Bilta (UK) Limited (in liquidation) & Ors v SVS Securities plc

Bilta (UK) Limited (in liquidation) & Ors v SVS Securities plc

The Limitation Defence succeeds because the Claimants, acting by their liquidators, could with reasonable diligence have discovered and pleaded a viable case against TFS before 8 November 2011. Section 32 of the Limitation Act 1980 does not postpone limitation in these circumstances. Section 213 of the Insolvency Act 1986 applies to outsiders, so the claim under that section is not outwith its terms.

Parties
Claimant: Bilta (UK) Limited (in liquidation) and others; Defendant: SVS Securities plc; Defendant: Kulvir Singh Virk; Defendant: Simon Fox; Defendant: Deutsche Bank AG; Defendant: Tradition Financial Services Limited
Jurisdiction
England and Wales
Judgment Date
31 March 2022
Procedural Posture
Civil / Final Judgment
Outcome
Limitation Defence succeeds; section 213 claim not outwith statute.
Legal Topics
Dishonest Assistance, Fraudulent Trading, Limitation Period, MTIC Fraud, Section 213 Insolvency Act 1986
Insolvency Commercial Law Limitation Dishonest Assistance Fraudulent Trading Limitation Period MTIC Fraud Section 213 Insolvency Act 1986

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Parties

Bilta (UK) Limited (in liquidation) and others

Claimant

SVS Securities plc

Defendant

Kulvir Singh Virk

Defendant

Simon Fox

Defendant

Deutsche Bank AG

Defendant

Tradition Financial Services Limited

Defendant

Procedural Posture

Civil / Final Judgment

Legal Issues

  1. 1 Whether the claims against TFS are time-barred under the Limitation Act 1980
  2. 2 Whether section 32 of the Limitation Act 1980 postpones the limitation period
  3. 3 Whether section 213 of the Insolvency Act 1986 applies to outsiders (non-managers)

Ratio Decidendi

The Limitation Defence succeeds because the Claimants, acting by their liquidators, could with reasonable diligence have discovered and pleaded a viable case against TFS before 8 November 2011. Section 32 of the Limitation Act 1980 does not postpone limitation in these circumstances. Section 213 of the Insolvency Act 1986 applies to outsiders, so the claim under that section is not outwith its terms.

Court Disposition

Limitation Defence succeeds; section 213 claim not outwith statute.

Orders

  • Claimants' claims against TFS are dismissed as time-barred under the Limitation Act 1980.
  • Section 213 claim is not outwith the terms of the Insolvency Act 1986.