The Court of Appeal handed down judgment today in Byers v Saudi National Bank [2022] EWCA Civ 43 upholding the decision of Mr Justice Fancourt that a continuing proprietary interest is required for a knowing receipt claim to be possible.

Dismissing the appeal, the Court of Appeal’s judgment (here) reviewed the authorities and academic commentary on this controversial topic and sets out the test for knowing receipt taking into account BCCI v Akindele [2001] Ch 437 and the Supreme Court’s decision in Williams v Central Bank of Nigeria [2014] AC 1189. Permission to appeal to the Supreme Court was refused.

Jeffrey Chapman QC and David Murray of Fountain Court (together with Adam Cloherty of XXIV Old Buildings) acted for the Appellant.