Valerio Mancini v Amar Hami

Valerio Mancini v Amar Hami

Mr Hami was obliged under the Loan Agreement to pay over distributions received in respect of the Shares and to transfer the Shares by March 2010. He failed to transfer the Shares and did not pay the full amount of distributions, resulting in a shortfall. No express or constructive trust arose over the Shares or their proceeds. The claim is not time-barred, and only a limited tax indemnity applies. Mr Mancini is entitled to judgment for the shortfall as a debt, alternatively as damages for breach of contract.

Parties
Claimant: Valerio Mancini; Defendant: Amar Hami
Jurisdiction
England and Wales
Judgment Date
28 January 2025
Procedural Posture
Civil / Final Judgment After Trial
Outcome
Judgment for the claimant
Legal Topics
Loan Agreement, Debt Recovery, Breach of Contract, Constructive Trust, Express Trust, Limitation, Set Off, Tax Indemnity
Contract Law Trust Law Loan Agreement Debt Recovery Breach of Contract Constructive Trust Express Trust Limitation +2 more

Case Brief

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Parties

Valerio Mancini

Claimant

Amar Hami

Defendant

Procedural Posture

Civil / Final Judgment After Trial

Legal Issues

  1. 1 Whether the defendant is liable for a shortfall under a limited recourse loan agreement
  2. 2 Whether an express or constructive trust arose over shares and their proceeds
  3. 3 Whether the defendant is entitled to set-off tax charges against sums due

Ratio Decidendi

Mr Hami was obliged under the Loan Agreement to pay over distributions received in respect of the Shares and to transfer the Shares by March 2010. He failed to transfer the Shares and did not pay the full amount of distributions, resulting in a shortfall. No express or constructive trust arose over the Shares or their proceeds. The claim is not time-barred, and only a limited tax indemnity applies. Mr Mancini is entitled to judgment for the shortfall as a debt, alternatively as damages for breach of contract.

Court Disposition

Judgment for the claimant

Orders

  • Defendant to pay claimant €596,853.44 as debt under the Loan Agreement
  • Further directions on interest and costs to be determined if not agreed