Gary James Keane v David Sargen & Ors

Gary James Keane v David Sargen & Ors

Claimant is not entitled to full repayment of loan; repayments were made via LLP and profit allocations; management charges are legitimate and claimant is estopped from challenging them at this stage; claimant owes £30,717 after accounting for payment on account and capital account balance.

Parties
Claimant: Gary James Keane; Defendant: David Sargen; Defendant: Michael Francis Beaton; Defendant: Yang Fan (as executor of the estate of Sean MacGloin); Defendant: Jonathan Martin; Defendant: Document Risk Solutions Ltd; Defendant: Derivatives Risk Solutions LLP
Jurisdiction
England and Wales
Judgment Date
12 February 2025
Procedural Posture
Accounts and Inquiries / Post Trial Determination of Accounts and Objections
Outcome
Claimant's objections dismissed; accounts approved; claimant owes net sum to LLP.
Legal Topics
Taking of Accounts, Loan Repayment, Management Charges, Tax Schemes, Estoppel
Company Law Partnership Law Insolvency Taking of Accounts Loan Repayment Management Charges Tax Schemes Estoppel

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Parties

Gary James Keane

Claimant

David Sargen

Defendant

Michael Francis Beaton

Defendant

Yang Fan (as executor of the estate of Sean MacGloin)

Defendant

Jonathan Martin

Defendant

Document Risk Solutions Ltd

Defendant

Derivatives Risk Solutions LLP

Defendant

Procedural Posture

Accounts and Inquiries / Post Trial Determination of Accounts and Objections

Legal Issues

  1. 1 Whether the claimant is owed sums on loan and current accounts
  2. 2 Validity and treatment of management charges
  3. 3 Whether claimant can challenge management charges at this stage

Ratio Decidendi

Claimant is not entitled to full repayment of loan; repayments were made via LLP and profit allocations; management charges are legitimate and claimant is estopped from challenging them at this stage; claimant owes £30,717 after accounting for payment on account and capital account balance.

Court Disposition

Claimant's objections dismissed; accounts approved; claimant owes net sum to LLP.

Orders

  • Declare Mr Keane owed £134,238 on current account.
  • With £165,000 paid on account, Mr Keane owes LLP £30,762 less £45 due on capital account, i.e. £30,717.