Polly Peck International Plc v Nadir & Ors [2006] EWHC 3727 (Ch) (25 January 2006)

Polly Peck International Plc v Nadir & Ors [2006] EWHC 3727 (Ch) (25 January 2006)

The consent of Polly Peck, as recorded in the sealed order of Patten J, was general and unqualified, and operated to release the £61,000 from the Mareva injunction, permitting payment to Mr Nadir's solicitors for legal costs. The court declined to exercise a fresh discretion to vary the Mareva in the absence of full evidence, but held that the effect of the prior order and consent was to free the funds.

Citation
[2006] EWHC 3727 (Ch)
Parties
Claimant: Polly Peck International Plc (In Administration); First Defendant: Asil Nadir; Defendants: Others
Jurisdiction
England and Wales
Judgment Date
25 January 2006
Procedural Posture
Chancery Division Civil Application / Application for Variation/discharge of Mareva (freezing) Order
Outcome
Application granted in part
Legal Topics
Mareva Injunction (freezing Order), Variation of Court Orders, Consent in Insolvency Proceedings, Legal Costs and Disbursements, Bankruptcy and Administration, Pension Fund Entitlements
Civil Procedure Insolvency Trusts and Pensions Mareva Injunction (freezing Order) Variation of Court Orders Consent in Insolvency Proceedings Legal Costs and Disbursements Bankruptcy and Administration +1 more

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Parties

Polly Peck International Plc (In Administration)

Claimant

Asil Nadir

First Defendant

Others

Defendants

Procedural Posture

Chancery Division Civil Application / Application for Variation/discharge of Mareva (freezing) Order

Legal Issues

  1. 1 Whether Patten J's order released £61,000 from the Mareva injunction
  2. 2 Whether the Mareva order should be varied to allow payment of legal fees
  3. 3 Whether, as a matter of discretion, the Mareva should be varied to permit payment

Ratio Decidendi

The consent of Polly Peck, as recorded in the sealed order of Patten J, was general and unqualified, and operated to release the £61,000 from the Mareva injunction, permitting payment to Mr Nadir's solicitors for legal costs. The court declined to exercise a fresh discretion to vary the Mareva in the absence of full evidence, but held that the effect of the prior order and consent was to free the funds.

Court Disposition

Application granted in part

Orders

  • Payment of £61,000 and accrued interest standing to the credit of Mr Nadir in Lane & Partners' client account to be paid out by way of satisfaction pro tanto of legal costs and disbursements owed to Mr Nadir's solicitors in proceedings 11211.