Rich Energy vs Vin-X Limited – Court Case Today

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Rich Energy / Lightening Bolt are to appear in court on Thursday 18th July 2019, the case, brought by Vin-X Limited, pursues an entitlement of 20% entire share capital of Rich Energy.

Will Vin-X determine the future of Rich Energy in court this Thursday?

Rich Energy / Lightening Bolt are to appear in court on Thursday 18th July 2019, the case, brought by Vin-X Limited, pursues an entitlement of 20% entire share capital of Rich Energy.

Vin-X Limited are a market leading Investment company, who regularly invest in a range of businesses. They hold a particularly strong position in the fine wine investment and drinks industries, providing advice, news and more on industry and financial markets.

The Claims
For the case between Rich Energy / Lightening Bolt and Vin-X Limited there are two claims that will be under scrutiny in court on Thursday.
IN THE COUNTY COURT AT CENTRAL LONDON Claim No. E01CL088
The Case has two limbs; a claim for declaratory relief ("First Claim") and a debt claim ("Second Claim").

First Claim
The Claimants claim that on or around 8 September 2016, Vin-X Limited and Mr Storey entered into an agreement in which 20% of the shares in Rich Energy would be transferred to Vin-X Limited in exchange for Vin-X Limited providing advice and expertise to Rich Energy on raising finance and on the drinks industry ("Consultancy Agreement").

Vin-X Limited claims that they performed their duties under the Consultancy Agreement. The Defendants have failed to allot Vin-X Limited 20% of the share capital in Rich Energy. Vin-X Limited seeks a declaration that Mr Storey holds 20% of the share capital of Rich Energy on trust for Vin-X Limited.

The Defendants deny that the Consultancy Agreement was ever an enforceable and valid agreement in the first place nor was it ever entered into at all. Further or alternatively, the Defendants say that Vin-X Limited did not perform their obligations under the Consultancy Agreement and this excuses the Defendants from their obligation to perform their duties under the Consultancy Agreement.

Second Claim
The Claimants claim that, on 9 September 2016, Vin-X Limited entered into an agreement with Rich Energy by which Vin-X Limited would transfer £20,000 ("the Sum") to Rich Energy ("Loan Agreement") to be repaid in two instalments on specified dates. The Defendants have not repaid the Sum and Vin-X Limited claims interest on the Sum in addition to repayment of it.

The Defendants do not deny the Loan Agreement was entered into and that the Sum was transferred to Rich Energy, but say that the Sum has already been repaid. The Defendants say that Mr Storey invited Vin-X Directors to various corporate hospitality events and that invitations to these events repaid the Sum as payment in kind.

Vin-X directors denies that they were invited to and/or attended the corporate hospitality events as alleged.

The court case is set to take place on Thursday (18/07/2019) in The County Court in the City of London.

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Luke Kennedy
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