Following on from the very successful judgment in Memon -v- Stephen Cork and Joanne Milner of Cork Gully, where an application to remove liquidators was resoundingly defeated (resulting in indemnity costs being awarded in favour of our clients), another judgment has been made in favour of a longstanding Boyes Turner client, David Ingram of Grant Thornton UK LLP.
The case MSD Cash & Cash plc –v- Singh and others, involved a family business which traded in wholesale alcohol cash and carry which became insolvent in 2011. The claims related to the transfer of high value motor vehicles from an insolvent company to an associated company, the creation of a credit note, again inter company, for nearly £1m, the setting off of directors’ loan accounts and various cash payments. Claims were made for breach of fiduciary duty, princes, void transactions and transactions at an undervalue together with misfeasance and breach of directors’ duties.
Judgment was given in favour of the liquidator for a substantial six figure sum, being just reward for a long fought battle with those in control of the alcohol cash and carry business, who did their utmost to thwart the investigations and claims made by the liquidator.
For more information please contact Chris Branson at Boyes Turner on [email protected] or call 0118 952 705.
Consistent with our policy when giving comment and advice on a non-specific basis, we cannot assume legal responsibility for the accuracy of any particular statement. In the case of specific problems we recommend that professional advice be sought.