Crown Prosecution Service (Appellant) v Aquila Advisory Ltd (Respondent)
Case ID: UKSC 2019/0105
Where a proprietary claim is brought by a company against its directors to recover proceeds of crime received in breach of fiduciary duty: (1) Can that proprietary claim be asserted in priority to a confiscation order obtained by the Crown Prosecution Service? (2) Can the illegality of the directors be attributed to the company in circumstances where the company suffered no loss and stood to profit from the crime?
Two directors of a company used the company to commit a criminal offence, from which they personally obtained a benefit of £4.55 million. They were prosecuted and convicted of the criminal offence and were made the subject of confiscation orders based on that benefit. However, in an action between Aquila Advisory Ltd (to which the company’s rights had been assigned) and the directors, in which the Crown Prosecution Service intervened, the High Court determined that the company, and hence Aquila Advisory Ltd, could recover what remained of the £4.55m from the directors because they had acted in breach of their fiduciary duty to the company and thus held the proceeds of the crime on constructive trust for the company. The CPS seeks to prevent Aquila from recovering the £4.55m in priority to the confiscation orders.
Crown Prosecution Service
Aquila Advisory Ltd
Lord Lloyd-Jones, Lord Sales, Lord Burrows, Lord Stephens, Lady Rose
Hearing start date
27 Apr 2021
Hearing finish date
27 Apr 2021
|27 April 2021||Morning session||Afternoon session|
Future Judgment Update
Please note that appeal in the matter of Crown Prosecution Service (Appellant) v Aquila Advisory Ltd (Respondent) has been heard by the Supreme Court and is currently awaiting judgment.
As soon as the judgment hand-down date is confirmed, it will be published on the Future judgments page of this website. As a very broad indication, judgments tend to follow between three to nine months after the conclusion of the appeal hearing, although in some cases it may be earlier than that. Information about judgment hand-downs is usually announced one week in advance. We are unable to give any indication of the likely hand-down date for judgments not listed on the Future judgments page.