Ashdown & Ors v Griffin & Ors

Ashdown & Ors v Griffin & Ors

The shares held by the petitioners in Addbins Ltd as at 12 February 2015 had no value, as hypothetical sponsorship income, after deduction of operational costs, directors' loan, and winding-up costs, did not restore the company to a positive position; thus, the first respondent is ordered to acquire the petitioners' shares for nil consideration.

Parties
Petitioner: David Ashdown; Petitioner: James Pugh; Petitioner: Alex Furness-Smith; Respondent: John Patrick Griffin; Respondent: Daryl Forster; Respondent: Peter Christopher Ingram; Respondent: Kieran Griffin; Respondent: Addbins Limited; Respondent: Liam Griffin
Jurisdiction
England and Wales
Judgment Date
19 October 2017
Procedural Posture
Petition / Trial as to Quantum Following Liability Judgment
Outcome
petitioners' shares valued at nil; first respondent ordered to acquire shares for nil consideration
Legal Topics
Unfair Prejudice, Share Valuation, Directors' Duties, Quantum Assessment
Company Law Civil Procedure Unfair Prejudice Share Valuation Directors' Duties Quantum Assessment

Case Brief

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 3 Authorities cited 7 Party arguments 2 Amounts and remedies 6
Sign in to unlock

Parties

David Ashdown

Petitioner

James Pugh

Petitioner

Alex Furness-Smith

Petitioner

John Patrick Griffin

Respondent

Daryl Forster

Respondent

Peter Christopher Ingram

Respondent

Kieran Griffin

Respondent

Addbins Limited

Respondent

Liam Griffin

Respondent

Procedural Posture

Petition / Trial as to Quantum Following Liability Judgment

Legal Issues

  1. 1 valuation of petitioners' shares in Addbins Ltd
  2. 2 adjustment for unfairly prejudicial conduct
  3. 3 deduction of directors' loan

Ratio Decidendi

The shares held by the petitioners in Addbins Ltd as at 12 February 2015 had no value, as hypothetical sponsorship income, after deduction of operational costs, directors' loan, and winding-up costs, did not restore the company to a positive position; thus, the first respondent is ordered to acquire the petitioners' shares for nil consideration.

Court Disposition

petitioners' shares valued at nil; first respondent ordered to acquire shares for nil consideration

Orders

  • First respondent to acquire petitioners' shares for nil consideration
  • Petitioners may waive the benefit of the order