Decision Makers Important In Relation To Rectification

Hawksford Trustees Jersey Limited v Stella Global UK Limited & Another [2011] EWHC 503(Ch)

The facts are complicated. In essence, Hawksford was a professional trust company that owned 98% of the shares in GTG Plc (known as Global) which carried on business in the independent travel sector. Global was effectively a vehicle for Mr Begg who provided consultancy services to it in return for substantial remuneration. The company owned various "toys" such as jet planes and a helicopter which were placed at the disposal of Mr Begg. The 98% shareholding was held on trust for Mr Begg and his family. The shares were sold to a UK company which was part of the Stella Group at a valuation based on 2007 EBITDA. In meetings concerning the acquisition of shares in Global, Stella agreed that it had no interest in retaining Mr Begg's "toys" and that the costs associated with them and Mr Begg's consultancy fees should be excluded from the calculation of the relevant EBITDA. The