GE Commercial Finance Ltd v Gee & Ors [2005] EWHC 2056 (QB) (28 September 2005)

GE Commercial Finance Ltd v Gee & Ors [2005] EWHC 2056 (QB) (28 September 2005)

The defendants, by knowingly or recklessly making false notifications of debts and concealing the true financial position of the CTG companies, induced GE to advance substantial funds under the invoice discounting facility, resulting in significant losses. The evidence established fraudulent misrepresentation and conspiracy to defraud GE Commercial Finance Limited.

Citation
[2005] EWHC 2056
Parties
Claimant: GE Commercial Finance Limited; Defendant: David Gee; Defendant: Kevin Smedley; Defendant: John Steel; Defendant: Kevin Ritchie
Jurisdiction
England and Wales
Judgment Date
28 September 2005
Procedural Posture
Civil / Judgment
Outcome
Judgment for the claimant
Legal Topics
Deceit, Fraudulent Misrepresentation, Conspiracy, Invoice Discounting, Corporate Governance
Tort Commercial Law Deceit Fraudulent Misrepresentation Conspiracy Invoice Discounting Corporate Governance

Case Brief

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Parties

GE Commercial Finance Limited

Claimant

David Gee

Defendant

Kevin Smedley

Defendant

John Steel

Defendant

Kevin Ritchie

Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether the defendants committed the tort of deceit or fraudulent misrepresentation against GE Commercial Finance Limited
  2. 2 Whether the defendants committed the tort of conspiracy to defraud GE Commercial Finance Limited
  3. 3 Whether GE suffered loss as a result of false notifications and misrepresentations

Ratio Decidendi

The defendants, by knowingly or recklessly making false notifications of debts and concealing the true financial position of the CTG companies, induced GE to advance substantial funds under the invoice discounting facility, resulting in significant losses. The evidence established fraudulent misrepresentation and conspiracy to defraud GE Commercial Finance Limited.

Court Disposition

Judgment for the claimant

Orders

  • Defendants liable for damages for deceit and conspiracy
  • Damages to be assessed, with anticipated losses between £16 million and £16.3 million