Speed Investments Ltd & Anor v Formula One Holdings Ltd & Ors

Speed Investments Ltd & Anor v Formula One Holdings Ltd & Ors

The dispute concerns the composition of the board of directors of an English company, which falls within the exclusive jurisdiction of the English courts under Article 22 of the Judgments Regulation and Article 16 of the Lugano Convention. Article 21 does not require a stay in favour of the Swiss proceedings because the English court has exclusive jurisdiction, and any Swiss judgment would not be recognised.

Parties
Claimant/respondent: Speed Investments Limited; Claimant/respondent: SLEC Holdings Limited; Defendant/appellant: Formula One Holdings Limited; Defendant/appellant: Bambino Holdings Limited; Defendant/appellant: Luc Argand; Defendant/appellant: Emmanuele Argand-Rey
Jurisdiction
England and Wales
Judgment Date
12 November 2004
Procedural Posture
Civil Appeal / Appeal From Chancery Division to Court of Appeal
Outcome
Appeal dismissed
Legal Topics
Jurisdiction, Exclusive Jurisdiction, Company Directors, Shareholders Agreement, Rectification of Register
Company Law Private International Law Civil Procedure Jurisdiction Exclusive Jurisdiction Company Directors Shareholders Agreement Rectification of Register

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Parties

Speed Investments Limited

Claimant/respondent

SLEC Holdings Limited

Claimant/respondent

Formula One Holdings Limited

Defendant/appellant

Bambino Holdings Limited

Defendant/appellant

Luc Argand

Defendant/appellant

Emmanuele Argand-Rey

Defendant/appellant

Procedural Posture

Civil Appeal / Appeal From Chancery Division to Court of Appeal

Legal Issues

  1. 1 Whether the English court has exclusive jurisdiction under Article 22 of the Judgments Regulation and Article 16 of the Lugano Convention over disputes concerning the composition of the board of directors of an English company
  2. 2 Whether proceedings should be stayed under Article 21 of the Lugano Convention due to prior proceedings in Switzerland

Ratio Decidendi

The dispute concerns the composition of the board of directors of an English company, which falls within the exclusive jurisdiction of the English courts under Article 22 of the Judgments Regulation and Article 16 of the Lugano Convention. Article 21 does not require a stay in favour of the Swiss proceedings because the English court has exclusive jurisdiction, and any Swiss judgment would not be recognised.

Court Disposition

Appeal dismissed

Orders

  • Appeal dismissed
  • Terms of the order as agreed