Abraaj Investment Management Ltd. v Bregawn Jersey Ltd.

Abraaj Investment Management Ltd. v Bregawn Jersey Ltd.

Bregawn breached the Purchasing Agency Agreement by failing to apply funds for the purchase of artwork and failing to invoice the Fund, thereby disabling Abraaj from recovering its funds. Mr. Tuli is liable under the personal guarantee for Bregawn's breaches. Abraaj is entitled to judgment for damages and indemnity, with quantum to be assessed, and to equitable relief including an account and tracing. There is no real prospect of a defence or other compelling reason for a trial on these claims.

Parties
Claimant: Abraaj Investment Management Limited; Defendant: Bregawn Jersey Limited; Defendant: Mr Neville Tuli
Jurisdiction
England and Wales
Judgment Date
25 March 2010
Procedural Posture
Commercial / Summary Judgment Application
Outcome
Summary judgment for claimant on contract, fiduciary duty, trust, and guarantee claims; damages and indemnity to be assessed; restitution claim to proceed to trial.
Legal Topics
Breach of Contract, Fiduciary Duty, Breach of Trust, Indemnity, Personal Guarantee, Damages, Restitution
Contract Law Equity Agency Law Breach of Contract Fiduciary Duty Breach of Trust Indemnity Personal Guarantee +2 more

Case Brief

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Parties

Abraaj Investment Management Limited

Claimant

Bregawn Jersey Limited

Defendant

Mr Neville Tuli

Defendant

Procedural Posture

Commercial / Summary Judgment Application

Legal Issues

  1. 1 Whether Bregawn breached the Purchasing Agency Agreement by failing to apply funds for the purchase of artwork and failing to invoice the Fund
  2. 2 Whether Abraaj is entitled to damages, indemnity, and equitable relief for breach of contract, fiduciary duty, and trust
  3. 3 Whether Mr. Tuli is liable under the personal guarantee for Bregawn's breaches

Ratio Decidendi

Bregawn breached the Purchasing Agency Agreement by failing to apply funds for the purchase of artwork and failing to invoice the Fund, thereby disabling Abraaj from recovering its funds. Mr. Tuli is liable under the personal guarantee for Bregawn's breaches. Abraaj is entitled to judgment for damages and indemnity, with quantum to be assessed, and to equitable relief including an account and tracing. There is no real prospect of a defence or other compelling reason for a trial on these claims.

Court Disposition

Summary judgment for claimant on contract, fiduciary duty, trust, and guarantee claims; damages and indemnity to be assessed; restitution claim to proceed to trial.

Orders

  • Judgment for Abraaj against Bregawn for damages for breach of contract, fiduciary duty, and trust, quantum to be assessed
  • Judgment for Abraaj against Bregawn for indemnity under clause 6(a), quantum to be assessed