Judgement Handed Down: ABT Auto Investments Ltd v Aapico

Tom Smith KC and Ryan Perkins appeared for the Defendants, who succeeded in arguing that their appropriation of the shares in a company was fully compliant with the Regulations. This is the first case in which the Court has considered whether a collateral-taker complied with its duty under Regulation 18 to value the collateral in a “commercially reasonable manner”. The judgment also contains a detailed discussion on the power of appropriation.