Business
Update on legal processes and timing
Update on legal processes and timing.
About this update from Atlas Metals Group Plc
[{"type":"text","content":"\n \n \n \n \n \n 27 February 2023\n \n \n \n MetalNRG plc\n \n \n \n \n \n \n \n Update on Legal Processes and timing \n \n \n \n \n \n \n \n \n \n \n \n MetalNRG plc (\"MetalNRG\" or the \"Company\") \n provides an update on the various legal cases it is involved in, and the expected timing associated with the cases.\n \n \n \n \n \n The Company's claim for (i) the return of the £1.02million it paid and (ii) damages from Mr Rocco for breach of director's duties has already been successful by way of summary judgment on the first point, with judgment given for the £1.02 million. The corporate defendants have paid the Company c.£450k, and the remainder has been paid into Court, pending the resolution of Mr Rocco's application for permission to appeal (which has been denied once on the papers). \n \n \n \n \n \n The case proceeds on the director's duties claim in which the Company seeks damages from the previous incumbent Director (Mr Rocco). The oral permission to appeal application will be heard for a half day between 15 and 17 March. While a case management and cost hearing was held on 8 February to set a timetable for the remainder of the claims, this was adjourned on Mr Rocco's application on a technical matter, and whilst a new date is now set for this case on 6 July 2023, the Company is trying to find an earlier date, the Court schedule permitting.\n \n \n \n \n \n As to the s994 Prejudice Petition brought by\n the former Director, Mr Rocco, against the Company and Directors personally, Mr Rocco\n withdrew the claim in December 2022, accepting to pay the Company and the Directors their legal costs incurred to date. Mr Rocco has paid £20,000 on account, but has failed to engage in negotiation on the final amount, requiring detailed assessment proceedings to be commenced for the remainder by the Company and the Directors.\n \n \n \n \n \n Mr Rocco filed a claim in Scotland under his employment agreement to be indemnified for his legal costs by the Company. The defendant lost the claim at first instance and was ordered to pay legal costs to the Company.\n \n The\n defendant appealed, the appeal was heard in December 2022, and we now await judgement which should be forthcoming within the next few weeks.\n \n \n \n \n ...