Chief ICC Judge Briggs has handed down judgment in respect of two applications made by Dolfin Asset Services Limited (DASL), in its capacity as a client, under rule 201(3) of the Investment Bank (Special Administration) Rules 2011 (the IBSAR) seeking further information in relation to the remuneration charged by the joint special administrators of Dolfin Financial (UK) Ltd, an investment management firm which, immediately prior to its entry into special administration, held in excess of £1 billion of client assets. The applications were brought after the joint special administrators had refused two requests for that same information made by DASL under rule 201(1) of the IBSAR. The judgment is understood to be the first to consider rule 201 of the IBSAR.
Chief ICC Judge Briggs dismissed the applications brought by DASL, finding that he had no jurisdiction to make orders under rule 201(3) of the IBSAR in circumstances in which the basis of the joint special administrators’ remuneration had yet to be fixed. Chief ICC Judge Briggs further held that a special administrator could comply with a request under rule 201(1) of the IBSARs by refusing to provide the information sought if they considered one of the three grounds identified in rule 201(2) of the IBSAR applied, unless they were acting in bad faith, irrationally or perversely in so considering. Chief ICC Judge Briggs found that the joint special administrators’ refusals of DASL’s requests was not in bad faith and fell far short of being irrational or perverse.
Jamil Mustafa appeared for the joint special administrators of Dolfin Financial (UK) Ltd instructed by James Moore of DWF Law LLP.
Click here to read the full judgement.
