IG Markets Ltd v Crinion [2012] EWHC B4 (Mercantile) (03 April 2012)

IG Markets Ltd v Crinion [2012] EWHC B4 (Mercantile) (03 April 2012)

The court found that Declan Crinion completed and submitted the application for CB805 with Tommy Crinion's express or implied authority, or that Tommy ratified the actions; the Power of Attorney, though not personally signed by Tommy, was authorised by him. Tommy is therefore personally liable for the debt on CB805. Declan Crinion is personally liable for CB988, as there was no credible evidence that the account was held as agent for TJC Ltd or that the Claimant agreed to limit his liability. The Claimant did not breach FSA/COBS rules in a manner that would affect enforceability of the debts. The debts are enforceable against both Defendants.

Citation
[2012] EWHC B4 (Mercantile)
Parties
Claimant: IG Index Ltd; Defendant: Tommy Crinion; Defendant: Declan Crinion
Jurisdiction
England and Wales
Judgment Date
03 April 2012
Procedural Posture
Civil Claim (debt Recovery) / Judgment After Trial
Outcome
Judgment for the Claimant
Legal Topics
Enforceability of Debt, Authority and Ratification in Agency, Breach of Fsa/cobs Rules, Personal Liability for Trading Accounts, Validity of Power of Attorney
Financial Services Law Contract Law Agency Law Enforceability of Debt Authority and Ratification in Agency Breach of Fsa/cobs Rules Personal Liability for Trading Accounts Validity of Power of Attorney

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Parties

IG Index Ltd

Claimant

Tommy Crinion

Defendant

Declan Crinion

Defendant

Procedural Posture

Civil Claim (debt Recovery) / Judgment After Trial

Legal Issues

  1. 1 Whether Declan Crinion had authority to open and operate Tommy Crinion's account (CB805)
  2. 2 Whether Tommy Crinion is personally liable for debts on CB805
  3. 3 Whether Declan Crinion is personally liable for debts on CB988 or acted as agent for TJC Ltd

Ratio Decidendi

The court found that Declan Crinion completed and submitted the application for CB805 with Tommy Crinion's express or implied authority, or that Tommy ratified the actions; the Power of Attorney, though not personally signed by Tommy, was authorised by him. Tommy is therefore personally liable for the debt on CB805. Declan Crinion is personally liable for CB988, as there was no credible evidence that the account was held as agent for TJC Ltd or that the Claimant agreed to limit his liability. The Claimant did not breach FSA/COBS rules in a manner that would affect enforceability of the debts. The debts are enforceable against both Defendants.

Court Disposition

Judgment for the Claimant

Orders

  • Tommy Crinion to pay €824,074.18 (plus interest and costs) in respect of account CB805
  • Declan Crinion to pay €1,386,045.03 (plus interest and costs) in respect of accounts CB804 and CB988