Stocking v Montila

Stocking v Montila

The partnership account is to be taken by reference to the agreed 2005 valuation of the Barn. Mr Montila is entitled to credit for improvements up to the amount by which the value of the Barn was increased (£557,500), but not more. Mr Stocking is entitled to credit for his contributions (£68,160.63). Mr Montila is accountable for occupation rent from 1 March 2003 to the date of judgment, to be agreed or determined by the Master. The remaining net proceeds are divisible equally.

Parties
Claimant: Roy Stocking; Defendant: Steven William Montila
Jurisdiction
England and Wales
Judgment Date
18 October 2005
Procedural Posture
Partnership Account and Dissolution / Judgment After Account and Inquiry Following Earlier Trial on Partnership Existence
Outcome
Account taken; partnership contributions and credits determined; occupation rent ordered; no sale ordered; further directions to be given.
Legal Topics
Partnership Dissolution, Taking of Accounts, Equitable Accounting, Occupation Rent, Contributions and Expenditure, Valuation of Partnership Assets
Partnership Law Equity Partnership Dissolution Taking of Accounts Equitable Accounting Occupation Rent Contributions and Expenditure Valuation of Partnership Assets

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Parties

Roy Stocking

Claimant

Steven William Montila

Defendant

Procedural Posture

Partnership Account and Dissolution / Judgment After Account and Inquiry Following Earlier Trial on Partnership Existence

Legal Issues

  1. 1 Whether there was a partnership between the parties
  2. 2 How to take the partnership account and determine contributions
  3. 3 Whether there should be a cap on allowable expenditure for improvements

Ratio Decidendi

The partnership account is to be taken by reference to the agreed 2005 valuation of the Barn. Mr Montila is entitled to credit for improvements up to the amount by which the value of the Barn was increased (£557,500), but not more. Mr Stocking is entitled to credit for his contributions (£68,160.63). Mr Montila is accountable for occupation rent from 1 March 2003 to the date of judgment, to be agreed or determined by the Master. The remaining net proceeds are divisible equally.

Court Disposition

Account taken; partnership contributions and credits determined; occupation rent ordered; no sale ordered; further directions to be given.

Orders

  • Mr Montila to be credited with £557,500 for improvements to the Barn.
  • Mr Stocking to be credited with £68,160.63 for his contributions.