Flanagan v Liontrust Investment Partners LLP & Ors [2016] EWHC 446 (Ch) (04 March 2016)

Flanagan v Liontrust Investment Partners LLP & Ors [2016] EWHC 446 (Ch) (04 March 2016)

The 1 August 2013 notice, when construed in context, validly removed Mr Flanagan from the Management Committee, making the third termination letter effective and terminating his LLP membership on 22 June 2015. Mr Flanagan is the successful party for costs purposes as he recovered a substantial sum, but due to his limited success and unreasonable conduct, he is only entitled to 50% of his costs and must pay 60% of Liontrust's costs.

Citation
[2016] EWHC 446 (Ch)
Parties
Petitioner: Eoghan Flanagan; Respondents: Liontrust Investment Partners LLP and Others
Jurisdiction
England and Wales
Judgment Date
04 March 2016
Procedural Posture
Companies Court Petition / Judgment on Consequential Matters Following Main Liability Judgment
Outcome
Third termination letter held valid; Mr Flanagan's membership terminated 22 June 2015; costs orders made in both directions.
Legal Topics
LLP Member Termination, Costs Orders, Repudiatory Breach, Interpretation of Partnership Agreements, Unfair Prejudice, Part 36 Offers
Company Law Partnership Law Civil Procedure LLP Member Termination Costs Orders Repudiatory Breach Interpretation of Partnership Agreements Unfair Prejudice +1 more

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Parties

Eoghan Flanagan

Petitioner

Liontrust Investment Partners LLP and Others

Respondents

Procedural Posture

Companies Court Petition / Judgment on Consequential Matters Following Main Liability Judgment

Legal Issues

  1. 1 Whether the third termination letter was valid and effective to terminate Mr Flanagan's membership of the LLP
  2. 2 Who is the successful party for the purposes of costs
  3. 3 What proportion of costs should be awarded to each party and on what basis

Ratio Decidendi

The 1 August 2013 notice, when construed in context, validly removed Mr Flanagan from the Management Committee, making the third termination letter effective and terminating his LLP membership on 22 June 2015. Mr Flanagan is the successful party for costs purposes as he recovered a substantial sum, but due to his limited success and unreasonable conduct, he is only entitled to 50% of his costs and must pay 60% of Liontrust's costs.

Court Disposition

Third termination letter held valid; Mr Flanagan's membership terminated 22 June 2015; costs orders made in both directions.

Orders

  • Mr Flanagan to receive 50% of his costs, assessed on the standard basis.
  • Mr Flanagan to pay 60% of Liontrust's costs, assessed on the standard basis.