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Jul 26, 2013 · The Royal Court of Guernsey has recently handed down a judgment concerning an indemnity and exemption clause provided in a company’s articles of association ( Perpetual Media Capital Limited –v-...
May 10, 2024 · The deal announced on Wednesday to sell Perpetual’s corporate trust and wealth businesses, as well as its brand to private capital giant KKR, crystallised the destruction of billions of dollars...
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- Background
- Breach of Duty by The Directors
- Breach of Duty by The Independent Directors
- Consideration of The Defences
- Conclusion
CCC was an investment fund set up as a Guernsey company which went into insolvency in 2008, losing all of its $1 billion of capital. CCC invested mainly in residential mortgage backed securities (RMBS) issued by US government sponsored entities known as Fannie Mae and Freddie Mac. The RMBS purchased by CCC had express guarantees that principal and ...
The Court of Appeal heard significant discussion during oral submissions about the attitude of the directors of CCC to the sale of the RMBS in connection with an emergency joint meeting of the board of CCC and its Asset and Liability Committee on 23 August 2007. Although the Court of Appeal found that findings at trial as to perception of risk were...
The Appellants raised similar allegations against the independent directors of CCC, that they "should have required CCC to raise liquidity by selling RMBS". In light of the judgment of the Court of Appeal in respect of the breach of duty by the directors of CCC in not selling the RMBS, and the Court's decisions in relation to the capital preservati...
Although the defences raised by the Respondents did not arise for decision, as they were argued, the Court felt that resolution of some of them may be of assistance in the future. In particular, the Court ruled: (i) the directors of CCC would have been able to rely upon a provision in CCC's articles exempting them from liability in certain circumst...
Dismissing the appeal, the Court of Appeal upheld the Lieutenant Bailiff's decision at first instance with regards to directors' duties, and CIM’s contractual and tortious obligations.
Apr 29, 2014 · In the matter of Perpetual Media Capital Limited -v- Enevoldsen & Ors, PMCL (the Appellant) commenced proceedings against its former directors (the Directors) for breach of their directors' duties relating to film bridge finance investments made on behalf of the company.
Perpetual Media Capital Limited v Enevoldsen and others, (Royal Court of Guernsey, 2012): Acting for a Guernsey company SPV bringing a US$10 million claim against the former directors of the company for breach of duty in making bridge finance investments prior to permanent financial close in respect of financing the films “Machete ...
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