Judgment has been handed down by Mr Justice Adam Johnson in the matter of Swiss Cottage Properties Limited (in liquidation)  EWHC 1495 (Ch), in which Deloitte has successfully defended a claim of negligence in relation to the conduct of an administration.
Derrick Dale QC led Ben Griffiths (of Erskine Chambers) for Deloitte, instructed by Richard Highly, Pippa Ellis and Annabel Walker of DAC Beachcroft.
The case revolved around the sale process and value of two newly constructed “iceberg” houses in Avenue Road, St John’s Wood, in respect of which the overall footprint of each property was 22,000 square feet including around 13,000 square feet (i.e., 60 %) of subterranean accommodation. The case raises interesting points on valuation techniques in respect of unusual/unique properties, the commissioning of Red Book valuations, the need for an administrator to exercise independent judgment and the extent to which an administrator should follow (or be entitled to depart from) the advice of estate agents in the conduct of a sales process.
The judgment can be found here.