BNP Paribas v Ths Global Ltd & Ors [2009] EWHC 37 (Ch) (15 January 2009)

BNP Paribas v Ths Global Ltd & Ors [2009] EWHC 37 (Ch) (15 January 2009)

The requirements for Norwich Pharmacal relief are satisfied: there is a reasonable basis for concluding BNPP may be a victim of wrongdoing, and BNPP needs the information to identify wrongdoers and assert its rights. The defendants' proposed limited disclosure is inadequate. It is proportionate and appropriate to order disclosure of documents as sought by BNPP, but not affidavits at this stage, as such orders would be too broad and potentially oppressive.

Citation
[2009] EWHC 37 (Ch)
Parties
Claimant: BNP Paribas; First Defendant: TH Global Limited; Second Defendant: Spinaker Limited; Third Defendant: Kvaerner 2004 (No 2) Limited
Jurisdiction
England and Wales
Judgment Date
15 January 2009
Procedural Posture
Part 8 Claim for Norwich Pharmacal Relief / Judgment on Application for Disclosure Orders
Outcome
Orders for disclosure of documents granted as sought by BNPP; orders for affidavits refused at this stage.
Legal Topics
Norwich Pharmacal Orders, Pre Action Disclosure, Corporate Restructuring, Asset Stripping, Shareholder Rights
Civil Procedure Company Law Equity Norwich Pharmacal Orders Pre Action Disclosure Corporate Restructuring Asset Stripping Shareholder Rights

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 2 Authorities cited 6 Party arguments 2 Amounts and remedies 7
Sign in to unlock

Parties

BNP Paribas

Claimant

TH Global Limited

First Defendant

Spinaker Limited

Second Defendant

Kvaerner 2004 (No 2) Limited

Third Defendant

Procedural Posture

Part 8 Claim for Norwich Pharmacal Relief / Judgment on Application for Disclosure Orders

Legal Issues

  1. 1 Whether Norwich Pharmacal relief should be granted for disclosure of documents relating to alleged asset stripping and restructuring
  2. 2 Whether the scope of disclosure should be limited to defendants' proposals or extended as sought by claimant
  3. 3 Whether affidavits should be ordered at this stage

Ratio Decidendi

The requirements for Norwich Pharmacal relief are satisfied: there is a reasonable basis for concluding BNPP may be a victim of wrongdoing, and BNPP needs the information to identify wrongdoers and assert its rights. The defendants' proposed limited disclosure is inadequate. It is proportionate and appropriate to order disclosure of documents as sought by BNPP, but not affidavits at this stage, as such orders would be too broad and potentially oppressive.

Court Disposition

Orders for disclosure of documents granted as sought by BNPP; orders for affidavits refused at this stage.

Orders

  • Defendants to disclose documents relating to restructuring and debt transactions as sought by BNPP, subject to detailed drafting and provisions for confidentiality, privilege, and reasonable costs of compliance.
  • No order for provision of affidavits at this stage.