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J D CLASSICS

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by Chris_R » Mon May 14, 2018 11:24 am

Reported on Wilmots Litigation website:
Mr Michael Tuke instructed Michael Grenfell to institute multiple proceedings against J D Classics Ltd and Derek Hood the first case of which (against the Company only) was concluded successfully on the 18th of April 2018.
In 2009 Mr Tuke sold his highly successful business, and had £40m to invest in Classic Cars.
He instructed Mr Derek Hood of J D Classics Ltd as a professional advisor and his agent for buying and selling cars on his behalf. Mr Hood advised him that he could double his money.
Over the next few years Mr Tuke bought and sold some 41 classic cars on the advice of Mr Hood, and, at a time when the values of classic cars was increasing, suffered catastrophic losses which nearly bankrupted him.
Mr Hood on behalf of J D Classics Ltd denied that he was Mr Tuke's agent, or that he should produce any documents to explain fully and transparently details of the various transactions.
After we carried out detailed enquiries and analysis of thousands of documents, we issued proceedings against J D Classics Ltd to have that issue decided. Subsequently three further sets of proceedings were issued against J D Classics Ltd, in two of which fraud and deceit are alleged against both the Company and Mr Hood, and similar allegations are being added to the third claim. Some 18 cars are involved.
The Agency case was decided in Mr Tuke's favour as mentioned above. Although not part of that case the Judge nevertheless observed that Mr Hood had been guilty of deliberate and dishonest conduct in relation the the sale of an XKSS on Mr Tuke's behalf.
The other three cases are to be consolidated and heard at a later date.
The Approved Judgment is available below.

We instructed Sean Brannigan QC and Alex Wright, both of 4 Pump Court chambers, to represent Mr Tuke in court.

This case illustrates how important it is for both dealers and customers to establish at the start of a relationship exactly what that relationship is, and to confirm it in writing. An agent has a duty of absolute fidelity and openness to its principal and must not make a secret profit at the principal's expense.

http://www.wilmotslitigation.co.uk/site ... Tuke_0.pdf

Note: Michael Grenfell is Senior Partner with Wilmots Litigation.
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by Keith » Mon May 14, 2018 7:18 pm

It was in The Telegraph, 19th March:

https://www.telegraph.co.uk/news/2018/0 ... -claiming/
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by Chris_R » Mon May 14, 2018 9:50 pm

The Telegraph report was only that there was a case in the High Court. The link I provided contains the full 42 page judgement from Mr Justice Lavender.
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by Barrie » Tue May 15, 2018 12:36 am

Good grief!
I've just finished reading through the Judgement.
A) I admire the intellectual effort required by the judge to pull together all the pieces
B) Mr Hood appears to be in considerable trouble.

How do we protect ourselves from such practices?
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by AH1951 » Tue May 15, 2018 2:12 am

Barrie wrote:Good grief!

How do we protect ourselves from such practices?


How about buying from a recognised Jensen specialist?

Then you won't get Hoodwinked.

:roll:
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by Joerg » Tue May 15, 2018 11:21 am

Amazing figures that have been paid for some of the cars.
Interesting to read in the judgement that the way the business was done seems to be the same like any back yard used car dealer is operating - only the ammount of money involved is significant higher :-)
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by Jens » Wed May 16, 2018 9:26 am

A similar case in Germany a few years ago led to a 6-years sentence.

English article here:

https://www.skwschwarz.de/en/news/artic ... tail/News/
In order of appearance:

C-V8 Mk III 112/2432
541 S 102/1035
FF MkII 127/243
Healey Mk II 1140/14406
Jensen GT 1610/30257
C-V8 Mk III 112/2326
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by Mr.Mini » Wed May 16, 2018 11:19 am

Full story & details here :

https://www.pistonheads.com/gassing/top ... &t=1731962

When the s..t hits the fan , get out of the room ... I would say :shock:

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by Jens » Fri May 18, 2018 7:24 am

a very interesting 42 pages read. I wonder how that system really worked (or still works).

If I read the findings correctly cars were sold but kept in the premises of JD, only an exchange of owners, sometimes cars "belonged" to several people at the same time (but only JD knew), sometimes JD owned the cars themselves without having any customers at all.

And these cars were always raced at Goodwood, Monaco etc. at the expense of the current owner (like this year in Goodwood by Mr. Button).

It seems to be an interesting business model and sheds some light on this branch.
In order of appearance:

C-V8 Mk III 112/2432
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Jensen GT 1610/30257
C-V8 Mk III 112/2326
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by Chris_R » Fri May 18, 2018 11:54 am

One of the peculiarities of the UK system is that car ownership is not officially recorded or registered anywhere.
The vehicle registration document records the vehicle keeper which is not necessarily the same as the vehicle owner. The vehicle keeper is the person who is responsible for the car and is (normally) the primary user of the car.
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by Jens » Sat May 19, 2018 10:19 pm

Chris, who is the „primary user“ of a race car?

The diver?

The keeper?

The owner?
In order of appearance:

C-V8 Mk III 112/2432
541 S 102/1035
FF MkII 127/243
Healey Mk II 1140/14406
Jensen GT 1610/30257
C-V8 Mk III 112/2326
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by Keith » Sat May 19, 2018 10:46 pm

Jens wrote:Chris, who is the „primary user“ of a race car?

The diver?

The keeper?

The owner?


Image

In this case, probably the diver.
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by Jens » Sun May 20, 2018 10:17 am

:D

:oops: Sorry, always read again before sibmitting. :oops:
In order of appearance:

C-V8 Mk III 112/2432
541 S 102/1035
FF MkII 127/243
Healey Mk II 1140/14406
Jensen GT 1610/30257
C-V8 Mk III 112/2326
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by Chris_R » Sun May 20, 2018 4:37 pm

Jens wrote:Chris, who is the „primary user“ of a race car?

The diver?

The keeper?

The owner?
Most race cars are probably not registered with the DVLA and therefore the DVLA (and the State) has no interest in them.
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