DBLP Sea Cow Limited v Lars Steffensen

DBLP Sea Cow Limited v Lars Steffensen

The SPA and its variations governed the transfer of shares, imposing a bare trust pending payment. The '22 May Document' was a sham created for broker compliance, not binding between DBLP and Steffensen. Steffensen breached the trust by selling the shares without payment, and DBLP is entitled to summary judgment, declarations of trust, and equitable compensation assessed at the value of shares at trial.

Parties
Claimant: DBLP Sea Cow Limited; Defendant: Lars Steffensen
Jurisdiction
England and Wales
Judgment Date
02 December 2026
Procedural Posture
Civil / Summary Judgment Following Debarring Order
Outcome
Summary judgment granted for claimant
Legal Topics
Breach of Trust, Summary Judgment, Sham Documents, Equitable Compensation, Proprietary Remedies
Equity Trusts Contract Breach of Trust Summary Judgment Sham Documents Equitable Compensation Proprietary Remedies

Case Brief

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Parties

DBLP Sea Cow Limited

Claimant

Lars Steffensen

Defendant

Procedural Posture

Civil / Summary Judgment Following Debarring Order

Legal Issues

  1. 1 Whether the SPA or the '22 May Document' governed the transfer of shares
  2. 2 Whether the defendant breached an express bare trust by selling shares
  3. 3 Entitlement to equitable compensation and proprietary remedies

Ratio Decidendi

The SPA and its variations governed the transfer of shares, imposing a bare trust pending payment. The '22 May Document' was a sham created for broker compliance, not binding between DBLP and Steffensen. Steffensen breached the trust by selling the shares without payment, and DBLP is entitled to summary judgment, declarations of trust, and equitable compensation assessed at the value of shares at trial.

Court Disposition

Summary judgment granted for claimant

Orders

  • Declaration that 2.5m shares were held on bare trust under SPA as varied
  • Declaration that any retained sale proceeds are held on trust