Estera Trust (Jersey) Ltd.& Anor v Singh & Ors

Estera Trust (Jersey) Ltd.& Anor v Singh & Ors

The respondents, being jointly and severally liable, are entitled to decide between themselves who purchases the shares, and the petitioners cannot dictate the purchaser. The petitioners are granted further time to seek tax advice, but the respondents must not be prejudiced by any delay, and interest will not accrue after 3 May 2019.

Parties
Petitioners: Singh & Ors; First Respondent: Jasminder Singh; Fourth Respondent: Edwardian Group Limited
Jurisdiction
England and Wales
Judgment Date
10 May 2019
Procedural Posture
Civil / Post Trial, Consequential Applications After Liability and Quantum Judgments
Outcome
Application adjourned for further hearing; directions given for exchange of positions and evidence.
Legal Topics
Unfair Prejudice, Share Purchase, Tax Structuring, Enforcement of Judgment
Company Law Unfair Prejudice Share Purchase Tax Structuring Enforcement of Judgment

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Parties

Singh & Ors

Petitioners

Jasminder Singh

First Respondent

Edwardian Group Limited

Fourth Respondent

Procedural Posture

Civil / Post Trial, Consequential Applications After Liability and Quantum Judgments

Legal Issues

  1. 1 Who is entitled to decide the purchaser of shares under a joint and several order
  2. 2 Whether the petitioners can delay completion to mitigate tax liability
  3. 3 Whether the court retains discretion to vary mechanics of purchase

Ratio Decidendi

The respondents, being jointly and severally liable, are entitled to decide between themselves who purchases the shares, and the petitioners cannot dictate the purchaser. The petitioners are granted further time to seek tax advice, but the respondents must not be prejudiced by any delay, and interest will not accrue after 3 May 2019.

Court Disposition

Application adjourned for further hearing; directions given for exchange of positions and evidence.

Orders

  • Application adjourned to be heard with other consequential matters.
  • Petitioners to set out proposed structure and file evidence 14 days before hearing or by 1 July 2019.