Centaur Litigation SPC & Ors v Terrill [2015] EWHC 3420 (Ch) (10 November 2015)

Centaur Litigation SPC & Ors v Terrill [2015] EWHC 3420 (Ch) (10 November 2015)

The English court should assist the Cayman court and its joint official liquidators by recognising their standing and granting the requested worldwide freezing order, as there is a good arguable case that Mr Terrill was a de facto director who breached fiduciary duties and misappropriated company funds, and the risk...

Source-derived case information.

Citation
[2015] EWHC 3420 (Ch)
Parties
Claimant: Centaur Litigation SPC (in liquidation); Claimant: Centaur Litigation Limited (in liquidation); Claimant: Centaur Litigation Unit Series 1 Limited (in liquidation); Defendant: Brendan Terrill
Jurisdiction
England and Wales
Judgment Date
10 November 2015
Procedural Posture
Application for Assistance and Freezing Order / Interlocutory
Outcome
application granted
Legal Topics
Freezing Injunction, Director Fiduciary Duties, Cross Border Insolvency, Asset Tracing
Insolvency Company Law Civil Procedure Freezing Injunction Director Fiduciary Duties Cross Border Insolvency Asset Tracing

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Parties

Centaur Litigation SPC (in liquidation)

Claimant

Centaur Litigation Limited (in liquidation)

Claimant

Centaur Litigation Unit Series 1 Limited (in liquidation)

Claimant

Brendan Terrill

Defendant

Procedural Posture

Application for Assistance and Freezing Order / Interlocutory

Legal Issues

  1. 1 Whether the English court should assist the Cayman court under section 426 of the Insolvency Act 1986
  2. 2 Whether a worldwide freezing order should be granted against Mr Terrill
  3. 3 Whether Mr Terrill owed and breached fiduciary duties as a de facto director

Ratio Decidendi

The English court should assist the Cayman court and its joint official liquidators by recognising their standing and granting the requested worldwide freezing order, as there is a good arguable case that Mr Terrill was a de facto director who breached fiduciary duties and misappropriated company funds, and the risk of asset dissipation is real.

Court Disposition

application granted

Orders

  • Order under section 426 of the Insolvency Act 1986 granting assistance to Cayman court and joint official liquidators
  • Worldwide freezing order against Mr Terrill in the sum of £13.25 million