Apex Global Management Ltd & Anor v Fi Call Ltd & Ors

Apex Global Management Ltd & Anor v Fi Call Ltd & Ors

The payments made by Prince Abdulaziz into Fi Call Limited's accounts were, on the balance of probabilities, made on behalf and at the direction of Mr Almhairat as an accretion to Fi Call Limited's funds, thereby discharging the Prince's obligation to Apex for the Al Masoud moneys. The Default Judgment should be set...

Source-derived case information.

Parties
Petitioner: Apex Global Management Limited; Petitioner: Faisal Almhairat; Respondent: Fi Call Limited; Respondent: Global Torch Limited; Respondent: HRH Prince Abdulaziz Bin Mishal Bin Abdulaziz Al Saud; Respondent: Emad Mahmoud Ahmed Abu-Ayshih; Respondent: HRH Prince Mishal Bin Abdulaziz Al Saud
Jurisdiction
England and Wales
Judgment Date
05 August 2016
Procedural Posture
Company/shareholder Dispute / Supplemental Judgment After Trial and Set Aside Application
Outcome
Default Judgment set aside; moneys held as security to be released to Prince Abdulaziz; costs reserved for further submissions
Legal Topics
Unfair Prejudice, Winding Up, Default Judgment, Set Aside Application, Appropriation of Payments, Shareholder Disputes
Company Law Insolvency Civil Procedure Unfair Prejudice Winding Up Default Judgment Set Aside Application Appropriation of Payments +1 more

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Parties

Apex Global Management Limited

Petitioner

Faisal Almhairat

Petitioner

Fi Call Limited

Respondent

Global Torch Limited

Respondent

HRH Prince Abdulaziz Bin Mishal Bin Abdulaziz Al Saud

Respondent

Emad Mahmoud Ahmed Abu-Ayshih

Respondent

HRH Prince Mishal Bin Abdulaziz Al Saud

Respondent

Procedural Posture

Company/shareholder Dispute / Supplemental Judgment After Trial and Set Aside Application

Legal Issues

  1. 1 Whether the payments by Prince Abdulaziz into Fi Call Limited's accounts discharged his obligation to Apex for the Al Masoud moneys
  2. 2 Whether the Default Judgment against Prince Abdulaziz should be set aside
  3. 3 Whether the moneys held as security should be released to Prince Abdulaziz

Ratio Decidendi

The payments made by Prince Abdulaziz into Fi Call Limited's accounts were, on the balance of probabilities, made on behalf and at the direction of Mr Almhairat as an accretion to Fi Call Limited's funds, thereby discharging the Prince's obligation to Apex for the Al Masoud moneys. The Default Judgment should be set aside to prevent double recovery, and the moneys held as security should be released to Prince Abdulaziz. The exceptional circumstances and new evidence justify a repeat application to set aside the Default Judgment.

Court Disposition

Default Judgment set aside; moneys held as security to be released to Prince Abdulaziz; costs reserved for further submissions

Orders

  • Default Judgment against Prince Abdulaziz set aside
  • Moneys held by Prince Abdulaziz's solicitors as security to be repaid to Prince Abdulaziz