Independent Trustee Services Ltd v GP Noble Trustees Ltd. & Ors

Independent Trustee Services Ltd v GP Noble Trustees Ltd. & Ors

MUFF failed to demonstrate entitlement to variation of the freezing order as ITS has a strong proprietary claim, MUFF's defence faces high hurdles, and releasing funds would unjustly diminish realisable property; the cross undertaking in damages is adequate and need not be amended.

Parties
Claimant: Independent Trustee Services Limited; Defendant: GP Noble Trustees Limited & Others; Interested Party: Serious Fraud Office
Jurisdiction
England and Wales
Judgment Date
26 January 2009
Procedural Posture
Civil / Application to Vary Freezing Order
Outcome
Application dismissed
Legal Topics
Freezing Orders, Constructive Trusts, Breach of Trust, Dishonest Assistance, Knowing Receipt, Proceeds of Crime Act, Corporate Veil Piercing, Cross Undertaking in Damages
Trusts Equity Fraud Pensions Civil Procedure Freezing Orders Constructive Trusts Breach of Trust +5 more

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Parties

Independent Trustee Services Limited

Claimant

GP Noble Trustees Limited & Others

Defendant

Serious Fraud Office

Interested Party

Procedural Posture

Civil / Application to Vary Freezing Order

Legal Issues

  1. 1 Whether MUFF is entitled to variation of the freezing order to release funds for legal expenses and business debts
  2. 2 Whether ITS has a proprietary claim to the funds held by MUFF
  3. 3 Whether MUFF was a bona fide purchaser for value without notice

Ratio Decidendi

MUFF failed to demonstrate entitlement to variation of the freezing order as ITS has a strong proprietary claim, MUFF's defence faces high hurdles, and releasing funds would unjustly diminish realisable property; the cross undertaking in damages is adequate and need not be amended.

Court Disposition

Application dismissed

Orders

  • No variation of the freezing order
  • No release of funds for legal expenses or business debts