INVEST BANK P.S.C. v AHMAD MOHAMMAD EL-HUSSEINI & ORS.

INVEST BANK P.S.C. v AHMAD MOHAMMAD EL-HUSSEINI & ORS.

The Bank's claims under s.423 IA 1986 regarding 9HP, 18HP, UK Shares, and Commodore Netherlands shares do not raise serious issues to be tried as pleaded; only a limited s.423 claim regarding US$15 million is arguable. Beneficial ownership claims over 32HP and 9HP are arguable only on the basis of express trust declarations, not for UK Shares. Permission to amend is granted only for the limited US$15 million claim; other amendments and claims are refused.

Parties
Claimant: Invest Bank P. S. C.; First Defendant: Ahmad Mohammad El-Husseini; Second Defendant: Mohammed Ahmad El-Husseiny; Third Defendant: Alexander Ahmad El-Husseiny; Fourth Defendant: Ziad Ahmad El-Husseiny; Fifth Defendant: Ramzy Ahmad El-Husseiny; Sixth Defendant: Joan Eva Henry; Seventh Defendant: Virtue Trustees (Switzerland) AG; Eighth Defendant: Global Green Development Limited
Jurisdiction
England and Wales
Judgment Date
13 May 2022
Procedural Posture
Commercial Court Claim / Interlocutory Applications: Permission to Amend, Jurisdiction, Summary Judgment, and Service Out
Outcome
Permission to amend granted only for limited s.423 claim regarding US$15 million; permission to amend and serve out refused for other claims; beneficial ownership claims over 32HP and 9HP may proceed on limited basis; UK Shares beneficial ownership claim dismissed.
Legal Topics
Section 423 Insolvency Act 1986, Beneficial Ownership, Transactions at Undervalue, Jurisdiction, Summary Judgment, Trust Declarations, Asset Transfers
Insolvency Trusts Property Civil Procedure Section 423 Insolvency Act 1986 Beneficial Ownership Transactions at Undervalue Jurisdiction +3 more

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Parties

Invest Bank P. S. C.

Claimant

Ahmad Mohammad El-Husseini

First Defendant

Mohammed Ahmad El-Husseiny

Second Defendant

Alexander Ahmad El-Husseiny

Third Defendant

Ziad Ahmad El-Husseiny

Fourth Defendant

Ramzy Ahmad El-Husseiny

Fifth Defendant

Joan Eva Henry

Sixth Defendant

Virtue Trustees (Switzerland) AG

Seventh Defendant

Global Green Development Limited

Eighth Defendant

Procedural Posture

Commercial Court Claim / Interlocutory Applications: Permission to Amend, Jurisdiction, Summary Judgment, and Service Out

Legal Issues

  1. 1 Whether the claimant has pleaded viable claims under s.423 Insolvency Act 1986 regarding asset transfers
  2. 2 Whether beneficial ownership claims over properties and shares are properly pleaded
  3. 3 Whether permission to amend pleadings should be granted

Ratio Decidendi

The Bank's claims under s.423 IA 1986 regarding 9HP, 18HP, UK Shares, and Commodore Netherlands shares do not raise serious issues to be tried as pleaded; only a limited s.423 claim regarding US$15 million is arguable. Beneficial ownership claims over 32HP and 9HP are arguable only on the basis of express trust declarations, not for UK Shares. Permission to amend is granted only for the limited US$15 million claim; other amendments and claims are refused.

Court Disposition

Permission to amend granted only for limited s.423 claim regarding US$15 million; permission to amend and serve out refused for other claims; beneficial ownership claims over 32HP and 9HP may proceed on limited basis; UK Shares beneficial ownership claim dismissed.

Orders

  • Permission to amend pleadings granted only for limited s.423 claim regarding US$15 million.
  • Permission to amend and serve out refused for s.423 claims regarding 9HP, 18HP, UK Shares, Commodore Netherlands shares.