Assets Recovery Agency v Szepietowski & Ors

Assets Recovery Agency v Szepietowski & Ors

The only charge Mrs. Szepietowski is required to grant under paragraph 4.5 of the Settlement Deed is a charge over the Additional Properties, not over Ashford House or any other property. The risk of insufficient equity to discharge the RBS debt is to be borne by SOCA, consistent with the property-based nature of the settlement and the clear distinction drawn between Ashford House and the other properties.

Parties
Claimant: THE DIRECTOR OF THE ASSETS RECOVERY AGENCY (Now the SERIOUS ORGANISED CRIME AGENCY); Defendant: JOHN SZEPIETOWSKI; Defendant: SUSAN SZEPIETOWSKI; Defendant: Merchant Taylor Company Ltd.; Defendant: Cobham Investments Ltd.; Defendant: Cobham Investments Leisure Ltd.
Jurisdiction
England and Wales
Judgment Date
19 March 2009
Procedural Posture
Civil / Ruling on Application Regarding Construction of Settlement Deed
Outcome
Application granted in favour of Mrs. Szepietowski.
Legal Topics
Settlement Agreements, Charges Over Property, Construction of Deeds, Proceeds of Crime
Property Law Civil Procedure Settlement Agreements Charges Over Property Construction of Deeds Proceeds of Crime

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Parties

THE DIRECTOR OF THE ASSETS RECOVERY AGENCY (Now the SERIOUS ORGANISED CRIME AGENCY)

Claimant

JOHN SZEPIETOWSKI

Defendant

SUSAN SZEPIETOWSKI

Defendant

Merchant Taylor Company Ltd.

Defendant

Cobham Investments Ltd.

Defendant

Cobham Investments Leisure Ltd.

Defendant

Procedural Posture

Civil / Ruling on Application Regarding Construction of Settlement Deed

Legal Issues

  1. 1 What is the nature and extent of the charge Mrs. Szepietowski is obliged to grant to SOCA under paragraph 4.5 of the Settlement Deed if Thames Street and Church Street are sold before the Additional Properties?

Ratio Decidendi

The only charge Mrs. Szepietowski is required to grant under paragraph 4.5 of the Settlement Deed is a charge over the Additional Properties, not over Ashford House or any other property. The risk of insufficient equity to discharge the RBS debt is to be borne by SOCA, consistent with the property-based nature of the settlement and the clear distinction drawn between Ashford House and the other properties.

Court Disposition

Application granted in favour of Mrs. Szepietowski.

Orders

  • The Additional Properties are to be re-transferred by the Trustee to Mrs. Szepietowski.
  • Mrs. Szepietowski is to immediately grant a charge over the entirety of her interest in the Additional Properties to SOCA in terms to be agreed between the parties, with liberty to apply if agreement cannot be reached.