Beveridge & Anor v Quinlan& Ors [2019] EWHC 424 (Ch) (21 February 2019)

Beveridge & Anor v Quinlan& Ors [2019] EWHC 424 (Ch) (21 February 2019)

Receivers are entitled by terms of security documents to receive payment of sums owed to defendants by Ramblas in respect of shareholder loans and to use defendants' names to collect said sums; defendants must execute notices before Spanish notary confirming payment to receivers as required under clause 13 of SCSA.

Citation
[2019] EWHC 424 (Ch)
Parties
Claimant: Alastair Paul Beveridge; Claimant: Stuart Charles Edward Mackellar; Defendant: Derek Quinlan; Defendant: Glenn Maud; Defendant: Cruz Holdings Limited
Jurisdiction
England and Wales
Judgment Date
21 February 2019
Procedural Posture
Part 8 Claim / Expedited Trial
Outcome
Claim granted in part
Legal Topics
Receivership, Security Interests, Subordination Agreements, Declaratory Relief, Mandatory Injunction
Insolvency Banking and Finance Property Receivership Security Interests Subordination Agreements Declaratory Relief Mandatory Injunction

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Parties

Alastair Paul Beveridge

Claimant

Stuart Charles Edward Mackellar

Claimant

Derek Quinlan

Defendant

Glenn Maud

Defendant

Cruz Holdings Limited

Defendant

Procedural Posture

Part 8 Claim / Expedited Trial

Legal Issues

  1. 1 Whether receivers are entitled to receive payment of sums owed to defendants by Ramblas in respect of shareholder loans
  2. 2 Whether defendants must execute notices confirming payment to receivers
  3. 3 Appropriateness of mandatory injunction and declaratory relief

Ratio Decidendi

Receivers are entitled by terms of security documents to receive payment of sums owed to defendants by Ramblas in respect of shareholder loans and to use defendants' names to collect said sums; defendants must execute notices before Spanish notary confirming payment to receivers as required under clause 13 of SCSA.

Court Disposition

Claim granted in part

Orders

  • Declaration that receivers are entitled to receive payment of sums owed to defendants by Ramblas in respect of shareholder loans and to use defendants' names to collect said sums
  • Mandatory injunction requiring defendants to execute notices before Spanish notary confirming payment to receivers