Andrew Butler QC succeeds in Commercial Court trial
5th July 2019
Andrew Butler QC has achieved a significant success in a recent Commercial Court trial, judgment in which was handed down today.
Andrew acted for a Cypriot company called Nectrus Ltd. which was a shareholder in, and adviser to, an Isle of Man entity called UCP. UCP had invested heavily in various real estate projects in India but a significant quantity of cash invested by it had been misplaced as a result of loans and investments made by the Indian SPVs carrying out those projects.
UCP held Nectrus responsible and had withheld significant sums from a dividend which would otherwise have been payable to it. Having taken over the case only a few weeks before trial, and leading Andrew Legg of Essex Court Chambers, Andrew has succeeded in resisting liability in relation to 60% of the claim, representing approximately £10m in value. Nectrus’s liability for the remaining 40% will be determined at a hearing later in the year where the parties will argue about the application of the rule against reflective loss, along with other quantum-related issues.
Edward Blakeney provided valuable research assistance.