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You are here: BAILII >> Databases >> England and Wales High Court (Chancery Division) Decisions >> QEB Metallics Ltd v Peerzada & Ors [2009] EWHC 3348 (Ch) (22 December 2009) URL: http://www.bailii.org/ew/cases/EWHC/Ch/2009/3348.html Cite as: [2009] EWHC 3348 (Ch) |
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CHANCERY DIVISION
The Courthouse, 1, Oxford Row Leeds LS1 3BG |
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B e f o r e :
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QEB METALLICS LIMITED (by its Joint Liquidators, David Ingram and Kevin Murphy) |
Claimant |
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- and - |
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(1.) ASLAM PEERZADA (2.) ADNAN MOHAMMAD KHAN (also known as Eddy Khan) (3.) NOUMAN HAFIZ |
Defendants |
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Mr Tim Brown instructed by Goldens Solicitors for the third Defendant
Hearing dates: 15-16, 19-22 October 2009
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Crown Copyright ©
Judge Kaye QC:
Introduction
The Scheme
The Legal Nature of the Claims
a. The first defendant: as director (albeit only from 22 January 2008) he owed core fiduciary duties of loyalty, honesty and good faith;
b. The third defendant was throughout the relevant period (i.e. from May 2007 onwards) a shadow or de facto director of QEB and therefore owed like duties;
c. Both of them were guilty of misfeasance, breaches of these duties, or an unlawful conspiracy to injure QEB by failing to account to HMRC for the VAT due on the transactions between QEB and ESL;
d. Accordingly these defendants are liable to compensate QEB by contributing to the assets of QEB for the amount of the VAT foregone, i.e. in the case of the first defendant the sum of £988,357.08 from 22 January 2008 to 4 April 2008[2] , and in the case of the third defendant, the sum of £2,141,510.80, or in damages (for fraudulent conspiracy) for the same amount, or damages for breach of trust, misfeasance, or negligence, plus interest.
The Central Issue
The Evidence
Findings
Reasons
Application of the Law
Damages and Compensation
Mr Peerzada
Conclusions
Note 1 See 13/2598-2600 (references are to the trial bundles). [Back] Note 2 See para. 31 Particulars of Claim. [Back] Note 3 See for example Mr Hafiz’s first witness statement at paras. 14, 15, 18, 21, 40, 46, 48, 49, 58, 81, 110 (2/C/4/191, 193, 194, 199, 202, 203, 207, 217, 227); Hafiz 2, paras. 42, 52 (13/2606, 2610). [Back]