VB Football Assets (VBFA) v Blackpool Football Club (Properties) Ltd & Ors [2018] EWHC 254 (Ch) (05 February 2018)

VB Football Assets (VBFA) v Blackpool Football Club (Properties) Ltd & Ors [2018] EWHC 254 (Ch) (05 February 2018)

Due to Respondents' failure to comply with staged payment timetable, lack of transparency in asset sales, and dismissal of appeal, the court's attempt to control enforcement has failed; Petitioner is entitled to immediate enforcement of judgment debt, with freezing order regime maintained.

Citation
[2018] EWHC 254 (Ch)
Parties
Petitioner: VB Football Assets (VBFA); First Respondent: Blackpool Football Club (Properties) Limited (formerly Segesta Limited); Second Respondent: Owen Oyston; Third Respondent: Karl Oyston; Fourth Respondent: Blackpool Football Club Limited
Jurisdiction
England and Wales
Judgment Date
05 February 2018
Procedural Posture
Section 994 Companies Act Petition / Post Judgment Enforcement Application
Outcome
Application for extension of time refused; staged payment regime abrogated; Petitioner permitted immediate enforcement.
Legal Topics
Unfair Prejudice, Shareholder Remedies, Freezing Orders, Enforcement of Judgment, Staggered Payments
Company Law Insolvency Civil Procedure Unfair Prejudice Shareholder Remedies Freezing Orders Enforcement of Judgment Staggered Payments

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Parties

VB Football Assets (VBFA)

Petitioner

Blackpool Football Club (Properties) Limited (formerly Segesta Limited)

First Respondent

Owen Oyston

Second Respondent

Karl Oyston

Third Respondent

Blackpool Football Club Limited

Fourth Respondent

Procedural Posture

Section 994 Companies Act Petition / Post Judgment Enforcement Application

Legal Issues

  1. 1 Whether to grant an extension for payment of £10m tranche
  2. 2 Whether to vary staged payment regime
  3. 3 Whether to permit immediate enforcement of judgment debt

Ratio Decidendi

Due to Respondents' failure to comply with staged payment timetable, lack of transparency in asset sales, and dismissal of appeal, the court's attempt to control enforcement has failed; Petitioner is entitled to immediate enforcement of judgment debt, with freezing order regime maintained.

Court Disposition

Application for extension of time refused; staged payment regime abrogated; Petitioner permitted immediate enforcement.

Orders

  • Freezing order regime maintained as previously ordered, including access to identified accounts.
  • Limits on enforcement removed; Petitioner may enforce judgment debt at its discretion.