News
Nine years on from the notorious £1 acquisition of the BHS Group by Retail Acquisitions Limited, Mr Justice Leech has today handed down a significant judgment against some of the directors who presided over its disastrous final months of trading in Re BHS Ltd (in liquidation) [2024] EWHC 1417 (Ch). Joseph Curl KC appeared for the successful liquidators.
Following a five-week trial in autumn 2023, the joint liquidators have succeeded in what is reputed to be the highest value wrongful trading claim brought since the provision was introduced by s.214 of the Insolvency Act 1986. Notably, Leech J separately found that the continuation of trading had been undertaken in breach of the directors’ duty to have regard to the interests of creditors from 26 June 2015, a significantly earlier point, demonstrating the range of strategies available to insolvency office-holders in holding misfeasant directors to account.
A full copy of the decision can be found here.
