Rael Hodes & Anor v Jack Frankel & Ors

Rael Hodes & Anor v Jack Frankel & Ors

There was no agreement by conduct to vary the original contractual condition in the PLA; the loan was not discharged by payment, consent, or conduct; the Claimants are not estopped from claiming repayment; and no beneficial interest in Edgewater shares was created for the Claimants. The Claimants are entitled to...

Source-derived case information.

Parties
Claimant: Rael Hodes; Claimant: Caleo Capital (Pty) Limited; Defendant: Jack Frankel; Defendant: Jacob Dreyfuss; Defendant: Edgewater (Hampshire) Limited
Jurisdiction
England and Wales
Judgment Date
06 October 2024
Procedural Posture
Civil / Judgment After Trial
Outcome
Judgment for the Claimants
Legal Topics
Loan Agreements, Shareholder Rights, Estoppel, Variation of Contract, Beneficial Ownership, Dividend Distributions
Contract Law Trusts Law Company Law Loan Agreements Shareholder Rights Estoppel Variation of Contract Beneficial Ownership +1 more

Source-derived case record

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 5 Authorities cited 6 Party arguments 2 Amounts and remedies 5
Sign in to unlock

Parties

Rael Hodes

Claimant

Caleo Capital (Pty) Limited

Claimant

Jack Frankel

Defendant

Jacob Dreyfuss

Defendant

Edgewater (Hampshire) Limited

Defendant

Procedural Posture

Civil / Judgment After Trial

Legal Issues

  1. 1 Whether the loan advanced under the Personal Loan Agreement (PLA) was discharged by payment, consent, or conduct
  2. 2 Whether the Claimants are estopped from claiming repayment under the PLA
  3. 3 Whether there was an agreement to vary the original contractual condition

Ratio Decidendi

There was no agreement by conduct to vary the original contractual condition in the PLA; the loan was not discharged by payment, consent, or conduct; the Claimants are not estopped from claiming repayment; and no beneficial interest in Edgewater shares was created for the Claimants. The Claimants are entitled to repayment of the loan, subject to credit for distributions received.

Court Disposition

Judgment for the Claimants

Orders

  • Mr Hodes is entitled to repayment of £650,000 from Mr Frankel and Mr Dreyfuss jointly and severally under the PLA
  • Credit must be given for distributions received by Mr Hodes and Caleo from Edgewater