The Supreme Court held that:[1] Paragraphs 113 - 116 of the joint opinion of Lord Toulson and Lord Hodge summarised the alleged facts as follows: Because the appeal concerned an application by the defendants to strike out certain claims as disclosing no sustainable cause of action in law, the relevant facts had not been determined at this stage of the proceedings.

The decision was handed down in April 2015 after the original hearing had concluded in October of the previous year; an unusual length of time for the Supreme Court.

Although it was not a point in issue in the case, Lord Neuberger further expounded that "section 172(3) [of the Companies Act 2006] cannot be defeated by the directors invoking the defence of ex turpi causa.

"[3] English law had recently seen a number of judicial decisions relating to difficult issues of attribution of fraudulent conduct by a director to the company.

This included the controversial decision of the House of Lords in Moore Stephens v Stone Rolls Ltd (in liq) [2009] UKHL 39 (30 July 2009), and the so-called "sole actor" exception.