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Law Debenture Corp v Ural Caspian Oil

[1994] 3 WLR 122

Case summary last updated at 03/01/2020 18:50 by the Oxbridge Notes in-house law team.

Judgement for the case Law Debenture Corp v Ural Caspian Oil

X procured L to act in breach of a restrictive covenant that L had agreed with P (not to sell shares without P’s permission). X then sold shares to D, whom P sued (along with all other parties). However the court said that since P had sought no injunction against X’s purchase of the shares from L nor D’s purchase from X and therefore following that, the conduct was not unlawful. This was despite the tortious liability of X. 
Lord Hoffman: “the defendant violates no legal right of the plaintiff if he makes himself judgment-proof by dissipating his assets before he is enjoined from doing so and he does not act unlawfully in failing to give disclosure before he is ordered to do so.” 

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