Judgment was handed down on 19 July 2023 in Re Mitt Wearables Ltd, in which Laytons acted for the 5th respondent Koalaa Ltd, the disruptive designer of soft sleeve prostheses. Koalaa is now set to revolutionise the market for prostheses and make comfortable, adaptable and affordable prostheses for all kinds of limb differences accessible to all.
The claim was an unfair prejudice petition under section 994 of the Companies Act 2006 brought by Mr Lakey against (i) Mr Macabuag, a director and shareholder of Mitt, (ii) Mr Mellor, a director of Mitt, (iii) Mitt, and (iv) Koalaa Ltd, a company founded by Mr Macabuag. Mr Lakey alleged in the petition that his shares in Mitt were worth £1.5M.
The petition made wide ranging allegations against the respondents. The respondents have always denied the allegations against them, maintaining from the outset that Mr Lakey was legitimately dismissed as an employee and director of Mitt, and his shares in Mitt converted to deferred shares, due to his misconduct.
In his judgment, ICC Judge Prentis found for the respondents and the petition was dismissed in its entirety.
Rebekah Parker, partner in the disputes team at Laytons ETL, acted for Koalaa supported by Beata Baruch and Lauren McCulloch. Laytons worked alongside Will Clerk, barrister at 2 Temple Gardens.
Rebekah commented, “this is a fantastic outcome for Koalaa, a company whose ambition is to improve the lives of users of prosthetics by making comfortable, affordable prosthetics for all ages coupled with peer to peer support. We are proud to have acted for Koalaa given the tremendous work that they do and are excited to see how Koalaa will continue to grow now that the petition has been dismissed”.
The Disputes team at Laytons ETL, led by Geraint Thomas, has vast experience advising businesses, partnerships, and individuals on a wide array of contentious commercial and corporate issues. If you or your clients require any assistance, please do not hesitate to contact Geraint or Rebekah.
