Dalriada Trustees Ltd v Woodward & Ors

Dalriada Trustees Ltd v Woodward & Ors

Dalriada Trustees Limited, as appointed trustee, has locus standi to pursue claims for recovery of assets misapplied in breach of trust against HCIG, HCIL, and HCL, and the claims are arguable with real prospects of success; summary dismissal is refused.

Parties
Claimant: Dalriada Trustees Limited; Defendant: John Laurence Woodward; Defendant: Jennifer Doris Ilett; Defendant: Hedge Capital Investments Ltd; Defendant: Hedge Capital Investment Group Plc; Defendant: Hedge Capital Ltd
Jurisdiction
England and Wales
Judgment Date
15 June 2012
Procedural Posture
Civil / Summary Judgment Application
Outcome
Application for summary dismissal refused; claims to proceed to trial.
Legal Topics
Breach of Trust, Pension Liberation, Constructive Trusteeship, Summary Judgment, Trustee Powers, Investment Regulations
Trusts Pensions Equity Breach of Trust Pension Liberation Constructive Trusteeship Summary Judgment Trustee Powers +1 more

Case Brief

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Parties

Dalriada Trustees Limited

Claimant

John Laurence Woodward

Defendant

Jennifer Doris Ilett

Defendant

Hedge Capital Investments Ltd

Defendant

Hedge Capital Investment Group Plc

Defendant

Hedge Capital Ltd

Defendant

Procedural Posture

Civil / Summary Judgment Application

Legal Issues

  1. 1 Whether Dalriada Trustees Limited has a real prospect of success against HCIG, HCIL, and HCL for knowing receipt of trust assets misapplied by former trustees
  2. 2 Whether the actions of the former trustees were void or voidable
  3. 3 Whether Dalriada as appointed trustee has standing to sue for recovery of assets misapplied in breach of trust

Ratio Decidendi

Dalriada Trustees Limited, as appointed trustee, has locus standi to pursue claims for recovery of assets misapplied in breach of trust against HCIG, HCIL, and HCL, and the claims are arguable with real prospects of success; summary dismissal is refused.

Court Disposition

Application for summary dismissal refused; claims to proceed to trial.

Orders

  • Summary judgment application by HCIG, HCIL, and HCL dismissed.
  • Other applications (freezing order continuation and security for costs) adjourned.