Matrix Receivables Ltd v Musst Holdings Ltd [2025] EWHC 2487 (Ch) (01 October 2025)

Matrix Receivables Ltd v Musst Holdings Ltd [2025] EWHC 2487 (Ch) (01 October 2025)

Musst Holdings Limited is liable in unjust enrichment to Matrix Receivables Limited for a share of management and performance fees received from Astra in respect of The Observatory/2B and LGT/Crown investments, subject to limitation. The assignment from MMM to MRL is valid for claims belonging to MMM, but claims...

Source-derived case information.

Citation
[2025] EWHC 2487 (Ch)
Parties
Claimant: Matrix Receivables Limited; Defendant: Musst Holdings Limited
Jurisdiction
England and Wales
Judgment Date
01 October 2025
Procedural Posture
Commercial Restitution Claim / Final Judgment
Outcome
Claim allowed in part, subject to limitation and assignment validity.
Legal Topics
Assignment of Claims, Limitation Periods, Counter Restitution, Fee Sharing Arrangements, Introduction Agreements
Restitution Commercial Law Unjust Enrichment Assignment of Claims Limitation Periods Counter Restitution Fee Sharing Arrangements Introduction Agreements

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Parties

Matrix Receivables Limited

Claimant

Musst Holdings Limited

Defendant

Procedural Posture

Commercial Restitution Claim / Final Judgment

Legal Issues

  1. 1 Is Musst Holdings Limited liable in unjust enrichment to Matrix Receivables Limited for a share of management and performance fees received from Astra in respect of The Observatory/2B and LGT/Crown investments?
  2. 2 Are the claims wholly or in part statute barred?
  3. 3 Was the assignment from MMM to MRL valid or ineffective due to the claim belonging to another Matrix entity?

Ratio Decidendi

Musst Holdings Limited is liable in unjust enrichment to Matrix Receivables Limited for a share of management and performance fees received from Astra in respect of The Observatory/2B and LGT/Crown investments, subject to limitation. The assignment from MMM to MRL is valid for claims belonging to MMM, but claims belonging to other Matrix entities or transferred elsewhere are not recoverable by MRL. The value of unjust enrichment is to be calculated on a commission basis reflecting contributions, not a fixed fee. Counter-restitution is to be calculated by reference to gross sums received, without deduction for litigation funding costs.

Court Disposition

Claim allowed in part, subject to limitation and assignment validity.

Orders

  • Musst Holdings Limited to pay Matrix Receivables Limited a share of management and performance fees received from Astra in respect of The Observatory/2B and LGT/Crown investments, calculated on a commission basis reflecting contributions.
  • Counter-restitution to be calculated by reference to gross sums received, without deduction for litigation funding costs.