S and A v Standard Chartered [2003] JRC 133 (18 July 2003)

S and A v Standard Chartered [2003] JRC 133 (18 July 2003)

There are no good grounds to set aside the voluntarily agreed date for sale, and the risk of asset dissipation justifies maintaining the original agreement. The sale agreement should be amended to clarify rights of action against directors or employees.

Citation
[2003] JRC 133
Parties
Applicant: Second Respondent; Respondent: First Representor; Respondent: Second Representor; Interested Party: Trustee
Jurisdiction
Jersey
Judgment Date
18 July 2003
Procedural Posture
Summons / Application to Vary Consent Order
Outcome
application dismissed with partial amendment to prior order
Legal Topics
Variation of Consent Order, Sale of Company Assets, Restraint of Trade, Amendment of Sale Agreement
Trust Law Company Law Civil Procedure Variation of Consent Order Sale of Company Assets Restraint of Trade Amendment of Sale Agreement

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Parties

Second Respondent

Applicant

First Representor

Respondent

Second Representor

Respondent

Trustee

Interested Party

Procedural Posture

Summons / Application to Vary Consent Order

Legal Issues

  1. 1 Whether to defer the date for submission of bids to purchase TAL
  2. 2 Whether to give directions regarding a non-competition clause in the sale agreement
  3. 3 Whether to amend the sale agreement to clarify rights of action against directors or employees

Ratio Decidendi

There are no good grounds to set aside the voluntarily agreed date for sale, and the risk of asset dissipation justifies maintaining the original agreement. The sale agreement should be amended to clarify rights of action against directors or employees.

Court Disposition

application dismissed with partial amendment to prior order

Orders

  • Refusal to defer date for submission of bids to purchase TAL
  • Authorisation for Trustee to amend Clause 2(1) of sale agreement to add rights of action against directors or employees