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Area of Law: Dan McCourt Fritz KC
Dan McCourt Fritz KC and Andrew Gurr act in successful committal application
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Dan McCourt Fritz KC and Ramyaa Veerabathran successfully represented the respondent controlling shareholder, Ivy Loveridge, in an application made by her son, Michael Loveridge, under paragraph 74 of Schedule B1 to the Insolvency Act 1986 (the “Insolvency Application”), seeking to prevent the administrators of Breton Park Residential Homes Ltd (“Breton Park”) from rescuing it as a going concern on the basis that the proposed rescue would be unfair to his interests, purportedly as a shareholder of the company.
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Lance Ashworth KC and Dan McCourt Fritz KC acted on behalf of the successful appellants, THG plc and others, in this unfair prejudice petition, instructed by Catherine Naylor and Tom Cox at Gowling WLG (UK) LLP.
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The Court of Appeal handed down judgment on Wednesday, 19th April 2023, in Hunt v Ubhi [2023] EWCA Civ 417 in which it reiterated that the default rule is that applicants for freezing orders, including office holders, must provide unlimited cross undertakings in damages and that a departure from the default rule must be justified.
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On 18th January 2023, Fancourt J handed down judgment in the ongoing unfair prejudice petition Zedra Trust Company (Jersey) Limited v. THG plc [2023] EWHC 65 (Ch), after the Court of Appeal had in 2021 struck out complaints that Zedra’s shareholding had been diluted [2021] EWCA Civ 904.
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The Court of Appeal has handed down a second judgment in the case of Loveridge v Loveridge [2021] EWCA Civ 1697. Lance Ashworth KC and Dan McCourt Fritz KC (instructed by Stephen Rome and Georgia Morris at Thursfields Solicitors) were again successful. The judgment contains an interesting discussion about the proper treatment of informal loan finance within family companies, the outer limits of the unfair prejudice jurisdiction under ss.994-996 of the Companies Act 2006, and on the costs consequences of abortive committal applications.
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John Machell QC and Dan McCourt Fritz act for one of the respondents to an appeal in St Johns Trust Company (PUT) Ltd v Medlands (PTC) Ltd. The appeal concerned various orders made by the Court exercising its supervisory jurisdiction in relation to trusts. The appeal was heard by the Bermudian Court of Appeal in January 2020.
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In Attorney General v Zedra Fiduciary Services (UK) Ltd [2020] EWHC 2988 (Ch), Will Henderson acted for the Attorney General. This involved ‘The National Fund’ which was settled with £500,000 of cash and securities in 1928 on trust to accumulate income and profits until the date fixed by the trustee as being the date when, either alone or together with other funds then available for the purpose, the fund was sufficient to discharge the National Debt. The fund was then to be transferred to the National Debt Commissioners to be applied by them in reduction of the National Debt. The Fund is now worth about £0.5 billion. Zacaroli J held that there was a valid charitable trust and that the court had jurisdiction to order a cy-pres scheme. He adjourned the question of what (if any) scheme to order.
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Lance Ashworth QC and Dan McCourt Fritz acted for the successful Appellants in Loveridge v. Loveridge [2020] EWCA Civ 1104 overturning injunctions in an unfair prejudice petition and in partnership proceedings which had granted the running of the companies and partnerships to a minority shareholder and partner. The Court of Appeal effectively put the majority back in charge. Both the petition and the partnership proceedings continue and will come on for trial in 2022.
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