Dalkilic & Anor v Pekin & Anor

Dalkilic & Anor v Pekin & Anor

Paragon was established on the basis of an agreement that Metin, Ali, Hasan, and Cafer would beneficially own the company in equal shares, giving rise to a constructive trust. Ali’s agreement to transfer 10% of his beneficial interest to Sevim as part of their divorce settlement was effective under a constructive trust, not requiring writing. Hasan did not settle his claim or receive payment. Ali’s settlement did not release Sevim’s claim. Laches, estoppel, and limitation do not bar the claims. PPIL holds the shares on trust for Hasan and Sevim, who are entitled to transfer and an account of dividends.

Parties
Claimant: Hasan Dalkilic; Claimant: Sevim Pekin; Defendant: Metin Pekin; Defendant: Paragon Property Investments Limited
Jurisdiction
England and Wales
Judgment Date
08 February 2021
Procedural Posture
Civil Chancery (business/property) / High Court Trial Judgment
Outcome
Claim allowed; counterclaims dismissed
Legal Topics
Constructive Trusts, Beneficial Ownership of Shares, Divorce Settlements and Property Division, Limitation of Actions, Laches and Estoppel, Counterclaims, Corporate Restructuring, Dividends and Interest
Trusts Equity Company Law Civil Procedure Constructive Trusts Beneficial Ownership of Shares Divorce Settlements and Property Division Limitation of Actions +4 more

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Parties

Hasan Dalkilic

Claimant

Sevim Pekin

Claimant

Metin Pekin

Defendant

Paragon Property Investments Limited

Defendant

Procedural Posture

Civil Chancery (business/property) / High Court Trial Judgment

Legal Issues

  1. 1 Whether Paragon was established with an agreement for shares to be held for Metin, Ali, Hasan, and Cafer as to 25% each under a trust or estoppel
  2. 2 Whether Ali transferred 10% of his beneficial interest in Paragon to Sevim in 2000 as part of their divorce settlement and if that transfer was effective
  3. 3 Whether Hasan settled his claim to a shareholding in Paragon at the March 2012 meetings and received payment

Ratio Decidendi

Paragon was established on the basis of an agreement that Metin, Ali, Hasan, and Cafer would beneficially own the company in equal shares, giving rise to a constructive trust. Ali’s agreement to transfer 10% of his beneficial interest to Sevim as part of their divorce settlement was effective under a constructive trust, not requiring writing. Hasan did not settle his claim or receive payment. Ali’s settlement did not release Sevim’s claim. Laches, estoppel, and limitation do not bar the claims. PPIL holds the shares on trust for Hasan and Sevim, who are entitled to transfer and an account of dividends.

Court Disposition

Claim allowed; counterclaims dismissed

Orders

  • Declaration that Hasan Dalkilic is beneficial owner of 25% of Paragon shares and Sevim Pekin is beneficial owner of 10% of Paragon shares, held on trust by PPIL
  • Order for transfer of relevant shares to Hasan and Sevim