Phlo Technologies Ltd v Tallaght Financial Ltd (t/a Cubefunder)

Phlo Technologies Ltd v Tallaght Financial Ltd (t/a Cubefunder)

The injunction should be continued despite material but non-deliberate non-disclosure and failure to give short notice, as the balance of convenience and risk of irremediable prejudice to Phlo outweigh the procedural breaches. The interests of justice require continuation of the injunction, with appropriate fortification and indemnity costs to mark the breaches.

Parties
Claimant: Phlo Technologies Ltd; Defendant: Tallaght Financial Ltd (t/a Cubefunder)
Jurisdiction
England and Wales
Judgment Date
16 June 2025
Procedural Posture
Interim Injunction Application (adjourned Return Date) / Interlocutory (application to Continue or Discharge Interim Injunction)
Outcome
Interim injunction continued until trial or further order, subject to fortification and indemnity costs for procedural breaches.
Legal Topics
Interim Injunctions, Duty of Full and Frank Disclosure, Appointment of Administrators, Floating Charges, Authority of Company Officers, Balance of Convenience, Cross Undertaking in Damages
Commercial Law Insolvency Law Civil Procedure Interim Injunctions Duty of Full and Frank Disclosure Appointment of Administrators Floating Charges Authority of Company Officers +2 more

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Parties

Phlo Technologies Ltd

Claimant

Tallaght Financial Ltd (t/a Cubefunder)

Defendant

Procedural Posture

Interim Injunction Application (adjourned Return Date) / Interlocutory (application to Continue or Discharge Interim Injunction)

Legal Issues

  1. 1 Whether the interim injunction restraining out-of-court appointment of an administrator should be continued or discharged
  2. 2 Whether the applicant breached the duty of fair presentation and/or full and frank disclosure at the without notice hearing
  3. 3 Whether there is a serious issue to be tried as to the enforceability of the loans and debenture

Ratio Decidendi

The injunction should be continued despite material but non-deliberate non-disclosure and failure to give short notice, as the balance of convenience and risk of irremediable prejudice to Phlo outweigh the procedural breaches. The interests of justice require continuation of the injunction, with appropriate fortification and indemnity costs to mark the breaches.

Court Disposition

Interim injunction continued until trial or further order, subject to fortification and indemnity costs for procedural breaches.

Orders

  • The interim injunction restraining Cubefunder from appointing an administrator out of court is continued until trial or further order.
  • Phlo must provide appropriate fortification of its cross-undertaking in damages as a condition of continuation.