Oberman v Collins & Ors [2021] EWHC 2298 (Ch) (17 August 2021)

Oberman v Collins & Ors [2021] EWHC 2298 (Ch) (17 August 2021)

The court accepted the claimant's expert valuation of Bluegen Limited and found that the respondent failed to justify adjustments based on the House Price Index or various deductions from trust income and assets. The respondent, as trustee, failed to properly account for trust property and was ordered to pay the claimant 50% of the unaccounted sum, as well as to purchase her shares at the determined value.

Citation
[2021] EWHC 2298 (Ch)
Parties
Claimant: Nicola Oberman; First Defendant: Shaun Collins; Second Defendant: Bluegen Limited
Jurisdiction
England and Wales
Judgment Date
17 August 2021
Procedural Posture
Property Trusts and Probate (ch D) / Disposal Hearing Following Substantive Judgment
Outcome
Claimant's application for buyout and account granted in substantial part.
Legal Topics
Valuation of Shares, Account of Trust Property, Unfair Prejudice, Breach of Trust, Equitable Compensation
Equity and Trusts Company Law Property Law Valuation of Shares Account of Trust Property Unfair Prejudice Breach of Trust Equitable Compensation

Case Brief

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Parties

Nicola Oberman

Claimant

Shaun Collins

First Defendant

Bluegen Limited

Second Defendant

Procedural Posture

Property Trusts and Probate (ch D) / Disposal Hearing Following Substantive Judgment

Legal Issues

  1. 1 Proper valuation of Bluegen Limited shares for buyout under unfair prejudice remedy
  2. 2 Whether adjustments to property valuations based on House Price Index were justified
  3. 3 Whether deductions from trust income and assets by trustee were authorised

Ratio Decidendi

The court accepted the claimant's expert valuation of Bluegen Limited and found that the respondent failed to justify adjustments based on the House Price Index or various deductions from trust income and assets. The respondent, as trustee, failed to properly account for trust property and was ordered to pay the claimant 50% of the unaccounted sum, as well as to purchase her shares at the determined value.

Court Disposition

Claimant's application for buyout and account granted in substantial part.

Orders

  • Mr Collins to purchase Ms Oberman's shares in Bluegen Limited at £964,046.36.
  • Mr Collins to pay Ms Oberman £440,155.27, representing 50% of unaccounted trust income and assets.