Bulled & Anor v Petrie & Anor [2020] EWHC 2485 (Ch) (17 September 2020)

Bulled & Anor v Petrie & Anor [2020] EWHC 2485 (Ch) (17 September 2020)

The court found that the oral agreement between Mr Bulled and Mr Petrie resulted in Mr Petrie acquiring all shares in Chigwell and, through the company, a 100% interest in both the Brentwood and Hornchurch Sites. The evidence did not support the Claimants' assertion of a constructive trust or a retained beneficial interest. The share transfers were validly executed and intended to effect a full transfer of ownership. The Claimants are not entitled to any beneficial interest or profits from the sites.

Citation
[2020] EWHC 2485 (Ch)
Parties
Claimant: Stephen John Bulled; Claimant: Shirley Bulled; Defendant: Anthony Petrie; Defendant: S & B Developments (Chigwell) Limited
Jurisdiction
England and Wales
Judgment Date
17 September 2020
Procedural Posture
Chancery Division Civil Claim / Final Judgment After Trial
Outcome
Claim dismissed
Legal Topics
Constructive Trusts, Share Transfer, Partnerships, Corporate Restoration, Beneficial Ownership
Property Law Equity Company Law Constructive Trusts Share Transfer Partnerships Corporate Restoration Beneficial Ownership

Case Brief

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Parties

Stephen John Bulled

Claimant

Shirley Bulled

Claimant

Anthony Petrie

Defendant

S & B Developments (Chigwell) Limited

Defendant

Procedural Posture

Chancery Division Civil Claim / Final Judgment After Trial

Legal Issues

  1. 1 Whether the Defendants hold the Brentwood Site and Hornchurch Site on constructive trust for the Claimants
  2. 2 Nature and effect of the oral agreement between Mr Bulled and Mr Petrie in 2008
  3. 3 Validity and effect of share transfers in S & B Developments (Chigwell) Limited

Ratio Decidendi

The court found that the oral agreement between Mr Bulled and Mr Petrie resulted in Mr Petrie acquiring all shares in Chigwell and, through the company, a 100% interest in both the Brentwood and Hornchurch Sites. The evidence did not support the Claimants' assertion of a constructive trust or a retained beneficial interest. The share transfers were validly executed and intended to effect a full transfer of ownership. The Claimants are not entitled to any beneficial interest or profits from the sites.

Court Disposition

Claim dismissed

Orders

  • Claimants' claim for declaration of constructive trust and entitlement to profits is dismissed.
  • Defendants' ownership of Brentwood and Hornchurch Sites through Chigwell is confirmed.