Consular Gestion SGHC S. A. -v- Optimal Multiadvisors Ireland PLC [2009] IEHC 173 (27 March 2009)

Consular Gestion SGHC S. A. -v- Optimal Multiadvisors Ireland PLC [2009] IEHC 173 (27 March 2009)

The defendant demonstrated an arguable defence that the suspension of redemption and payment under its articles was validly exercised before the redemption process was complete, thus summary judgment is not appropriate.

Citation
[2009] IEHC 173
Parties
Plaintiff: Consulnor Gestion SGHC S. A.; Defendant: Optimal Multiadvisors Ireland PLC
Jurisdiction
Ireland
Judgment Date
27 March 2009
Procedural Posture
Summary Judgment Application / High Court, Commercial Division, Summary Judgment Hearing
Outcome
Summary judgment refused; case adjourned for plenary hearing; defendant given leave to defend.
Legal Topics
Summary Judgment, Redemption of Shares, Suspension of Redemption, Articles of Association, Effect of Fraud on NAV
Company Law Investment Funds Contract Law Summary Judgment Redemption of Shares Suspension of Redemption Articles of Association Effect of Fraud on NAV

Case Brief

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Parties

Consulnor Gestion SGHC S. A.

Plaintiff

Optimal Multiadvisors Ireland PLC

Defendant

Procedural Posture

Summary Judgment Application / High Court, Commercial Division, Summary Judgment Hearing

Legal Issues

  1. 1 Whether the defendant validly suspended redemption of shares under its articles of association
  2. 2 Whether the plaintiff is entitled to summary judgment for payment of redemption proceeds
  3. 3 Whether the NAV used for redemption was erroneous due to fraud

Ratio Decidendi

The defendant demonstrated an arguable defence that the suspension of redemption and payment under its articles was validly exercised before the redemption process was complete, thus summary judgment is not appropriate.

Court Disposition

Summary judgment refused; case adjourned for plenary hearing; defendant given leave to defend.

Orders

  • Case adjourned for plenary hearing
  • Defendant given leave to defend