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Knowing receipt and the proprietary base
Helen Pugh of Outer Temple Chambers examines the first instance decision in Byers and Dickson (as joint official liquidators of Saad Investments Company Limited) and Saad Investments Company Limited (in liquidation) v Samba Financial Group [2021] EWHC 230 (Ch); a High Court decision in a knowing receipt claim against a Saudi Arabian bank which considered the vexed issue of whether a beneficiary must have a continuing equitable interest enduring upon receipt of the property by the recipient to establish a knowing receipt claim.
The first instance decision was subsequently upheld by the Court of Appeal ([2022] EWCA Civ 43) and Supreme Court ([2023] UKSC 51).
This article was first published in Butterworths Journal of International Banking and Financial Law in May 2021.