Geoffrey Wayne Bouchier & Anor v Gary Booth & Anor

Geoffrey Wayne Bouchier & Anor v Gary Booth & Anor

The Respondents knowingly carried on the business of Tiuta International Limited with intent to defraud creditors by refinancing non-performing loans using inflated valuations and misrepresentations, breaching fiduciary duties and causing loss to creditors and the Fund. They are jointly and severally liable to...

Source-derived case information.

Parties
Applicant: Geoffrey Wayne Bouchier; Applicant: Paul David Williams; Company: Tiuta International Limited (in creditors’ voluntary liquidation); Respondent: Gary Booth; Respondent: Steven Nicholas
Jurisdiction
England and Wales
Judgment Date
11 October 2024
Procedural Posture
Civil / Final Judgment After Trial
Outcome
Judgment for Applicants
Legal Topics
Fraudulent Trading, Breach of Fiduciary Duty, Directors' Duties, Equitable Compensation, Limitation, True and Fair Accounts
Insolvency Company Law Fraud Fraudulent Trading Breach of Fiduciary Duty Directors' Duties Equitable Compensation Limitation +1 more

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Parties

Geoffrey Wayne Bouchier

Applicant

Paul David Williams

Applicant

Tiuta International Limited (in creditors’ voluntary liquidation)

Company

Gary Booth

Respondent

Steven Nicholas

Respondent

Procedural Posture

Civil / Final Judgment After Trial

Legal Issues

  1. 1 Whether the Respondents carried on business with intent to defraud creditors or for a fraudulent purpose under s.213 Insolvency Act 1986
  2. 2 Whether the Respondents breached fiduciary duties under s.172 Companies Act 2006
  3. 3 Whether the Respondents are liable to contribute to the assets of Tiuta International Limited

Ratio Decidendi

The Respondents knowingly carried on the business of Tiuta International Limited with intent to defraud creditors by refinancing non-performing loans using inflated valuations and misrepresentations, breaching fiduciary duties and causing loss to creditors and the Fund. They are jointly and severally liable to contribute £19,990,358 to the assets of the company.

Court Disposition

Judgment for Applicants

Orders

  • Declaration that Gary Booth and Steven Nicholas are jointly and severally liable to contribute £19,990,358 to Tiuta International Limited's assets
  • Declaration of breach of fiduciary duty under s.172 Companies Act 2006