BMF ASSETS NO. 1 LIMITED v SANNE GROUP PLC

BMF ASSETS NO. 1 LIMITED v SANNE GROUP PLC

None of the steps alleged by respondents validly replaced the Sanne Directors or affected their authority; proceedings brought in the names of BMF Claimants were without authority; claims by other parties lacked standing, were abusive, and disclosed no reasonable grounds; recusal application was delayed and totally without merit.

Parties
Claimant: BMF Assets No. 1 Limited; Claimant: BMF Holdings Limited; Claimant: Business Mortgage Finance 3 PLC; Claimant: Business Mortgage Finance 4 PLC; Claimant: Business Mortgage Finance 5 PLC; Claimant: Business Mortgage Finance 6 PLC; Claimant: Business Mortgage Finance 7 PLC; Claimant: Kipling Firs Limited; Claimant: Tilman Holdings Limited; Defendant: Sanne Group PLC; Defendant: Sanne Group (UK) Limited; Defendant: Sanne Group Secretaries (UK) Limited; Defendant: Sanne Trustee Company UK Limited; Defendant: Martin Charles Schnaier; Defendant: Jason Christopher Bingham; Defendant: Beejadhursingh Surnam; Defendant: Coral Suzanne Bidel; Defendant: Marc Speight; Defendant: Simmons & Simmons LLP; Defendant: Caroline Hunter-Yeats; Defendant: Alexander Paul Riddiford
Jurisdiction
England and Wales
Judgment Date
26 January 2022
Procedural Posture
Civil / Final Judgment
Outcome
Applications to remove BMF Claimants as parties allowed; all listed proceedings dismissed; declarations granted; recusal application dismissed; no stay pending appeal.
Legal Topics
Authority of Directors, Strike Out Applications, Summary Judgment, Recusal of Judge, Securitisation Structures, Fiduciary Duties, Abuse of Process
Company Law Civil Procedure Commercial Law Authority of Directors Strike Out Applications Summary Judgment Recusal of Judge Securitisation Structures +2 more

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Parties

BMF Assets No. 1 Limited

Claimant

BMF Holdings Limited

Claimant

Business Mortgage Finance 3 PLC

Claimant

Business Mortgage Finance 4 PLC

Claimant

Business Mortgage Finance 5 PLC

Claimant

Business Mortgage Finance 6 PLC

Claimant

Business Mortgage Finance 7 PLC

Claimant

Kipling Firs Limited

Claimant

Tilman Holdings Limited

Claimant

Sanne Group PLC

Defendant

Sanne Group (UK) Limited

Defendant

Sanne Group Secretaries (UK) Limited

Defendant

Sanne Trustee Company UK Limited

Defendant

Martin Charles Schnaier

Defendant

Jason Christopher Bingham

Defendant

Beejadhursingh Surnam

Defendant

Coral Suzanne Bidel

Defendant

Marc Speight

Defendant

Simmons & Simmons LLP

Defendant

Caroline Hunter-Yeats

Defendant

Alexander Paul Riddiford

Defendant

Procedural Posture

Civil / Final Judgment

Legal Issues

  1. 1 Whether the directors of the BMF Claimants were lawfully replaced
  2. 2 Whether proceedings were commenced with authority
  3. 3 Whether claimants have standing

Ratio Decidendi

None of the steps alleged by respondents validly replaced the Sanne Directors or affected their authority; proceedings brought in the names of BMF Claimants were without authority; claims by other parties lacked standing, were abusive, and disclosed no reasonable grounds; recusal application was delayed and totally without merit.

Court Disposition

Applications to remove BMF Claimants as parties allowed; all listed proceedings dismissed; declarations granted; recusal application dismissed; no stay pending appeal.

Orders

  • BMF Claimants removed as claimants from Kipling Injunctions Claim, S&S Claim, HML Claim, and Tilman Claim.
  • All claims in the listed proceedings dismissed.