Anderson -v- Finavera Wind Energy Inc & Ors [2013] IEHC 489 (31 October 2013)

Anderson -v- Finavera Wind Energy Inc & Ors [2013] IEHC 489 (31 October 2013)

The plaintiff's claim should not be dismissed as he has raised arguable grounds for a constructive trust or equitable lien over the shares in the third defendant, and the restructuring and share transfers do not, at this stage, extinguish his security interest. The issues require examination at trial and are not suitable for summary dismissal.

Citation
[2013] IEHC 489
Parties
Plaintiff: Kevin Anderson; First Defendant: Finavera Wind Energy Inc.; Second Defendant: Finavera Renewables Ireland Ltd; Third Defendant: Cloosh Valley Wind Farm Ltd
Jurisdiction
Ireland
Judgment Date
31 October 2013
Procedural Posture
Civil / Interlocutory Application to Dismiss Claim Against Third Defendant
Outcome
Application to dismiss plaintiff's claim against third defendant dismissed; interlocutory orders granted.
Legal Topics
Constructive Trust, Equitable Lien, Security Over Shares, Company Restructuring, Interlocutory Injunction, Order 19 Rule 28 Application
Equity Company Law Contract Law Constructive Trust Equitable Lien Security Over Shares Company Restructuring Interlocutory Injunction +1 more

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Parties

Kevin Anderson

Plaintiff

Finavera Wind Energy Inc.

First Defendant

Finavera Renewables Ireland Ltd

Second Defendant

Cloosh Valley Wind Farm Ltd

Third Defendant

Procedural Posture

Civil / Interlocutory Application to Dismiss Claim Against Third Defendant

Legal Issues

  1. 1 Whether the plaintiff has a reasonable cause of action against the third defendant Cloosh Valley Wind Farm Ltd
  2. 2 Whether the plaintiff is entitled to a constructive trust or equitable lien over shares in the third defendant
  3. 3 Whether the restructuring and share transfers extinguished the plaintiff's security interest

Ratio Decidendi

The plaintiff's claim should not be dismissed as he has raised arguable grounds for a constructive trust or equitable lien over the shares in the third defendant, and the restructuring and share transfers do not, at this stage, extinguish his security interest. The issues require examination at trial and are not suitable for summary dismissal.

Court Disposition

Application to dismiss plaintiff's claim against third defendant dismissed; interlocutory orders granted.

Orders

  • Order restraining the payment, distribution, or disposal of the proceeds of sale of shares in the third defendant until the hearing of the action, except on notice to the plaintiff and with his consent.