Triodos Bank NV v Ashley Charles Dobbs & Anor [2005] EWHC 108 (Ch) (08 February 2005)

Triodos Bank NV v Ashley Charles Dobbs & Anor [2005] EWHC 108 (Ch) (08 February 2005)

The loss of the opportunity to sell the shares to Mr Russell for $52,500 was exclusively caused by the undertaking obtained by Mr Dobbs. The Receivers did not fail to mitigate their loss, as any delay after 19 December 2002 was not attributable to them. The damages are assessed at the agreed sale price, and Mr Dobbs is liable to pay this sum with interest.

Citation
[2005] EWHC 108 (Ch)
Parties
Claimant: Triodos Bank NV; Defendant/claimant: Ashley Charles Dobbs; Defendant/claimant: Acornvillages Limited; Defendant: Nigel Morrison; Defendant: Michael Gerrard
Jurisdiction
England and Wales
Judgment Date
08 February 2005
Procedural Posture
Chancery Division Civil Proceedings (cross Undertaking in Damages Inquiry and Related Claims) / Post Trial Applications: Inquiry Into Damages Under Cross Undertaking and Application to Raise Further Claims
Outcome
Application for inquiry into damages under cross-undertaking allowed; application by Mr Dobbs to raise further claims dismissed.
Legal Topics
Cross Undertaking in Damages, Receivership, Guarantees, Breach of Contract, Mitigation of Loss
Commercial Law Banking Law Insolvency Equity Cross Undertaking in Damages Receivership Guarantees Breach of Contract +1 more

Case Brief

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Parties

Triodos Bank NV

Claimant

Ashley Charles Dobbs

Defendant/claimant

Acornvillages Limited

Defendant/claimant

Nigel Morrison

Defendant

Michael Gerrard

Defendant

Procedural Posture

Chancery Division Civil Proceedings (cross Undertaking in Damages Inquiry and Related Claims) / Post Trial Applications: Inquiry Into Damages Under Cross Undertaking and Application to Raise Further Claims

Legal Issues

  1. 1 Whether the Receivers suffered loss as a result of being restrained by an undertaking from disposing of shares in Acorn USA
  2. 2 Whether the loss was caused exclusively by the undertaking
  3. 3 Whether the Receivers failed to mitigate their loss by delay in finalising the release order

Ratio Decidendi

The loss of the opportunity to sell the shares to Mr Russell for $52,500 was exclusively caused by the undertaking obtained by Mr Dobbs. The Receivers did not fail to mitigate their loss, as any delay after 19 December 2002 was not attributable to them. The damages are assessed at the agreed sale price, and Mr Dobbs is liable to pay this sum with interest.

Court Disposition

Application for inquiry into damages under cross-undertaking allowed; application by Mr Dobbs to raise further claims dismissed.

Orders

  • Mr Dobbs to pay the Receivers damages assessed at $52,500 (sterling equivalent £33,501.79) plus interest from 1 September 2002 to the date of the order.
  • Mr Dobbs' application to raise further claims against the Receivers and the Bank is dismissed.