Invest Bank PSC v El-Husseini & Ors [2024] EWHC 2976 (Comm) (21 November 2024)

Invest Bank PSC v El-Husseini & Ors [2024] EWHC 2976 (Comm) (21 November 2024)

The Bank failed to plead and prove that Ahmad transferred assets with the subjective purpose of putting them beyond the reach of the Bank as creditor for the relevant transactions, particularly regarding Commodore UAE's financial difficulties in late 2016/early 2017. The Bank's inferential case was not supported by cogent evidence or clear pleading as required under section 423. Relief under section 423 is refused.

Citation
[2024] EWHC 2976 (Comm)
Parties
Claimant: Invest Bank P. S. C; First Defendant: Ahmad Mohammed 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) A. G.; Eighth Defendant: Global Green Development Limited
Jurisdiction
England and Wales
Judgment Date
21 November 2024
Procedural Posture
Commercial Court Claim Under Section 423 Insolvency Act 1986 / Final Judgment After Trial
Outcome
Claim dismissed
Legal Topics
Transactions at Undervalue, Fraudulent Transfers, Freezing Orders, Personal Guarantees, Creditor Protection
Insolvency Commercial Law Trusts Asset Recovery Transactions at Undervalue Fraudulent Transfers Freezing Orders Personal Guarantees +1 more

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Parties

Invest Bank P. S. C

Claimant

Ahmad Mohammed 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) A. G.

Seventh Defendant

Global Green Development Limited

Eighth Defendant

Procedural Posture

Commercial Court Claim Under Section 423 Insolvency Act 1986 / Final Judgment After Trial

Legal Issues

  1. 1 Whether Ahmad El-Husseini transferred assets for the purpose of putting them beyond the reach of creditors under section 423 Insolvency Act 1986
  2. 2 Whether the Bank's pleaded case supports relief under section 423
  3. 3 Whether the asset transfers were at an undervalue

Ratio Decidendi

The Bank failed to plead and prove that Ahmad transferred assets with the subjective purpose of putting them beyond the reach of the Bank as creditor for the relevant transactions, particularly regarding Commodore UAE's financial difficulties in late 2016/early 2017. The Bank's inferential case was not supported by cogent evidence or clear pleading as required under section 423. Relief under section 423 is refused.

Court Disposition

Claim dismissed

Orders

  • No relief granted under section 423 Insolvency Act 1986
  • No reversal of asset transfers