtain judgment for a substantial sum at trial, but the precise amount cannot be determined. A reasonable proportion for interim payment is US$3m, given the risks and uncertainties regarding the DSOP calculation and deductions.

Parties: Claimant: Talal El Makdessi; First Defendant: Cavendish Square Holding BV; Second Defendant: WPP 2005 Limited; Third Defendant: Team Y&R Holdings Hong Kong Limited
Jurisdiction: England and Wales
Judgment Date: 30 March 2017
Procedural Posture: Commercial / Interim Payment Application
Outcome: Interim payment application granted in part
Legal Topics: Interim Payments, Penalties in Contracts, Share Purchase Agreements

Contract Law Commercial Law Interim Payments Penalties in Contracts Share Purchase Agreements

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 2 Party arguments 2 Amounts and remedies 5

Parties

Talal El Makdessi

Claimant

Cavendish Square Holding BV

First Defendant

WPP 2005 Limited

Second Defendant

Team Y&R Holdings Hong Kong Limited

Third Defendant

Procedural Posture

Commercial / Interim Payment Application

Legal Issues

1 Whether the claimant is entitled to an interim payment under CPR 25.7
2 Whether the DSOP price can be reliably calculated given alleged wrongdoing by another shareholder
3 Whether the court can be satisfied that the claimant would obtain judgment for a substantial sum at trial

Ratio Decidendi

Court Disposition

Interim payment application granted in part

Orders

First Defendant to pay US$3m to the Claimant as an interim payment, conditional on transfer of shares.