Trafalgar Multi Asset Trading Company Limited (in liquidation) v James David Hadley & Ors

Trafalgar Multi Asset Trading Company Limited (in liquidation) v James David Hadley & Ors

The timing and knowledge defences advanced by respondents are fanciful and have no realistic prospect of success; there was no evidence of full disclosure of commission arrangements or conflict to Trafalgar, precluding informed consent and establishing liability to account for bribes.

Parties
Claimant/appellant: Trafalgar Multi Asset Trading Company Limited (in liquidation); Defendant/respondent: James David Hadley; Defendant/respondent: CGrowth Capital Bond Limited; Defendant/respondent: Platinum Pyramid Limited; Defendant/respondent: Bentley Jarrard Thwaite
Jurisdiction
England and Wales
Judgment Date
16 December 2022
Procedural Posture
Civil Appeal / Court of Appeal Judgment on Appeal From High Court Order Refusing Summary Judgment/strike Out
Outcome
Appeal allowed; summary judgment granted on bribery claims.
Legal Topics
Bribery, Conflict of Interest, Summary Judgment, Informed Consent, Fiduciary Duty
Commercial Law Fiduciary Law Bribery Conflict of Interest Summary Judgment Informed Consent Fiduciary Duty

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Parties

Trafalgar Multi Asset Trading Company Limited (in liquidation)

Claimant/appellant

James David Hadley

Defendant/respondent

CGrowth Capital Bond Limited

Defendant/respondent

Platinum Pyramid Limited

Defendant/respondent

Bentley Jarrard Thwaite

Defendant/respondent

Procedural Posture

Civil Appeal / Court of Appeal Judgment on Appeal From High Court Order Refusing Summary Judgment/strike Out

Legal Issues

  1. 1 Whether summary judgment or strike out should be granted on bribery claims against respondents
  2. 2 Whether timing and knowledge defences have realistic prospects of success
  3. 3 Whether informed consent was given by claimant regarding commission arrangements and conflict of interest

Ratio Decidendi

The timing and knowledge defences advanced by respondents are fanciful and have no realistic prospect of success; there was no evidence of full disclosure of commission arrangements or conflict to Trafalgar, precluding informed consent and establishing liability to account for bribes.

Court Disposition

Appeal allowed; summary judgment granted on bribery claims.

Orders

  • Timing and knowledge defences struck out as fanciful.
  • Respondents liable to account to Trafalgar for bribes paid in March and June 2016.