Barclay-Watt & Ors v Alpha Panareti Public Ltd & Anor [2022] EWCA Civ 1169 (19 August 2022)

Barclay-Watt & Ors v Alpha Panareti Public Ltd & Anor [2022] EWCA Civ 1169 (19 August 2022)

APP was liable in tort for negligent failure to warn claimants about the currency risks of Swiss franc mortgages, as the salesmen were its agents and the risk was obvious. Mr Ioannou was not personally liable as there was no assumption of responsibility nor sufficient participation beyond his constitutional role as director. The claimants could not challenge the 'lettability' finding without permission, which was refused.

Citation
[2022] EWCA Civ 1169
Parties
Claimants/respondents and Cross Appellants: Andrew James Barclay-Watt & Others; Defendant/appellant and Cross Respondent: Alpha Panareti Public Limited; Defendant/appellant and Cross Respondent: Andreas Ioannou
Jurisdiction
England and Wales
Judgment Date
19 August 2022
Procedural Posture
Appeal (civil) / Court of Appeal Judgment on Appeal and Cross Appeal From High Court (commercial Court)
Outcome
APP's appeal dismissed; claimants' cross-appeal on personal liability of Mr Ioannou dismissed; application to challenge 'lettability' finding refused.
Legal Topics
Misrepresentation, Negligent Advice, Accessory Liability, Directors' Personal Liability, Agency, Duty of Care, Piercing the Corporate Veil
Tort Law Company Law Agency Law Misrepresentation Negligent Advice Accessory Liability Directors' Personal Liability Agency +2 more

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Parties

Andrew James Barclay-Watt & Others

Claimants/respondents and Cross Appellants

Alpha Panareti Public Limited

Defendant/appellant and Cross Respondent

Andreas Ioannou

Defendant/appellant and Cross Respondent

Procedural Posture

Appeal (civil) / Court of Appeal Judgment on Appeal and Cross Appeal From High Court (commercial Court)

Legal Issues

  1. 1 Whether Alpha Panareti Public Ltd (APP) was liable in tort for misrepresentation and negligent advice regarding currency risks in Swiss franc mortgages marketed to UK claimants.
  2. 2 Whether Mr Andreas Ioannou, director of APP, was personally liable as an accessory or primary tortfeasor for the same.
  3. 3 Whether the claimants could challenge the High Court's finding on the 'lettability' misrepresentation without permission.

Ratio Decidendi

APP was liable in tort for negligent failure to warn claimants about the currency risks of Swiss franc mortgages, as the salesmen were its agents and the risk was obvious. Mr Ioannou was not personally liable as there was no assumption of responsibility nor sufficient participation beyond his constitutional role as director. The claimants could not challenge the 'lettability' finding without permission, which was refused.

Court Disposition

APP's appeal dismissed; claimants' cross-appeal on personal liability of Mr Ioannou dismissed; application to challenge 'lettability' finding refused.

Orders

  • Judgment for the claimants against Alpha Panareti Public Ltd with damages to be assessed.
  • No personal liability found against Mr Andreas Ioannou.