Illiquidx v Altana Wealth: Information Can Be Both Confidential And Public-Domain

One year on, the High Court’s decision in Illiquidx Limited v Altana Wealth Limited & Ors remains an important authority on the scope of confidentiality obligations, the meaning of “public domain” in non-disclosure agreements (or NDAs), and the threshold for liability under the Trade Secrets Regulations. The judgment illustrates how, in certain circumstances, information may still be classed as confidential even if some of its underlying components are publicly available.

Background

Illiquidx, an advisory firm specialising in illiquid investments, entered into a joint venture in 2019 with Altana Wealth and others to explore the possibility of launching a fund to invest in Venezuelan distressed debt. As part of those discussions, Illiquidx shared a package of confidential information (described as the “Business Opportunity”) under the terms of an NDA.