Peter Glenn & Anor v Adam Walker & Ors
| Court | Chancery Division |
| Judge | Hhj Cawson Kc |
| Neutral Citation | [2025] EWHC 1286 (Ch) |
| Date | 23 May 2025 |
| Year | 2025 |
| Counsel | Roger Stewart Kc,Will Cook,Justin Higgo Kc,Andrew Gurr |
Neutral Citation Number: [2025] EWHC 1286 (Ch)
Case No: BL-2023-000186
IN THE HIGH COURT OF JUSTICE
BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
BUSINESS LIST (ChD)
IN THE MATTER OF FIFTY ASSET MANAGEMENT LIMITED
AND IN THE MATTER OF THE COMPANIES ACT 2006
Rolls Building
Fetter Lane
London, EC4A 1NL
Date: 23/05/2025
Before:
HHJ CAWSON KC
SITTING AS A JUDGE OF THE HIGH COURT
- - - - - - - - - - - - - - - - - - - - -
Between:
(1) PETER GLENN
(2) JONATHAN SLATER
Claimants
- and -
(1) ADAM WALKER
(2) JEREMY DYER
(3) FIFTY ASSET MANAGEMENT LIMITED
Defendants
- - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - -
Roger Stewart KC and Will Cook (instructed by Troutman Pepper Locke UK LLP) for the
Claimants
Justin Higgo KC and Andrew Gurr (Instructed by CANDEY Limited) for the First and
Second Defendants
Hearing dates: 25-28 & 31 March, and 1, 3-4 April 2025
- - - - - - - - - - - - - - - - - - - - -
Approved Judgment
This judgment was handed down remotely at 10.30am on 23 May 2025 by circulation to the
parties or their representatives by e-mail and by release to the National Archives.
.............................
HHJ CAWSON KC SITTING AS A JUDGE OF THE HIGH COURT
HHJ CAWSON KC SITTING AS A JUDGE OF THE HIGH
COURT
Approved Judgment
Peter Glenn etc. v Adam Walker etc.
BL-2023-000186
HHJ CAWSON KC:
Contents
Introduction 1
Witnesses and approach to evidence 9
Witnesses 9
Approach 10
My assessment of the witnesses 18
Partnership or joint venture with incidental fiduciary duties? 33
The background 33
Relevant principles 111
The Claimants’ case 126
The Defendants’ case 127
Was there an overarching partnership? 129
Fiduciary duties within the context of a joint venture? 150
Conclusion in respect of fiduciary duties alleged to have been owed 153
Entitlement on refinancing 155
The Claimants’ Claims 164
Overview of the Claimants’ case 164
Overview of Mr Walker’s and Mr Dyer’s case 167
Issues arising in respect of the claims 170
Introduction 170
Did the Defendants have legitimate concerns regarding Mr Glenn 171
Why did Mr Glenn secretly read emails? 192
What was Mr Walker’s and Mr Dyer’s thinking in February 2018? 195
What was said at the 15 February Lunch? 225
Who pulled the trigger first? 234
Determination of any partnership/fiduciary duties? 249
Events following 15 February 2018 257
Determination of the claims 282
Liability as fiduciaries 282
Unlawful means conspiracy 290
FAM’s derivative claim 301
Overall conclusion 306
Introduction
1. In these proceedings, the Claimants, Peter Glenn (“Mr Glenn”) and Jonathan Slater
(“Mr Slater”), allege that they entered into a partnership (“ the Alleged
Partnership”) with the First Defendant, Adam Walker (“Mr Walker”), and the
Second Defendant, Jeremy Dyer (“ Mr Dyer”), in respect of their involvement as
shareholders, directors and otherwise in a number of companies including Fifty ID
Limited (“FID”), Fifty ID Re Limited (“FIDRE”), Fifty ID Re 2 Limited (“FIDRE
2”) and the Third Defendant, Fifty Asset Management Limited (“FAM”).
Alternatively, the Claimants allege that they and Mr Walker and Mr Dyer were
Get this document and AI-powered insights with a free trial of vLex and Vincent AI
Get Started for FreeStart Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
Start Your Free Trial of vLex and Vincent AI, Your Precision-Engineered Legal Assistant
-
Access comprehensive legal content with no limitations across vLex's unparalleled global legal database
-
Build stronger arguments with verified citations and CERT citator that tracks case history and precedential strength
-
Transform your legal research from hours to minutes with Vincent AI's intelligent search and analysis capabilities
-
Elevate your practice by focusing your expertise where it matters most while Vincent handles the heavy lifting
