Economic loss

OBG Ltd and others v Allan and others; Mainstream Properties Ltd v Young and others HL TLR 4 May

In OBG the defendant receivers, appointed under an invalid floating charge, took control of the claimant companies’ assets and undertaking. The claimants said that that was not only a trespass to their land and conversion of their chattels, but also the tort of unlawful interference with contractual relations. They claimed damages for the value of their assets and undertakings, including the value of their contractual claims, at the date of the defendants’ appointment. Alternatively, they said that the defendants were liable for the same damages for conversion of the entire assets and undertakings, including the contractual claims.