Merito Financial Services Ltd v Yelloly

Merito Financial Services Ltd v Yelloly

Default judgment is granted for specified sums under categories b, c, and d, as these are claims for specified amounts of money. For categories a and e, the claims are not for specified sums and require assessment of damages or equitable compensation. The Defendant may challenge causation and quantum at the assessment hearing, provided such challenges are not inconsistent with liability established by default judgment.

Parties
Claimant: Merito Financial Services Limited; Defendant: David Yelloly
Jurisdiction
England and Wales
Judgment Date
11 August 2016
Procedural Posture
Civil (company/fiduciary) / Application for Default Judgment After Defence Struck Out
Outcome
Default judgment granted in part; damages/equitable compensation to be assessed for remaining claims.
Legal Topics
Default Judgment, Breach of Fiduciary Duty, Breach of Trust, Assessment of Damages, Restitution, Unjust Enrichment
Company Law Equity and Trusts Civil Procedure Default Judgment Breach of Fiduciary Duty Breach of Trust Assessment of Damages Restitution +1 more

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Parties

Merito Financial Services Limited

Claimant

David Yelloly

Defendant

Procedural Posture

Civil (company/fiduciary) / Application for Default Judgment After Defence Struck Out

Legal Issues

  1. 1 Whether the Claimant is entitled to default judgment for specified sums or only for damages to be assessed
  2. 2 Whether the claims are for 'specified amounts of money' under CPR 12.4(1) or require assessment of quantum
  3. 3 Whether the Defendant can challenge causation and quantum at the damages hearing

Ratio Decidendi

Default judgment is granted for specified sums under categories b, c, and d, as these are claims for specified amounts of money. For categories a and e, the claims are not for specified sums and require assessment of damages or equitable compensation. The Defendant may challenge causation and quantum at the assessment hearing, provided such challenges are not inconsistent with liability established by default judgment.

Court Disposition

Default judgment granted in part; damages/equitable compensation to be assessed for remaining claims.

Orders

  • Default judgment for the Claimant for £104,780.28 (category b), £54,231 (category c), and £264.49 (category d), each with interest to date.
  • Default judgment for damages or equitable compensation to be assessed for categories a and e.