Crabtree v NG

Crabtree v NG

The judge was entitled to disregard interest liability on the ZLF debt and not make a substantial reduction for the debt in the earnings-based valuation, given the absence of evidence of interest liability, the established commercial relationship, and expert evidence supporting the approach.

Parties
Appellant: Steven Crabtree; Respondent: Ivan Ng
Jurisdiction
England and Wales
Judgment Date
21 March 2012
Procedural Posture
Civil Appeal / Appeal From High Court Judgment
Outcome
Appeal dismissed
Legal Topics
Share Valuation, Unfair Prejudice, Companies Act 2006 Section 994
Company Law Share Valuation Unfair Prejudice Companies Act 2006 Section 994

Case Brief

Summary, issues, holding and outcome

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Parties

Steven Crabtree

Appellant

Ivan Ng

Respondent

Procedural Posture

Civil Appeal / Appeal From High Court Judgment

Legal Issues

  1. 1 Whether the valuation of the share should account for interest liability on the ZLF debt
  2. 2 Whether the valuation should be reduced due to the liability to repay the ZLF debt

Ratio Decidendi

The judge was entitled to disregard interest liability on the ZLF debt and not make a substantial reduction for the debt in the earnings-based valuation, given the absence of evidence of interest liability, the established commercial relationship, and expert evidence supporting the approach.

Court Disposition

Appeal dismissed

Orders

  • The appeal is dismissed.