Andrew James Barclay-Watt & Ors. v Alpha Panareti Public Limited & Anor.

Andrew James Barclay-Watt & Ors. v Alpha Panareti Public Limited & Anor.

APP is liable in tort for negligent failure to warn claimants about the currency risks of Swiss franc mortgages marketed as part of its property investment scheme, as the salesmen acted as its agents and the risk was obvious. Mr Ioannou is not personally liable as he did not assume responsibility to the claimants nor act as an accessory beyond his constitutional role as director.

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
Civil Appeal / Court of Appeal Judgment on Appeal and Cross Appeal From High Court
Outcome
Appeal dismissed; cross-appeal dismissed.
Legal Topics
Misrepresentation, Negligent Advice, Accessory Liability, Assumption of Responsibility, Limited Liability, Agency
Tort Law Company Law Misrepresentation Negligent Advice Accessory Liability Assumption of Responsibility Limited Liability Agency

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 22 Party arguments 2 Amounts and remedies 5
Sign in to unlock

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

Civil Appeal / Court of Appeal Judgment on Appeal and Cross Appeal From High Court

Legal Issues

  1. 1 Whether Alpha Panareti Public Limited (APP) was liable in tort for negligent misrepresentation and advice regarding currency risks in property investment schemes marketed to UK residents.
  2. 2 Whether Mr Andreas Ioannou, director of APP, was personally liable as an accessory to APP's torts or owed a personal duty of care to the claimants.

Ratio Decidendi

APP is liable in tort for negligent failure to warn claimants about the currency risks of Swiss franc mortgages marketed as part of its property investment scheme, as the salesmen acted as its agents and the risk was obvious. Mr Ioannou is not personally liable as he did not assume responsibility to the claimants nor act as an accessory beyond his constitutional role as director.

Court Disposition

Appeal dismissed; cross-appeal dismissed.

Orders

  • APP is liable to the claimants in damages for negligent failure to warn about currency risks.
  • Mr Ioannou is not personally liable.