Zayo Group International Ltd v Ainger & Ors

SIMON BRYAN QC (SITTING AS A DEPUTY JUDGE OF THE HIGH COURT) ____________________

Hugh Norbury QC and Dan McCourt Fritz (instructed by Gibson, Dunn & Crutcher LLP) for the Claimant James Aldridge QC (instructed by Hogan Lovells International LLP) for the Defendants Hearing dates: 19 and 20 July 2017 ____________________

(1) The NMC Claims: Claims relating to alleged inadequate accounting provision or reserves for two disputes between Geo and NMC. The loss alleged was the combined cost of settling that litigation in the sum of �1.35m. No split was made as between the two pieces of litigation. The Defendants say that there was no claim that there was a "diminution in value" of the shares purchased as a result of the alleged failure to make adequate provision;

(3) The H3G Claims: Claims relating to a dispute with H3G where it was alleged inadequate accounting reserve/provision for the cost of concluding the dispute had been made. The estimated alleged loss was said to be �219,000 plus the cost and expenses of defending such claims. It has subsequently transpired that this sum was the cost of settling the dispute (which settlement had occurred before the Notice of Claim). The Defendants say that there was no claim that there was a "diminution in value" of the shares purchased as a result of the alleged failure to make provision.

(1) Those relating to service of the Notice of Claim, specifically whether there was effective service on the Fifth Defendant ("Ms Jaggard") before the deadline stipulated by paragraph 3.2 of Schedule 6, and if not what the effect of this was in relation to (a) the claim against Ms Jaggard and (b) the claims against all the Defendants (Paragraphs 1 to 4 of the Application Notice).