Financial Conduct Authority v Skinner & Ors

Financial Conduct Authority v Skinner & Ors

The court was satisfied, based on admissions and unchallenged evidence, that the claimant would obtain judgment for a substantial sum. The defendants failed to provide financial information despite clear instructions. The court exercised its discretion to order interim payments in reasonable proportions of the minimum sums likely to be found due at trial.

Parties
Claimant: Financial Conduct Authority; Defendants: Skinner & Others; Defendant: Mr Mongalar; Defendant: Mr Miller
Jurisdiction
England and Wales
Judgment Date
18 January 2019
Procedural Posture
Civil / Interim Application for Payment
Outcome
interim payment orders granted
Legal Topics
Interim Payments, FSMA Section 382, CPR 25.7(1)(c)
Civil Procedure Financial Regulation Interim Payments FSMA Section 382 CPR 25.7(1)(c)

Case Brief

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Parties

Financial Conduct Authority

Claimant

Skinner & Others

Defendants

Mr Mongalar

Defendant

Mr Miller

Defendant

Procedural Posture

Civil / Interim Application for Payment

Legal Issues

  1. 1 Whether the claimant is entitled to an interim payment under CPR 25.7(1)(c) against the third, fourth, fifth and sixth defendants
  2. 2 What is a reasonable proportion of the likely final judgment amount for interim payment

Ratio Decidendi

The court was satisfied, based on admissions and unchallenged evidence, that the claimant would obtain judgment for a substantial sum. The defendants failed to provide financial information despite clear instructions. The court exercised its discretion to order interim payments in reasonable proportions of the minimum sums likely to be found due at trial.

Court Disposition

interim payment orders granted

Orders

  • The two companies are jointly and severally liable for £150,000.
  • Mr Mongalar is ordered to pay £100,000.