Law of Equity Case Study, IIUM, Malaysia Consider a fictitious case involving Leo Pedersen and Calvin Pedersen. Beyond the facts of this case, there are two

Subject Law of Equity

Consider a fictitious case involving Leo Pedersen and Calvin Pedersen. Beyond the facts of this case, there are two additional documents that you will need to consider. Firstly, an email conversation between Leo Pedersen and Amran Khatun. Secondly, Leo’s validly executed will. All documents are available below. Leo Pedersen and Calvin Pedersen are brothers. In 2010, Leo left his job to set up Viking Oak Software Ltd. His company has grown into one of the top providers of cybersecurity solutions in England. Leo is the director and the majority shareholder, owning 100,000 shares. In 2012, his brother Calvin joined the company and became the owner of 50,000 shares. In 2020, Leo was diagnosed with a medical condition expected to shorten his life expectancy dramatically.

Having received the news, he decided to draft a will. He began thinking about who he wanted to benefit from his will. Beyond his close family members, Leo decided to benefit a few other people. In particular, Leo thought back to the early days of Viking Oak Software Ltd. During its inception, his first employee, Lucy Wilson, had been instrumental in bringing in new clients helping the company to stay financially viable. In 2016, Lucy and Calvin started a relationship that ended in 2019 when Calvin discovered that Lucy had been having an affair with another man. Despite this, Lucy had always been good to Leo, and so he wanted her to benefit from his will regardless of what had happened between Lucy and his brother.

Nevertheless, Leo was adamant that Calvin was never to find out about Lucy benefitting from his will. On 7th July 2020, Leo emailed his solicitor, Amran Khatun, suggesting a secret scheme that would allow Lucy to benefit without Calvin finding out. That Jimmy held with Bronze Bank Plc. When Jimmy contacted Relck Tech the following day, he was informed that the company had discontinued the production of their 3D printers. On the 1st of March 2023, Jimmy decided not to proceed with his printing business. He mentioned this to his solicitor, Marvin Singh.

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On the 3rd of March 2023, Marvin persuaded Jimmy to withdraw £25,000 from the Holding Bank Account and use it to invest in Ringo Snow’s investment scheme. Marvin had helped Jimmy to negotiate the loan agreement with Helix. Despite his awareness of Clauses 15.1 – 15.3, Marvin convinced Jimmy to invest in the scheme. Jimmy transferred £25,000 to his solicitor, who, in turn, transferred the funds to Ringo the next day. Unbeknownst to Marvin and Jimmy, Ringo operated a fraudulent scheme, and the money was lost. Ringo has fled abroad and is nowhere to be found.

Before Ringo withdrew the £25,000, he kept the funds in an account held with Silver Bank Plc. On the 6th of March 2023, Jimmy transferred £20,000 from the Holding Bank Account to his friend, Jacob Gallagher. Upon receipt, Jacob lost the £20,000 playing poker. A few weeks before this transfer, Jimmy told Jacob that he was struggling financially but that it would all be fine since he had secured a loan earmarked for some 3D printers. Jimmy also told Jacob about the requirement to hold and repay the loan to Helix if the 3D printers could not be secured. On the 11th of March 2023, Jimmy booked a trip to Monaco for Mia Larsson to win her affection.

The price for this holiday was £10,000, and Jimmy used money from the Holding Bank Account to pay for the trip. Before he booked the trip, Jimmy and Mia had been on two dates together and had exchanged some emails. [Attachment 2 On 20th July 2020, Leo executed a valid will. [Attachment 2 contains Leo’s will] Contains the email conversation between Jimmy and Mia]. On 20th July 2020, Leo executed a valid will. [Attachment 2 contains Leo’s will] On 27th February 2021, Calvin and Leo went out for lunch to discuss the future of Viking Oak Software Ltd. They agreed that Calvin would transfer 5,000 of his shares in the company to Jurgen Snow, who had agreed to become a company director.

Calvin told Jurgen that he would arrange for the transfer shortly. On 1st March 2021, Calvin executed a stock transfer form to transfer the 5,000 shares. He placed the transfer form and the share certificate in a drawer in his home office. He asked Leo to collect the documents and bring them to the company so Jurgen could be registered as the new owner of the shares. Leo promised to collect the documents in mid-March 2021 after the brothers’ business trip to Japan. On 3rd March 2021, Leo and Calvin were involved in a fatal road traffic accident whilst on their way to Heathrow to catch a plane to Japan.

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