Liv Limited v (1) Landry (2) Larissa [2020] DIFC SCT 298 (22 November 2020)

Liv Limited v (1) Landry (2) Larissa [2020] DIFC SCT 298 (22 November 2020)

The Defendants failed to satisfy contractual conditions by the Long-Stop Date and did not provide evidence of an agreed extension or completion. The Claimant is entitled to reimbursement of the subscription monies (EUR 50,000) and post-judgment interest at 9% per annum. Claims for additional expenses and damages were dismissed due to lack of evidence.

Citation
[2020] DIFC SCT 298
Parties
Claimant: Liv Limited; First Defendant: Landry; Second Defendant: Larissa Group FZ-LLC
Jurisdiction
United Arab Emirates
Judgment Date
22 November 2020
Procedural Posture
Small Claims Tribunal (sct) Claim / Judgment After Hearing
Outcome
Claim partly allowed
Legal Topics
Shareholder Agreement, Breach of Contract, Indemnity, Reimbursement of Subscription Monies, Interest on Judgment
Contract Law Company Law Shareholder Agreement Breach of Contract Indemnity Reimbursement of Subscription Monies Interest on Judgment

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Parties

Liv Limited

Claimant

Landry

First Defendant

Larissa Group FZ-LLC

Second Defendant

Procedural Posture

Small Claims Tribunal (sct) Claim / Judgment After Hearing

Legal Issues

  1. 1 Whether the Defendants breached the Shareholder's Agreement by failing to satisfy conditions by the Long-Stop Date
  2. 2 Whether the Claimant is entitled to reimbursement of subscription monies and expenses under the Agreement
  3. 3 Whether the Claimant is entitled to damages for deceit and breach of good faith

Ratio Decidendi

The Defendants failed to satisfy contractual conditions by the Long-Stop Date and did not provide evidence of an agreed extension or completion. The Claimant is entitled to reimbursement of the subscription monies (EUR 50,000) and post-judgment interest at 9% per annum. Claims for additional expenses and damages were dismissed due to lack of evidence.

Court Disposition

Claim partly allowed

Orders

  • Defendants jointly and severally liable to pay Claimant EUR 50,000 plus interest at 9% per annum from date of judgment
  • Defendants jointly and severally liable to pay Claimant court fees of AED 10,909.75