Nosnehpetsj Ltd v Watersheds Capital Partners Ltd & Anor [2020] EWHC 739 (Ch) (27 March 2020)

Nosnehpetsj Ltd v Watersheds Capital Partners Ltd & Anor [2020] EWHC 739 (Ch) (27 March 2020)

Summary judgment or strike out is not warranted because an alternative analysis of the share ownership is not fanciful, material issues of fact remain unresolved, and the circumstances surrounding the approval and reversal of ownership documents require scrutiny at trial.

Citation
[2020] EWHC 739 (Ch)
Parties
Claimant/respondent: Nosnehpetsj Limited (In Liquidation); Defendant/appellant: Watersheds Capital Partners Limited; Defendant/appellant: Richard Buzzoni
Jurisdiction
England and Wales
Judgment Date
27 March 2020
Procedural Posture
Chancery Appeal / Appeal Against Case Management Decisions
Outcome
Appeal dismissed
Legal Topics
Share Ownership, Constructive Trusts, Fiduciary Duty, Summary Judgment, Strike Out Applications
Company Law Insolvency Law Share Ownership Constructive Trusts Fiduciary Duty Summary Judgment Strike Out Applications

Case Brief

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Parties

Nosnehpetsj Limited (In Liquidation)

Claimant/respondent

Watersheds Capital Partners Limited

Defendant/appellant

Richard Buzzoni

Defendant/appellant

Procedural Posture

Chancery Appeal / Appeal Against Case Management Decisions

Legal Issues

  1. 1 Whether summary judgment or strike out should be granted on claims relating to the transfer of Ordinary Shares in WCP
  2. 2 Whether Mr Buzzoni held the Ordinary Shares in WCP as nominee or constructive trustee for Watersheds1
  3. 3 Whether the transfer of shares for no consideration constituted a breach of fiduciary duty

Ratio Decidendi

Summary judgment or strike out is not warranted because an alternative analysis of the share ownership is not fanciful, material issues of fact remain unresolved, and the circumstances surrounding the approval and reversal of ownership documents require scrutiny at trial.

Court Disposition

Appeal dismissed

Orders

  • Directions for determination of costs issues to be agreed by Counsel on written submissions
  • Any necessary revisions to the directions timetable to be agreed